The Chairman of the Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, has announced that the agency is preparing to prosecute banks and their top executives for their involvement in significant financial fraud.
Speaking at the 17th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Mr. Olukoyede revealed that investigations had been completed, and all necessary documents have been gathered to support the prosecutions.
Highlighting the gravity of the issue, Mr. Olukoyede explained that the banking sector has been a conduit for numerous major financial crimes in the country, some of which have been described as “mind-boggling.”
He said the EFCC would no longer remain passive in the face of these fraudulent activities and would take drastic measures to ensure accountability within the industry.
“We cannot afford to fold our arms any longer. Action must be taken to bring everyone in line and ensure that we all do the right thing,” he stated.
Back in March, during the Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria, the EFCC Chairman disclosed that approximately 70% of financial crimes in Nigeria were linked to the banking sector, with fraudulent activities being conducted both internally and externally.
The forthcoming prosecutions aim to address this longstanding issue and reinforce regulatory measures within the banking system.
