The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has reaffirmed the agency’s determination to enforce financial regulations rigorously, with a strong focus on sanitizing the banking sector.
Speaking at the 17th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN), held on Tuesday at the Congress Hall, Transcorp Hilton Hotel, Abuja, Olukoyede emphasized the EFCC’s intolerance for financial malpractice in the sector.
“I boldly state with every sense of humility that we are no longer folding our arms,” he declared, signaling a more proactive stance in addressing financial fraud.
He highlighted that the banking industry has been instrumental in facilitating some of the most severe financial fraud cases in Nigeria, adding, “Some of the mind-boggling, major financial frauds and onslaughts that have been carried out against the economy have run through the banking industry.”
Olukoyede further assured the public that the EFCC would collaborate with the CIBN to restore integrity within the financial system. He outlined the Commission’s strategy, emphasizing the need for criminal sanctions in response to illegal activities.
“When there are criminal infractions, penal sanctions will follow. We have compiled our documents, conducted the necessary investigations, and very soon, you will see some banks and top officials prosecuted,” he announced.
The EFCC Chairman also highlighted specific malpractices damaging the sector’s reputation, including foreign exchange round-tripping, phantom charges, and involvement in money laundering.
He warned that such activities were eroding public trust in the banking system, urging bank executives to self-reflect and recommit to professionalism.
“Operators secretly devise means to circumvent regulations and rules in a desperate bid for higher yields… Look at yourselves in the mirror and leave this place with a renewed commitment to professionalism,” he advised.
Representing President Bola Tinubu, Vice President Kashim Shettima also addressed the conference, acknowledging the broader economic challenges Nigeria faces, including inflation, rising living costs, and infrastructural deficits.
However, Shettima expressed optimism, noting that these challenges present opportunities for growth and development.
“To achieve sustained economic growth, we must intentionally align our policies and actions with the changing global landscape,” he remarked, emphasizing the need for collaboration across government, private industries, and civil society.
Shettima also stressed the importance of the private sector’s role in Nigeria’s development, calling for strategic investments and a focus on innovation. “The future of the Nigerian economy lies in the hands of our youths, and we must equip them with the skills, knowledge, and opportunities needed to drive our nation forward,” he said.
In his opening remarks, CIBN President Pius Olanrewaju highlighted the importance of actionable outcomes from the conference that would enhance the banking sector and broader economy.
Keynote speaker Tony Elumelu, Chairman of Heirs Holdings, reflected on the economic struggles of 2024, marked by inflation and trade imbalances. “2024 has been a tough year for the country,” Elumelu noted, advocating for sustainable economic policies over short-term fixes to build a foundation for future growth.
The conference brought together leaders from the financial sector, government, and private industry to address Nigeria’s economic challenges and explore opportunities for reform and development.
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EFCC Boss Reiterates Commitment to Prosecute Banks Top Officials
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has reaffirmed the agency’s determination to enforce financial regulations rigorously, with a strong focus on sanitizing the banking sector.
Speaking at the 17th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN), held on Tuesday at the Congress Hall, Transcorp Hilton Hotel, Abuja, Olukoyede emphasized the EFCC’s intolerance for financial malpractice in the sector.
“I boldly state with every sense of humility that we are no longer folding our arms,” he declared, signaling a more proactive stance in addressing financial fraud.
He highlighted that the banking industry has been instrumental in facilitating some of the most severe financial fraud cases in Nigeria, adding, “Some of the mind-boggling, major financial frauds and onslaughts that have been carried out against the economy have run through the banking industry.”
Olukoyede further assured the public that the EFCC would collaborate with the CIBN to restore integrity within the financial system. He outlined the Commission’s strategy, emphasizing the need for criminal sanctions in response to illegal activities.
“When there are criminal infractions, penal sanctions will follow. We have compiled our documents, conducted the necessary investigations, and very soon, you will see some banks and top officials prosecuted,” he announced.
The EFCC Chairman also highlighted specific malpractices damaging the sector’s reputation, including foreign exchange round-tripping, phantom charges, and involvement in money laundering.
He warned that such activities were eroding public trust in the banking system, urging bank executives to self-reflect and recommit to professionalism.
“Operators secretly devise means to circumvent regulations and rules in a desperate bid for higher yields… Look at yourselves in the mirror and leave this place with a renewed commitment to professionalism,” he advised.
Representing President Bola Tinubu, Vice President Kashim Shettima also addressed the conference, acknowledging the broader economic challenges Nigeria faces, including inflation, rising living costs, and infrastructural deficits.
However, Shettima expressed optimism, noting that these challenges present opportunities for growth and development.
“To achieve sustained economic growth, we must intentionally align our policies and actions with the changing global landscape,” he remarked, emphasizing the need for collaboration across government, private industries, and civil society.
Shettima also stressed the importance of the private sector’s role in Nigeria’s development, calling for strategic investments and a focus on innovation. “The future of the Nigerian economy lies in the hands of our youths, and we must equip them with the skills, knowledge, and opportunities needed to drive our nation forward,” he said.
In his opening remarks, CIBN President Pius Olanrewaju highlighted the importance of actionable outcomes from the conference that would enhance the banking sector and broader economy.
Keynote speaker Tony Elumelu, Chairman of Heirs Holdings, reflected on the economic struggles of 2024, marked by inflation and trade imbalances. “2024 has been a tough year for the country,” Elumelu noted, advocating for sustainable economic policies over short-term fixes to build a foundation for future growth.
The conference brought together leaders from the financial sector, government, and private industry to address Nigeria’s economic challenges and explore opportunities for reform and development.