The Economic and Financial Crimes Commission (EFCC) has revealed that it would soon commence prosecution of banks, and their executives complicit in aiding money laundering in the country.
The EFCC Chairman, Olanipekun Olukoyede, made this known while speaking during the 17th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) at the Transcorp Hilton Hotel, Abuja on Tuesday.
The anti corruption czar lamented that several unethical practices are plaguing the sector, including foreign exchange manipulation, fraudulent charges imposed on depositors, and active involvement in money laundering schemes.
Olukoyede confirmed that the Commission had concluded its investigations into several banks and their senior officials, signaling imminent prosecution.
Olukoyede expressed the EFCC’s determination to impose strict penalties to align Nigeria’s financial system with global best practices.
He said: “It is sad that we have also compiled our documents, we have made the necessary investigation. Now very soon, you will see some banks being prosecuted, some top officials being prosecuted.”
The EFCC boss emphasized that the lack of penal consequences for criminal infractions in the sector could jeopardize the integrity of Nigeria’s financial system.
He said: “We need to just do something drastic to bring everybody in line and to make us do the right thing. It’s extremely important. In a system where there is no penal sanction for criminal infraction, that system will never survive.”
“Operators frequently devise means to circumvent regulations and rules in a desperate bid for higher yields and bottom line. Sharp practices such as forex trading, defrauding of depositors through phantom charges, and complicity in money laundering and illicit financial schemes involving politically exposed persons continue to undermine the integrity of the sector and, by extension, the nation’s economy.”
He stressed that the involvement of financial institutions with politically exposed persons (PEPs) in illicit financial activities erodes the sector’s credibility and destabilizes the economy.
Olukoyede reaffirmed the EFCC’s commitment to collaborate with the banking sector to combat financial crimes and enhance enforcement of anti-money laundering laws.
Additionally, the EFCC Chairman urged the Chartered Institute of Bankers of Nigeria to intensify its regulatory oversight to ensure strict compliance with banking regulations.
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