Commercial banks involved in 70% of financial crimes, says EFCC
The Economic and Financial Crimes Commission (EFCC) on Monday, indicted banks as being linked to about 70 percent of the financial crimes in Nigeria. EFCC’s Chairman, Ola Olukayode, disclosed this while speaking in Abuja at the 2023 Annual Retreat and General Meeting 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.
