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EFCC tasks CAC on proxy companies
THE acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has challenged the Corporate Affairs Commission (CAC), the government agency responsible for company registration to be alert to the existence of proxy companies.
Magu told Nazir Sani, Head of CAC office, Borno State to ‘speed up response time’ and better cooperate with the EFCC on its anti-graft war.
In a statement issued on Thursday, he emphasised that their cooperation remains vital to investigate and prosecute companies involved in suspicious activities.
“The Corporate Affairs Commission is doing a very good job in responding to requests put to it by the EFCC, but we want to urge you to speed up the response time, in order not to delay our investigations and possible prosecution,” says Magu.
Magu, represented by Lawrence Iwodi, the EFCC Regional Head stressed the need for the CAC to ensure due diligence while performing its responsibilities. He promised to help checkout companies established mainly to perpetrate frauds.
“While we urge you to respond promptly to our requests, it is necessary for you to carry out due diligence, especially as it relates to Know Your Customer, KYC, and when there is a need for an update on a company’s address”.
According to the statement, some proxy companies were being set up in Borno and Yobe states, with the sole aim of siphoning public funds.
He restated the commitment of the commission to go after such companies.
“As stipulated in the EFCC Establishment Act 2004, the CAC is a member of the EFCC Board. It is an essential partner with the anti-corruption agency in the fight against corruption.”
In his reaction, Sani assured the EFCC of the CAC’s continuous support.
“We will continue to give the EFCC topmost priority in responding to request sent to the Corporate Affairs Commission,” he stated.