EFCC Hints at Prosecuting Top Bank Officials Over Alleged Financial Crimes

The Executive Chairman, Economic and Financial Crimes Commission (EFCC), Mr. Olanipekun Olukoyede, said the commission would soon commence prosecution of top officials of banks over alleged financial crimes and other infractions.

He spoke at the opening of the 17th Annual Banking and Finance Conference, with the theme, “Accelerating Economic Growth and Development: The State of Play and the Way Forward,” which was organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.

Addressing the gathering, Olukoyede said, “So, in as much as we are ready to work with you to sanitise the system, we must also note that it is extremely important that when there is criminal infraction, penal sanctions be followed.

“I can tell you with every sense of humility that we will no longer fold our arms.

“Some of the major financial fraud that has been carried out that looked like an onslaught against the economy was done through the banking industry.”

He added, “And it’s so sad that we have also compiled our documents and have made the necessary investigations and we are prepared to start it.

“Now, very soon you will see some banks being prosecuted, some top officials being prosecuted.

“We need to just do something drastic to bring everybody in line and to make us do the right thing.

“It’s extremely important. In the system where there are no penal sanctions for criminal infractions, that system will never survive.”

The EFCC boss particularly challenged the CIBN to step up regulatory oversight of its members to adhere to the codes of professionalism to adequately complement the government’s efforts in stimulating the economy.

The EFCC chairman said, stemming from the commission’s experience with the investigation of crimes involving bankers, there was gross contempt for regulation that borders on impunity.

He said operators frequently devised means to circumvent regulations and rules in a desperate bid for higher yields.

He added, “Sharp practices such as forex round-tripping, defrauding of depositors through phantom charges and complicity in money laundering and illicit financial flows schemes involving politically exposed persons continue to undermine the integrity of the sector and by extension the nation’s economy.

“I hope that you will all look at yourselves in the mirror and leave this place with a renewed commitment to professionalism and determination to provide services that will assist the nation’s economy.”

He said economic recovery policies, however well thought out, would not achieve the desired outcome without a buy-in by operators in the financial services sector, adding that where such operators prioritise profit over national growth and wellbeing, progress would remain elusive.

Olukoyede said the banking and finance sector was a crucial artery of the Nigerian economy, adding that its efficiency or otherwise has implications for the economy.

He said, “I am gratified that this event is coming at a time when Nigerians are clamouring for solutions to the nation’s economic woes.

“Nigeria needs your skills, competencies and expertise to navigate this difficult phase in her journey to economic growth and prosperity.

“The stability of our economy, currency and current inflationary pressures are sources of concern to all of us and the challenging situation calls for serious introspection to devise new solutions to help the nation’s economic recovery process.”

Nonetheless, he said the EFCC remained committed to working with the institute in sanitising the financial services sector through robust enforcement of the anti-money laws and insulating it from attacks by cybercriminals both from within and without.

James Emejo

Follow us on: