The Economic and Financial Crimes Commission, EFCC, has announced plans to begin prosecuting banks and top officials involved in financial fraud.
Speaking at the 17th Annual Banking and Finance Conference in Abuja, EFCC Chairman Olanipekun Olukoyede disclosed that the agency has completed its investigations into major fraud cases within the banking sector and is ready to take legal action.
Olukoyede emphasized that significant financial fraud has been traced back to the banking industry, warning that the commission would no longer tolerate such practices. “We will no longer fold our arms. Drastic measures are needed to align everyone with the law,” he stated.
Earlier this year, Olukoyede pointed out that around 70% of financial crimes in Nigeria are linked to the banking sector, a trend he described as disturbing. He urged the Chartered Institute of Bankers of Nigeria to step up regulatory oversight and called for stricter enforcement of sanctions against erring bankers.
READ ALSO : EFCC retrieves $180,300, 53 vehicles from fraudsters, returns all to Canada
The EFCC chairman also reminded bankers of the consequences under the Bank Employees (Declaration of Assets) Act of 1986, which mandates up to 10 years in prison for violations. He highlighted the role banks play in facilitating both internal and external fraud, from unauthorized withdrawals to cybercrime and stressed that any collaboration between bank staff and external criminals is particularly troubling.
This warning follows previous efforts by former EFCC chairmen, including Abdulrasheed Bawa, to enforce asset declarations for bank employees. However, these initiatives faced resistance and were not fully implemented before Bawa’s removal from office.
Olukoyede reaffirmed the EFCC’s commitment to cracking down on banking sector fraud and called on stakeholders to renew their commitment to professionalism and accountability.
Credible News.ng
