Connect with us

    Hi, what are you looking for?

    News

    Banking Sector has Become a Den for Financial Crimes- EFCC

    EFCC

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

    Ola Olukoyede, chairman, EFCC, stated this 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 Idowu Apejoye, director of Internal Audit, EFCC, 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.

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    News

    The Enugu State Government has accused Olasijibomi Ogundele, CEO of Sujimoto Luxury Construction Limited, of defrauding the state of N5.7 billion paid for the...

    Broadcasting

    Gauteng High Court, Johannesburg, has awarded damages of more than R2.6 million to the girlfriend of a Nigerian citizen who was suffocated to d3ath...

    E-Financial

    The Bank of Ghana (BoG) has announced the suspension of the foreign exchange trading licence of United Bank for Africa (UBA) Ghana, effective September...

    E-Financial

    The Bank of Ghana (BoG) has suspended the remittance partnerships of several fintech companies including Flutterwave, Tap Tap Send, and others for a period...