The Economic and Financial Crimes Commission has indicted banks as being linked to about 70 per cent of the financial crimes in Nigeria.
EFCC’s Chairman, Ola Olukayode, disclosed this while speaking in Abuja at the 2023 Annual Retreat and General Meetings of the Association of Chief Audit Executives of Banks in Nigeria.
He pointed out that the banking sector was increasingly becoming a cesspool of fraudulent activities, and this had been raising considerable challenges and concerns to the commission.
Olukayode who was represented by the Director, Internal Audit, EFCC, Idowu Apejoye, said there was a need for concerted effort by relevant authorities and professionals, especially audit executives to prevent and tackle issues of fraudulent practices in the sector.
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.
Olukayode said that in order to curb the anomalies, ACAEBIN should ensure proper reconciliation of accounts every month in accordance with accounting requirements.
He charged the association to monitor the financial activities of banks, comparing actual and budgeted revenue with expenses, carry out periodical review, checks, among others.
The Chairman, ACAEBIN, Prince Akamadu, said the association would work towards achieving some of the recommendations provided by the EFCC boss.
He also said that the association was fully committed to fixing the foreign exchange challenges in Nigeria, which was one of the issues that the retreat aimed to achieve.
