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EFCC Reveals Banks Linked to 70% of Financial Crimes in Nigeria

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In a startling revelation, the Economic and Financial Crimes Commission (EFCC) disclosed that banks are implicated in approximately 70% of financial crimes in Nigeria.

This disclosure was made by the EFCC Chairman, Ola Olukayode, during the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria held in Abuja.

Olukayode emphasized the increasing prevalence of fraudulent activities within the banking sector, labeling it as a “cesspool” of illicit practices.

He highlighted various forms of fraud, including internal activities such as unauthorized use of customers’ deposits and external offenses like hacking and ATM fraud. Moreover, he expressed concern over collaboration between bank employees and external perpetrators, terming it “absurd” and detrimental to the integrity of the financial system.

To address these challenges, Olukayode urged concerted efforts from relevant authorities and professionals, especially audit executives, to prevent and combat fraudulent practices effectively.

The EFCC boss emphasized the importance of proper reconciliation of accounts and regular monitoring of financial activities within banks.

Responding to the revelations, the Chairman of the Association of Chief Audit Executives of Banks in Nigeria, Prince Akamadu, affirmed the association’s commitment to addressing the issues raised by the EFCC.

He emphasized the importance of introspection within the banking industry to assess its role in combating financial crimes. Additionally, Akamadu highlighted ongoing efforts within the banking sector to enhance Know Your Customer (KYC) mechanisms and address potential leakages.

As the retreat aimed to tackle various challenges facing the banking industry, including foreign exchange (FX) issues, participants pledged to collaborate closely with regulatory authorities and law enforcement agencies to restore trust and integrity in Nigeria’s financial sector.

This Article is Fact-Checked. See Policy.

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