The Economic and Financial Crimes Commission (EFCC) on Monday indicted financial institutions in Nigeria over what the sleaze busting agency described as unprecedented sharp practices.


Ibrahim Lamorde, who revealed this to newsmen in Abuja added that, the development was worrisome. “EFCC is getting increasingly disturbed with activities of Nigerian banks. To say the least, our banks are still knee-deep in some unprofessional conducts.”


The anti-sleaze agency boss stated further that, activities of some of the banks were already impacting negatively to the nation’s economy. “Unless they sit-up, EFCC would have no other option than close in on them. No one among them is into banking business; all they are doing is cutting corners to make illegitimate money. But their time is up and we would get them.”


Lamorde lamented that Banks in the country were still into money laundering and other financial crimes, “some of them round-trip foreign exchange, thereby depriving the country of the much needed foreign exchange. They do not sell foreign exchange to those that would make use of it instead they prefer dealing with Bureau d Change operators.”


The EFCC boss said, the agency has concluded arrangement to invade some of the identified banks and bring them to book very soon. According to him, “the operation would start very soon and we would take them unaware, because they are short-changing the economy.”


It was also gathered that most of the high profile cases in the country that are still pending in courts, are one way or the other suffering one frustration or the other from the banks. “They would do everything possible to frustrate investigation, using some lawyers. But we would soon move against them.”


Lamorde said the nation economy and her currency would have done better is banks were truly into genuine banking business.