The Economic and Financial Crimes Commission (EFCC) announced on Tuesday that arrangements have been made to commence the prosecution of some banks and their top officials for their involvement in financial fraud.
The anti-graft agency specifically disclosed that the commission has completed its investigations and gathered the necessary documents to buttress its case against those who conspired with the looters to commit the fraud.
The Chairman of EFCC, Ola Olukoyede, disclosed this in Abuja during the 17th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers in Nigeria. The event was themed “Accelerated Economic Growth and Development, the State of Play and the Way Forward”.
He explained that some major financial frauds were committed through the banking industry, adding that there was need to enforce the sanction regime against erring bankers. He also said:
“We will no longer fold our arms. We need to do something drastic to bring everybody in line and make us do the right thing. In a system where there are no sanctions, that system will not survive.”He charged the CIBN to step up its regulatory oversight of all its members to adhere to the codes of professionalism.
“On our part as EFCC, we are committed to working with the institute and financial services sector through robust enforcement of anti-money laws and attacks from cyber-criminals both from within and without.
“It is my hope that you will all look at yourselves in the mirror and leave this place with renewed commitment to professionalism and determination,” he further charged.
With the popularity of financial frauds in the country, it is suspected that Bank officials are part of the enablers.
If the EFCC can crackdown on the officials involved in such, it will deter others from engaging.
