By Niyi Jacobs
The Economic and Financial Crimes Commission (EFCC) has launched a crackdown on corruption in Nigeria’s banking sector, vowing to prosecute top executives for financial malfeasance.
EFCC Chairman Olanipekun Olukoyede made this known at the 17th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
The Commission has concluded its investigations into several banks and their senior officials, and prosecution is imminent. The EFCC is determined to impose strict penalties to align Nigeria’s financial system with global best practices and prevent the integrity of the financial system from being jeopardized.
Unethical practices in the sector, including foreign exchange manipulation and money laundering schemes, will be addressed. The EFCC will collaborate with the banking sector to combat financial crimes and enhance enforcement of anti-money laundering laws.
Olukoyede emphasized the need for strict regulations and oversight to prevent criminal activities in the sector. He urged the Chartered Institute of Bankers of Nigeria to intensify its regulatory oversight to ensure strict compliance with banking regulations.
The EFCC’s crackdown on the banking sector is a significant step towards tackling corruption and promoting transparency in Nigeria’s financial system. It sends a strong message that financial crimes will no longer be tolerated and that those responsible will be held accountable
