Banks Are Involved In 70 Percent Of Financial Crimes -EFCC Alleges

Ola Olukayode, EFCC Chairman, exposes the significant involvement of Nigerian banks in financial crimes, calling for a united effort to combat these issues.
EFCC operatives
EFCC operatives Google photos

The Economic and Financial Crimes Commission, EFCC, on Monday, accused banks of being involved in about 70% of Nigeria's financial crimes.

Ola Olukayode, Chairman of the EFCC, made the statement in Abuja while addressing attendees at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks In Nigerian (ACAEBIN).

He stated that the banking industry was fast becoming a quagmire of fraudulent activities, which has raised significant issues and worries for the commission.

Olukayode, who was represented by the EFCC's Director of Internal Audit, Idowu Apejoye, stated that relevant authorities and professionals, particularly audit executives, must work together to detect and address fraudulent activities in the industry.

He stated that the banking fraud in Nigeria is both internal and external related. The internal related fraud comprises outright selling of customers’ deposits, authorising loan facilities, forgery and several other kinds of unhealthy and criminal practices, while the  external related ones include hacking, ATM fraud, conspiracy, among others, and it gets ultimately ridiculous when both the internal and external players collaborate.

Olukayode noted that in order to prevent irregularities, ACAEBIN should guarantee that accounts are reconciled every month in conformity with accounting regulations. He entrusted the organisation with monitoring banks' financial activities, such as comparing actual and budgeted revenue to costs and conducting quarterly reviews and checks.

Prince Akamadu, Chairman of ACAEBIN, stated that the association will try to implement some of the suggestions made by the EFCC chairman.
He also indicated that the organisation was totally dedicated to resolving Nigeria's foreign exchange concerns, which was one of the retreat's objectives.

Akamadu went on to clarify that banks were not resting on their oars in combating fraudulent operations, as they were putting efforts in the Know Your Customer process. He noted that the association was working relentlessly to solve these problems and promised the EFCC chief that more positive outcomes would follow.

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