EFCC Reports Banks Involved in 70% of Financial Crimes in Nigeria

EFCC Reports Banks Involved in 70% of Financial Crimes in Nigeria

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In a revelation made on Monday, the Economic and Financial Crimes Commission (EFCC) implicated banks in approximately 70% of the financial crimes in Nigeria.

Chairman of EFCC, Ola Olukayode, disclosed this during the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria held in Abuja.

Olukayode, represented by EFCC’s Director of Internal Audit, Idowu Apejoye, highlighted the alarming rise of fraudulent activities within the banking sector, presenting significant challenges and concerns to the commission.

He emphasized the urgent need for collaborative efforts among relevant authorities and professionals, particularly audit executives, to combat fraudulent practices in the sector.

Olukayode outlined the various forms of banking fraud prevalent in Nigeria, both internal and external, including unauthorized loan facilities, forgery, hacking, ATM fraud, and conspiracy. He underscored the gravity of collusion between insiders and outsiders, which he deemed as particularly disturbing.

To address these issues, Olukayode urged the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) to ensure meticulous monthly account reconciliation in line with accounting standards. He called for diligent monitoring of financial activities, comparison of actual and budgeted revenue with expenses, and regular reviews and checks.

Prince Akamadu, Chairman of ACAEBIN, pledged the association’s commitment to implementing EFCC’s recommendations. He highlighted the association’s dedication to resolving foreign exchange challenges in Nigeria, a key focus of the retreat.

Akamadu reiterated the importance of introspection within the banking industry and emphasized the need for collaborative efforts to sanitize the system and address FX challenges.

Regarding efforts to combat fraudulent activities, Akamadu emphasized the banking industry’s extensive implementation of Know Your Customer (KYC) mechanisms. He assured EFCC of the industry’s continued efforts to identify and rectify any loopholes contributing to fraudulent practices.

In conclusion, Akamadu expressed confidence in the collective efforts of the association and assured EFCC of tangible progress in addressing these concerns moving forward.

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