The Economic and Financial Crimes Commission (EFCC) has announced plans to prosecute banks and their top officials involved in significant financial frauds. EFCC Chairman, Mr. Olanipekun Olukoyede, revealed this during the 17th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
Olukoyede stated that the EFCC has gathered substantial evidence and completed its investigations to support the upcoming legal actions. He noted that many large-scale financial frauds have been facilitated through the banking sector and stressed the need for accountability.
“We can no longer remain passive. It is crucial to take decisive action to ensure compliance and integrity,” Olukoyede remarked, adding that systems lacking consequences would ultimately collapse.
He also called on CIBN to reinforce its regulatory oversight to ensure adherence to professional standards, citing the Commission’s findings of regulatory failures and impunity within the banking industry.
The EFCC, he affirmed, is committed to collaborating with the financial sector to enforce anti-money laundering laws and combat cybercrime, both internally and externally.
