Rita Odafe
Ola Olukoyede, who leads the Economic and Financial Crimes Commission (EFCC), has pledged to rigorously enforce Nigeria’s financial regulations. His goal is to purify the banking sector and safeguard it from the negative impacts caused by individuals engaged in criminal activities.
This strong commitment was expressed on September 10, 2024, during the Chartered Institute of Bankers of Nigeria (CIBN)’s 17th Annual Banking and Finance Conference. The event focused on the theme: “Accelerated Economic Growth and Development: The State of Play and the Way Forward.”
The conference took place at the luxurious Congress Hall of the Transcorp Hilton Hotel in Abuja.
Olukoyede stated: “I confidently assure you that we are determined to take action. Significant financial fraud against the economy has predominantly involved the banking sector. We are dedicated to collaborating with the institute to cleanse the financial services sector through robust enforcement of our laws and shielding it from criminal influences, whether internal or external.”
He emphasized that the Commission remains steadfast in enforcing applicable laws and penalties, asserting that no individual, regardless of their position in the financial sector, will escape accountability during this process.
“While we are eager to partner with you to enhance the system, it’s vital to recognize that criminal violations will lead to punitive measures. Our investigations are complete, and soon we will see banks and key officials facing prosecution. It’s essential to take decisive action to ensure compliance. A system lacking penalties for wrongdoing cannot thrive.”
“Through our investigations into financial crimes in the banking sector, we’ve observed a blatant disregard for regulations, marked by impunity. Operators often find ways to bypass rules in pursuit of higher profits. Malpractices like forex round-tripping, investor fraud through fictitious charges, and involvement in money laundering linked to politically exposed individuals continue to erode the sector’s integrity and, by extension, the economy.”
“I urge you to reflect on your practices and leave here with a renewed commitment to professionalism, aiming to support the growth and development of the Nigerian economy,” concluded the EFCC chairman.
