The Economic and Financial Crimes Commission (EFCC) plans to prosecute banks and their top officials for financial fraud. The commission has completed its investigations and has gathered necessary documents to support its case.
The EFCC Chairman, Olanipekun Olukoyede, stated that about 70% of Nigeria’s financial crimes are traced to the banking sector. He urged the Chartered Institute of Bankers of Nigeria (CIBN) to increase its regulatory oversight and adhere to codes of professionalism.
Olukoyede categorised banking frauds into inside-related and outsider-related ones, stating that the commission is committed to working with the institute and financial services sector to enforce anti-money laws and cyber-criminals.
