Nigeria: EFCC - Looted Funds Traced to Stock Market

8 September 2009

Abuja — Chairman of Economic and Financial Crimes Commission (EFCC), Mrs. Farida Waziri, has accused Nigerian stock brokers of aiding and abetting money laundering.

And just as Nigeria is still grappling with the removal of the chief executives of five banks, the United States' bank regulators have closed four Midwestern banks and one in Arizona, bringing to 89 the number of US banks to fail this year as deteriorating loans continue to take their toll on financial institutions.

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