BusinessNews

EFCC to prosecute banks’ top officials

Banks’ top officials will soon be prosecuted by Economic and Financial Crimes Commission (EFCC) to ensure sanity and prevent fraudulent activities in the banking system.

The Executive Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, who stated this reiterated the Commission’s commitment to reinforcing financial laws, with a view to cleansing the banking sector and saving it from rogue activities.

Olukoyede declared this on Tuesday at the Chartered Institute of Bankers of Nigeria’s 17th Annual Banking and Finance Conference held at the Congress Hall, Transcorp Hilton Hotel, Abuja.

Olukoyede who stressed that the EFCC would no longer tolerate malpractices in the financial sector noted: “I boldly state with every sense of humility that we are no longer folding our arms,” he said.

“Some of the mind-boggling, major financial frauds and onslaughts that have been carried out against the economy have run through the banking industry,” he added.

Olukoyede also emphasised the Commission’s commitment to working with the CIBN to sanitise the sector.

While outlining the Commission’s approach, he stressed the importance of penal sanctions for criminal infractions.

“When there are criminal infractions, penal sanctions will
follow. We have compiled our documents, conducted the necessary investigations and very soon, you will see some banks and top officials prosecuted,” he said.

Olukoyede also highlighted particular malpractices bedeviling the financial system, which include forex round-tripping, phantom charges as well as complicity in money laundering.

Olukoyede expressed worries that the activities had been hampering trust in the sector.

“Operators secretly devise means to circumvent regulations and rules in a desperate bid for higher yields… Look at yourselves in the mirror and leave this place with a renewed commitment to professionalism,” he said.

The President of the CIBN, Pius Olanrewaju, stressed the need for actionable outcomes that would contribute to the evolution of the banking sector and the broader economy.

The keynote speaker, Tony Elumelu, Chairman of Heirs Holdings, reflected on the economic difficulties Nigeria has been facing in 2024, characterised by inflation and trade imbalances.

“2024 has been a tough year for the country,” he said.

Elumelu who advocated for long-term solutions over quick fixes, called on stakeholders to focus on sustainable economic policies that would provide a solid foundation for future growth.

Kindly share this story

Show More

Related Articles

Leave a Reply

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

Back to top button
Open chat
Chat with Me On Whatsapp
Hello,
Welcome to Dgallery TV.
(Home of Information and Quality Entertainment)

Go ahead and Let's Chat Now.. Click "OPEN CHAT" Button
How May I help You Today?