EFCC: Banks Account for 70% of Financial Crimes in Nigeria

Victor Eke
Victor Eke March 5, 2024
Updated 2024/03/05 at 10:54 AM
EFCC CHairman

EFCC CHairman


The Economic and Financial Crimes Commission (EFCC) has revealed that commercial banks are implicated in approximately 70% of financial crimes in Nigeria. The disclosure was made by EFCC chairman Ola Olukoyede during the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) held in Abuja on Monday, March 4, 2024.


Olukoyede emphasized that the banking sector has become a breeding ground for fraudulent activities, labeling it a “cesspool” of such practices. He underscored the gravity of the situation, urging relevant authorities and professionals to tackle the issue head-on.


The EFCC chairman, represented by the agency’s Director of Internal Audit, Idowu Apejoye, highlighted the various forms of fraud prevalent within the banking sector. These include insider-related offenses such as misappropriation of customers’ deposits and forgery, as well as outsider-related crimes like hacking and ATM fraud. Particularly alarming is the collaboration between bank insiders and external perpetrators, which exacerbates the problem and compromises the integrity of the financial system.


Olukoyede proposed concrete measures to combat the scourge of financial crimes in banks. He urged ACAEBIN to diligently monitor banks’ financial activities, ensuring thorough reconciliation of accounts on a monthly basis. Additionally, he recommended scrutinizing budgeted revenues against expenses and conducting regular reviews and checks.


In response to the EFCC’s directives, ACAEBIN chairman Prince Akamadu pledged to address the identified challenges. He assured that the association is committed to implementing the proposed solutions and playing its part in rectifying Nigeria’s foreign exchange issues.


The revelations by the EFCC sheds more light on the urgent need for comprehensive reforms within the banking sector to safeguard the financial interests of Nigerians and restore trust in the system. With concerted efforts from regulatory bodies and industry stakeholders, there is hope for combating financial crimes and fostering a more transparent and accountable banking environment in Nigeria.

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