The Economic and Financial Crimes Commission (EFCC) is preparing to prosecute some top bankers in Nigeria for their involvement in money laundering and other financial crimes.
The development was disclosed by the EFCC Chairman, Olanipekun Olukoyede, during the 17th Annual Banking and Finance Conference, organised by the Chartered Institute of Bankers of Nigeria (CIBN), held in Abuja yesterday.
Olukoyede revealed that the Commission has completed its investigations into the activities of certain banks and their top officials and that it is set to move forward with prosecutions.
“It is sad that we have also compiled our documents, we have made the necessary investigation. Very soon, you will see some banks being prosecuted, some top officials being prosecuted”, the EFCC chairman stated.
He emphasised that to align the Nigerian financial sector with global best practices, drastic measures must be taken to punish those responsible for criminal infractions.
Olukoyede noted several malpractices within the sector, including foreign exchange manipulation, fraudulent charges imposed on depositors, and complicity in money laundering schemes. He also mentioned that some financial institutions engage in illicit financial activities with politically-exposed persons (PEPs), which undermines the sector’s integrity and damages the nation’s economy.
The EFFC Boss reiterated the agency’s commitment to collaborating with the banking sector to curb financial crimes. He noted that the EFCC would continue to enforce anti-money laundering laws and protect the financial system from cyber criminals, both from within the sector and externally.
He further stressed the importance of penal sanctions following criminal acts within the financial services sector, emphasizing that the EFCC would no longer tolerate complacency.
Addressing members of the CIBN, Olukoyede urged the institute to strengthen its regulatory oversight to ensure compliance with banking regulations. He expressed concerns over the recurring involvement of banking professionals in financial crimes, noting that some operators disregard regulations and engage in sharp practices to boost their financial performance.
Olukoyede urged the financial sector to commit to professionalism and ethical conduct, as these values are crucial for the growth and development of Nigeria’s economy.
