“Over 70 per cent of financial crimes in Nigeria are traceable to the banking sector,” says EFCC

The Economic and Financial Crimes Commission, has accused Nigerian banks of having about 70 per cent role to play in the financial crimes across the country.

EFCC’s Chairman, Ola Olukayode, disclosed this while speaking in Abuja at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN).

Represented by the Director, Internal Audit, EFCC, Idowu Apejoye, the EFCC boss highlighted the need for efforts to end fraudulent practices in the key sector of the economy.

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.”

On his part, the Chairman, ACAEBIN, Prince Akamadu, said the association would strive to implement some of the recommendations put forward by the EFCC boss.

“That is part of the reason why we are having this retreat, to ask ourselves, to do an introspection and ask ourselves, given our position in the banking industry, or the executives of banks in Nigeria, are we doing enough?

“Have we done enough? What more can we do to help in sanitising the system? Are there things the banks could do to help in sanitising the FX in this country?”

“By the end of this retreat, we are expected to come up with a communique and we hope to address some of the issues, one way or the other, that will address the role of banks in FX challenges in this industry.”