70% of financial crimes in Nigeria linked to banks – EFCC
The Economic and Financial Crimes Commission (EFCC) has revealed that about 70% of financial crimes in Nigeria are connected to banks.
Ola Olukoyede, Chairman of the anti-graft agency, shared this information during his address in Abuja at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria.
The EFCC boss pointed out that the banking industry was becoming more characterized by fraudulent activities, posing significant challenges and concerns for the commission.
Olukoyede, who was represented by Idowu Apejoye, EFCC’s Director of Internal Audit, underscored the need for collaborative actions from relevant authorities and industry professionals, particularly audit executives, to proactively address and combat fraudulent activities within the sector.
“Broadly speaking, banking fraud in Nigeria is both inside and outside related. The inside-related fraud comprises outright selling of customers’ deposits, authorising loan facilities, forgery, and several other kinds of unhealthy and criminal practices,” he said.
“The outsider-related ones include hacking, ATM fraud, and conspiracy, among others. And then the absurd one is when both collaborate, that is collaboration among the bankers and the outsider.
“That one is the one that is really absurd because when you do that, that means you are selling out the system. It is estimated that about 70% of financial crimes in Nigeria are traceable to the banking sector, this scenario is disturbing and unacceptable,” he said.
