The Economic and Financial Crimes Commission (EFCC) is keeping an eye on a few state governors who have been suspected of hiding billions of naira in a series of homes.

According to the EFCC Chairman, Abdulrasheed Bawa, revealed this information in an interview that took place on Thursday, November 3 with Daily Trust.

This follows the recent declaration made by the Central Bank of Nigeria (CBN), which stated that it will alter some of the naira notes in circulation.

According to Bawa, the governors intend to launder the money by using it to pay wages, which they aim to do with the cash that they have hidden.

The chief of the anti-corruption agency also stated that the recent raids that the agency had conducted on Bureau de Change operators in various regions of the country would continue till the release of the new naira notes.

According to Bawa, the action taken by the state governors to launder the hidden money through a cash payment of wages violates Section 2 of the Money Laundering Prohibition Act. 

He emphasized that any monetary transaction that exceeds five million naira is considered a criminal offense.