₦airaland Forum

The Economic and Financial Crimes Commission, EFCC, has revealed that approximately 70 percent of financial crimes in Nigeria are connected to banks.

Chairman of the leading anti-graft agency, Ola Olukoyede, shared this information during his address in Abuja at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria.

The EFCC boss pointed out that the banking industry was becoming more characterized by fraudulent activities, posing significant challenges and concerns for the commission.

Olukoyede, represented by EFCC’s Director of Internal Audit, Idowu Apejoye, emphasized the importance of collaborative actions from relevant authorities and industry professionals, particularly audit executives, to proactively address and combat fraudulent activities within the sector.

“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,” he said.

“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,” he added.

Vijag:

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Rich4god:
Every agency just looking for an excuse to hide their inefficiency.

If the banks are aiding financial crimes, re-organize your process to ensure that such crimes can't be successfully carried out in banks.

SensualMan:
The head of financial and narcotic crime is on the throne with Cardoso his boy overseeing and taking percentage of bank frauds.