The Economic and Financial Crimes Commission (EFCC) says it is poised to take legal action against top executives in Nigeria’s banking sector over allegations of financial crimes, including money laundering and fraudulent practices.
The EFCC Chairman, Olanipekun Olukoyede, made this known during the 17th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
Speaking at the event, Olukoyede confirmed that the Commission has concluded its investigations into several banks and their senior officials, signalling imminent prosecution.
Olukoyede expressed the EFCC’s determination to impose strict penalties to align Nigeria’s financial system with global best practices.
The EFCC boss emphasized that the lack of penal consequences for criminal infractions in the sector could jeopardize the integrity of Nigeria’s financial system.
In his address, Olukoyede highlighted several unethical practices plaguing the sector, including foreign exchange manipulation, fraudulent charges imposed on depositors, and active involvement in money laundering schemes.
He stressed that the involvement of financial institutions with politically exposed persons (PEPs) in illicit financial activities erodes the sector’s credibility and destabilizes the economy.
Olukoyede reaffirmed the EFCC’s commitment to collaborate with the banking sector to combat financial crimes and enhance enforcement of anti-money laundering laws.
