by Nurat Uthman
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 organized by the Chartered Institute of Bankers of Nigeria (CIBN), held in Abuja on Tuesday, September 10.
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. Now 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.
“We need to just do something drastic to bring everybody in line and to make us do the right thing. It’s extremely important. In a system where there is no penal sanction for criminal infraction, that system will never survive,” Olukoyede remarked.
The EFCC Chairman 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.
Olukoyede 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.
“We are committed to working with the Institute in sanitizing the financial services sector through robust enforcement of the anti-money laundering laws and insulating it from attacks by cybercriminals both from within and from without,” Olukoyede added.
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.
“So in as much as we are ready to work with you to sanitize the system, we must also note that it is extremely important that when there is a criminal infraction, penal sanctions will follow. I am able to tell you with every sense of humility that we will no longer fold our arms.”
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.
“Where operators prioritize profit over national growth and wellbeing, progress will remain elusive. From our experience with the investigation of financial crimes involving members of the profession, there is gross contempt for regulation that borders on impunity,” he stated.
“Operators frequently devise means to circumvent regulations and rules in a desperate bid for higher yields and bottom line. Sharp practices such as forex trading, defrauding of depositors through phantom charges, and complicity in money laundering and illicit financial schemes involving politically exposed persons continue to undermine the integrity of the sector and, by extension, the nation’s economy,” Olukoyede disclosed.
Mr. 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.
“It is my hope, therefore, that you will all look at yourselves in the mirror and leave this place with a renewed commitment to professionalism and determination to provide services that will assist the growth and development of the Nigerian economy,” he cautioned.
