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Six Nigerian Central Bankers Arrested In Currency Rigging "Mega Scam"
Those following the ongoing currency market rigging scandal may be surprised to learn it isn't just a "developed" world phenomenon in which virtually all TBTF commercial and central banks, such as the Bank of England, take part and engage in criminal manipulation of everything that trades. Apparently even plain-vanilla "developing" countries, elsewhere also known as 'banana republics', do it too such as that ground zero of 419 scams, Nigeria, only there FX manipulation takes place at such a modest degree most "cartel" chat room members wouldn't even bother to waste their time.
According to Bloomberg, six Nigerian central bankers were charged with fraud in an 8 billion naira ($40.2 million with an m, not a b, not a tr) currency "scam." No chat rooms here, just a plain old "mega scam involving the theft and recirculation of defaced and mutilated currencies,” the Abuja-based Economic and Financial Crimes Commission said in a statement dated Sunday on its website. In addition to the central bankers, among those charged are also sixteen commercial bankers who conspired with Central Bank of Nigeria regional executives. The suspects will appear at the Federal High Court in the southwest city of Ibadan from Tuesday to June 4.

This is where it gets amusing: "instead of destroying defaced local currency, the officials substituted it with newspaper cut into the size of naira notes, the EFCC said. The fraud was partly to blame for the failure of monetary policy to check inflationary pressure for years, according to the agency."
In other words, Nigerian authorities blame financial executives for using currency-like newspaper clippings in lieu of notes for propagating inflation. Let that sink in for a second.
The “systematic scheme” had been running for several years and “middle-level officers” were either dismissed or placed on indefinite suspension in October and handed over to the EFCC, the central bank said in a separate statement on its website on Monday. A national audit at the regulator’s 37 branches found it was an “isolated scheme” in the southwestern city of Ibadan.
The EFCC said the scam was exposed on Nov. 3 through a petition alleging more than 6.6 billion naira was diverted and recycled by “light-fingered top executives of the CBN at the Ibadan branch.”
The suspects, who were responsible for taking mutilated notes in exchange for fresh cash equivalent to the amount deposited, abused their positions, the EFCC said. Investigations found boxes that should have contained bundles of naira notes filled with newspaper instead.
“This practice, known as interleafing, basically labels a box with a higher value than its true content,” the central bank said. “The bank will continue to collaborate with the EFCC to ensure that affected CBN staff, as well as their accomplices in some commercial banks, are brought to justice.”
And unlike in the US, where the criminal bankers control the regulators and enforcers through the "rotating" (and in Goldman's case, double-rotating) door phenomenon, in Nigeria President Muhammadu Buhari, a 72-year-old former military ruler, has made battling endemic corruption one of his administration’s top priorities.
It is therefore likely that if convicted, the accused will likely see many years of prison time or worse, instead of just suffer a monetary penalty paid for by shareholders and a deferred prosecution.
Which may explain why rumors are already rife the currency manipulation crew has begged the Southern District of New York to extradite them to the United States where they can face the proper "justice" for financial criminals which guarantees immunity from any actual hard time.
Joking aside, after several central bankers are sentenced to spend years to contemplate their criminal decisions in Nigerian prison, one may ask "who truly is the banana republic", especially since the most difficult decision facing those who colluded, defrauded and manipulated tens of billions, will be in which of their numerous East Hampton mansions they will spend the upcoming weekend.
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Arrest Lloyd Blankfein.
Never happen. Instead it will be YOU will be arrested first, tried in a secret court and sent to a secret torture prison, all in the name of national security.
Fuck you Nigeria, the we is still waiting for that inherited $3 Billion!
Shocking! Nigeria? Never!!!
Sooo... the Rothschild Central Banksters don't like to be CONned.
Imagine that!
I was wondering where my nigerian email offering to let me hold "$3.553,999 in my account until it clear" went.
The dark continent finally gets a little light. Need to get some western 'civilized' economists to now do a study and see if there is any correlation between central bankers arrests (and/or executions) and job growth...
FINRA needs a few Nigerian patsies.
BTW? Where's Jon Corzine?
Bitchez
Corzine is in Nigeria?
Liberty is a demand. Tyranny is submission.
How do you know a bankster is a thief? He wears a suit.
Yeah meanwhile back at the ranch...
Everything is Rigged.
www.bloomberg.com/news/articles/2013-05-20/cftc-said-to-review-1-million...
http://www.rollingstone.com/politics/news/everything-is-rigged-the-bigge...
"Corzine is in Nigeria?"
Where does she live? Isn't it time for him to come out?
Great, now Krugman is going to write a blog post about a trillion dollar newspaper clipping.
Dammit. I sent that Nigerian guy $2000 and my bank account info just last week so he could get those funds out of the country. We were going to split the take. I KNEW it was to good to be true. Now the fucking "Abuja-based Economic and Financial Crimes Commission" has screwed things up, whoever they are.
I know the Nigerian guy you speak of and can secure the transaction for an additional $2000.
Now thats fucking funny
https://www.youtube.com/watch?v=f1nKR3gYRY8
The new Nigerian President was just sworn in on May 29th and pledged to fight corruption and shrink government. He moves fast. Can we get this new guy an Hawaiian birth Certificate?
An African nation freed of the grip of corruption? They might actually outpace the USA in a couple decades.
Was any of them a long-lost Nigerian prince fallen on hard times?
But inflation is GOOD. Paul Krugman tells me so! Shouldn't they be rewarded for helping to stimulate the economy and devalue the gvernment's debt?
yeah, i have a fax from a couple years back. damn, i could'a been rich.
I bet over there they will get necklaced
More brown riggers being arrested for white collared crime, more at eleven....
Imagine! Central Bankers arrested for causing inflation. Don't they know that is what they are supposed to do? What a backward country!
$40 mill over several years among 22 individuals , that's peanuts ( well in the grand scheme of things ). However, there was a much bigger Central Bank- NNPC ( National Oil company ) Fraud established around 18 months ago and over a period of many years involving 10's of $billions.
Read that sackings took place but never followed up on the case. Expect though palms were greased to hush up the embarrassment.
All Central Bankers need offing.
"...six Nigerian central bankers were charged with fraud in an 8 billion naira ($40.2 million with an m..."
lol...no problem, they'll just print up 16 billion naira and buy off the judge ($80.4 million) ;-)
I'd be surprised if they don't get a Nobel prize for economics.
I thought it was a perfect crime................
Good thing I dont live there as I would have been all in.......
what a fuking deal....
Gotta love it, I wonder if a finance degree and experiance trading forex is good enough to get on with the nigerian central bank??????????????????????????????????????
Where do I send me resume????????????????
Will li,knked in work?
Nigerian Tulmudics,,,geez, the brand needs some work.