EFCC to Prosecute Banks, Top Officials for Financial Fraud

The Economic and Financial Crimes Commission (EFCC) has announced its intention to commence prosecuting banks and their top officials for financial fraud.

EFCC Chairman, Olanipekun Olukoyede, made this declaration at the 17th Annual Banking and Finance Conference in Abuja.

Olukoyede stated that the commission has completed its investigations and assembled necessary documents to substantiate its case.

“We will no longer fold our arms. We need to do something drastic to bring everybody in line and make us do the right thing,” he said.

The EFCC chairman emphasized the need to enforce the sanction regime against erring bankers, stating, “In a system where there are no sanctions, that system will not survive.”

He urged the Chartered Institute of Bankers of Nigeria (CIBN) to step up its regulatory oversight of its members to adhere to codes of professionalism.

Olukoyede noted that EFCC investigations revealed gross contempt for regulation, bordering on impunity, among some bankers.

He reiterated the commission’s commitment to working with the institute and financial services sector through robust enforcement of anti-money laws.

Olukoyede broadly categorized banking frauds into those perpetrated inside and outside the banking system.

He identified inside-related frauds as including outright selling of customers’ deposits, authorizing loan facilities, forgery, and other unhealthy practices.

Outside-related frauds include hacking, ATM fraud, and conspiracy, among others.

Olukoyede described collaboration between bankers and outsiders as “absurd” and emphasized the need for renewed commitment to professionalism.

The EFCC’s move to prosecute banks and their top officials for financial fraud is aimed at addressing the high incidence of financial crimes in the banking sector.