The Economic and Financial Crimes Commission (EFCC) is commence the prosecution of banks, top officials in Nigeria’s banking sector over allegations of financial crimes such as money laundering and fraudulent practices. This was made known on Tuesday by the EFCC Chairman, Olanipekun Olukoyede, during the 17th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
He said, “It is sad that we have also compiled our documents, we have made the necessary investigation. 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 a system where there is no penal sanction for criminal infraction, that system will never survive.
“Operators frequently devise means to circumvent regulations and rules in a desperate bid for higher yields and bottom line. Sharp practices such as forex trading, defrauding of depositors through phantom charges, and complicity in money laundering and illicit financial schemes involving politically exposed persons continue to undermine the integrity of the sector and, by extension, the nation’s economy.
“On our part as EFCC, we are committed to working with the institute and financial services sector through robust enforcement of anti-money laws and attacks from cyber-criminals both from within and without.”