EFCC boss, Olukoyede, tasks bank auditors on menace of financial crimes in banks

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede has urged audit executives nationwide to be more aggressive and watchful when combating financial crimes in the banking industry.

At the Association of Chief Audit Executives of Banks in Nigeria, or ACAEBI, 2024 Annual Retreat in Abuja on Monday, he delivered the keynote address. 

The head of the EFCC expressed disapproval at the wide range of fraudulent activities linked to the regional banking sector and tasked bank auditors with doing more to boost the financial sector’s sanitization and growth.

The EFCC boss, speaking through Idowu Oluwole-Apejoye, Director of Internal Audit for the Commission, added that financial fraud nationwide frequently has both insider and outside supporters.

“Broadly speaking, banking fraud in Nigeria is both insider and outsider-related. The insider-related fraud comprises outright stealing of customers deposits’ authorized loan facilities, forgery and several other kinds of unhealthy and criminal practices.

“ The outsider-related ones include hacking, Automated Teller Machine, ATM, fraud, conspiracy among others. And the absurd one is when there is collaboration between the both of them,” he said.

The head of the EFCC further emphasised that the banking industry is thought to be responsible for 70 per cent of financial crimes in Nigeria.

 To combat this, he asked for coordinated efforts from experts and relevant authorities, particularly bank auditors.

Noting that bank auditors were essential in the battle against economic and financial crimes “as gatekeepers on responsible financial conduct, adherence to regulations, and effective functioning of the financial services industry,” he called for the combination of preventive and detective measures for effective outcomes and cost management of bank frauds.

Olukoyede sought for more collaboration from bank auditors with the EFCC. “As you retreat, use this opportunity to review developments in the financial sector of our nation and offer sound recommendations to the EFCC on how the rising cases of financial crimes can be curbed in our banks. I also call on you to always approach the Commission on any issue that you consider germane in addressing corruption not only in the financial sector but in all other areas of life in our dear country,” he said.

“We should all be ready to play our parts in tackling the monster of corruption in the banking sector. Collaboration and cooperation with the EFCC will boost all efforts at breaking the fang of fraudulent practices in the sector”, she said.