EFCC Indicts Banks of Financial Crimes

March 5, 2024

1.5 min readCategories: Crime

 

 

By Miracle Ogunde

 

The Chairman of the Economic and Financial Crimes Commission, (EFCC), Ola Okukayode, has accused the banking sector of increasingly becoming a cesspool of fraudulent activities, saying this has been raising considerable challenges and concerns to the commission.

 

The EFCC’s Chairman, disclosed this on Monday, while speaking in Abuja at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria.

 

Olukayode, indicted banks as being linked to about 70 per cent of the financial crimes in Nigeria.

 

Represented by the Director, Internal Audit, EFCC, Idowu Apejoye, the EFCC Chairman said there was a need for concerted effort by relevant authorities and professionals, especially audit executives to prevent and tackle issues of fraudulent practices in the sector.

 

He said, “Broadly speaking, banking fraud in Nigeria is both inside and outside related. The inside related fraud comprises outright selling of customers’ deposits, authorising loan facilities, forgery and several other kinds of unhealthy and criminal practices.

 

“The outsider related ones include hacking, ATM fraud, conspiracy, among others. And then the absurd one is when both collaborate, that is collaboration among the bankers and the outsider.

 

“That one is the one that is really absurd because when you do that, that means you are selling out the system. It is estimated that about 70 per cent of financial crimes in Nigeria are traceable to the banking sector, this scenario is disturbing and unacceptable.”

 

Olukayode stated that in order to curb the anomalies, ACAEBIN should ensure proper reconciliation of accounts every month in accordance with accounting requirements.

 

He charged the association to monitor the financial activities of banks, comparing actual and budgeted revenue with expenses, carry out periodical review, checks, among others.

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