EFCC to Pursue Criminal Charges Against Banks management in Major Fraud Cases
The Economic and Financial Crimes Commission (EFCC) has declared its intention to initiate legal proceedings against banks and their high-ranking executives for financial fraud and misconduct.
The EFCC Chairman Mr Olanipekun Olukoyede made this revelation at the 17th Annual Banking and Finance Conference hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.
Olukoyede stated that the EFCC had compiled the results of its investigations and relevant documentation to support the allegations of financial fraud against banks and their executives, paving the way for criminal prosecutions to commence.
He revealed that a significant proportion of the most egregious financial frauds under investigation by the EFCC were perpetrated through the banking industry causing significant harm to the economy of any society at large.
EFCC Chairman 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 called on the Chartered Institute of Bankers of Nigeria (CIBN) to increase its regulatory oversight of its members, emphasizing the importance of adhering to the highest standards of professionalism and ethical conduct in the financial sector.
The Chairman went on to emphasize that the EFCC’s investigations into financial crimes involving members of the banking profession had uncovered widespread disregard for regulatory compliance, resulting in a disturbing pattern of impunity.
He said, “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.”
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