Banking sector faces reckoning as EFCC vows to prosecute top officials for fraud
EFCC Chairman, Ola Olukoyede
Published By: Kazeem Ugbodaga
By Ginika Okoye
The Economic and Financial Crimes Commission (EFCC) has announced plans to begin prosecuting banks and their top officials involved in financial fraud.
This was revealed by the EFCC Chairman, Mr. Ola Olukoyede, during the 17th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.
Olukoyede disclosed that the Commission has completed its investigations and compiled the necessary documents to substantiate the claims against certain banks.
“Some of the major and mind-boggling financial frauds have been carried out through the banking industry,” Olukoyede said.
He emphasized that the EFCC would no longer stand by idly, stressing the need for decisive action to ensure accountability and compliance within the sector.
“We will no longer fold our arms. We need to take drastic measures to bring everyone in line and ensure that the right things are done,” he stated.
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“In a system where there are no sanctions, that system will not survive,” he added.
The EFCC Chairman also called on the CIBN to strengthen its regulatory oversight and ensure that its members adhere to the highest standards of professionalism.
He noted that investigations by the Commission had revealed significant regulatory lapses in the banking sector, with some officials showing blatant disregard for the rules.
“From our investigations into financial crimes involving members of the banking profession, there is gross negligence in regulation, bordering on impunity,” he said.
Olukoyede reaffirmed the EFCC’s commitment to collaborating with the institute and the broader financial services sector to rigorously enforce anti-money laundering laws and combat cybercrime, both from internal and external threats.
“It is my hope that you will all reflect on yourselves and leave this conference with a renewed commitment to professionalism and a determination to uphold the standards of the banking profession,” he added.
The News Agency of Nigeria (NAN) reports that the theme of the conference is “Accelerated Economic Growth and Development: The State of Play and the Way Forward.”
