The Economic and Financial Crimes Commission (EFCC) is getting ready to take top bank bosses in Nigeria to court for money laundering and other financial crimes.
EFCC Chairman, Olanipekun Olukoyede, shared this news at the 17th Annual Banking and Finance Conference held by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
Olukoyede said the EFCC has finished investigating several banks and their top officials, meaning court cases will start soon.
He stressed that the EFCC wants to punish those who break financial laws to make Nigeria’s banking system as good as the best in the world.
He said: “We have done our investigations. Soon, you will see some banks and their top officials in court.”
Olukoyede warned that not punishing financial crimes could harm Nigeria’s banking system.
He said: “We must do something serious to make everyone follow the rules. Without punishment for breaking the law, our system cannot survive.”
Bad Practices in the Banking Sector
Olukoyede talked about bad practices in the banking sector, such as cheating people with fake charges, manipulating foreign exchange, and helping with money laundering.
He said: “Bank workers often find ways to break the rules to make more money. They cheat depositors, manipulate forex, and help with illegal money deals. This damages our banks and economy.”
He added that banks helping politically powerful people with illegal activities hurt the sector’s trustworthiness and the economy.
Olukoyede promised the EFCC would work with banks to fight financial crimes and enforce anti-money laundering laws better.
He also asked the Chartered Institute of Bankers of Nigeria to tighten its checks on banks to make sure they follow the rules.
He warned that the EFCC would no longer accept any neglect of duty and urged bank workers to follow ethical standards, noting that focusing only on profits can slow down the country’s economic growth.
Things to Know
Newslodge earlier reported that the Central Bank of Nigeria (CBN), along with law enforcement, will watch the banking sector’s recapitalization efforts closely to stop illegal money from entering.
- The CBN, in a circular, emphasized its strong anti-money laundering rules. Together with law enforcement, the bank aims to ensure the new capital coming into banks is clean and legit.
- Banks must do thorough anti-money laundering checks.
- This means knowing their customers well, doing careful checks, and watching for suspicious activities to stop illegal money from getting into the banking system.