The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede has exposed the banking sector of being the nation’s major fraudster, alleging that the sector is responsible for an estimated 70 per cent of financial crimes perpetuated in Nigeria.
Olukayede revealed this in Abuja on Monday, March 4, 2024, at the 2024 Annual retreat of the Association of Chief Audit Executives of Banks in Nigeria, ACAEBI.
The EFCC’s boss frowned at the raft of fraudulent activities associated with the local banking industry and charged bank auditors to do more in sanitizing and strengthening the financial sector and growing the economy.
Speaking through the Commission’s Director of Internal Audit of the Commission, Idowu Oluwole-Apejoye, noted that banking fraud across the country often has either insider or outsider enablers.
His words, “Broadly speaking, banking fraud in Nigeria is both insider and outsider-related. The insider-related fraud comprises outright stealing of customers deposits’ authorized loan facilities, forgery and several other kinds of unhealthy and criminal practices. The outsider-related ones include hacking, Automated Teller Machine, ATM, fraud, conspiracy among others. And the absurd one is when there is collaboration between the both of them.”
He called for concerted efforts by relevant authorities and professionals, especially bank auditors to prevent and detect fraudulent practices in the industry.
Olukoyede sought for more collaboration from bank auditors with the EFCC. “As you retreat, use this opportunity to review developments in the financial sector of our nation and offer sound recommendations to the EFCC on how the rising cases of financial crimes can be curbed in our banks. I also call on you to always approach the Commission on any issue that you consider germane in addressing corruption not only in the financial sector but in all other areas of life in our dear country,” he said.
