The imaginative plans of tycoons to use illegal funds to bankroll the forthcoming elections through voters’ bribe may have hit the rocks as the acting chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, is in Dubai for intelligence gathering and tracing of stolen assets and properties.

The EFCC boss, is presently  attending a three-day event of the 2019 Intersec Security Summit with crack detectives from the commission, met with Dubai intelligence community on Monday over the need to block such illegal funds from coming to Nigeria.

The summit is one of the largest security and intelligence gathering in the world while concerted efforts are being put in place to take proactive steps against illicit funds that are capable of undermining the national security.

A source close to the summit said, “I can tell you authoritatively that the acting EFCC chairman met with Dubai intelligence in company of crack detectives for intelligence sharing and cooperation on Monday.

“This is directly connected to the illicit assets tracing and financial flow vis-a-vis the commission’s active surveillance on vote buying and monitoring its funding source.

“You will recall that the purpose of those who looted our commonwealth is to bring in the illicit funds into country in order to undermine the national security and engage in voters’ inducement.

“Please note that the development is capable of scaring investors, discourage investments and cripple the economy.

“But I can tell you that the commission is equal to the task and all hands are on deck to ensure that this infamous action is tackled for the progress of the country.”

When contacted over the issue, the Special Assistant on Media and Publicity to the acting chairman of the EFCC, Mr Tony Amokeodo, affirmed the development.

However, he declined giving details.