The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has declared a vigorous enforcement strategy aimed at purging the banking sector of corrupt practices. Speaking at the Chartered Institute of Bankers of Nigeria (CIBN)’s 17th Annual Banking and Finance Conference on September 10, 2024, Olukoyede emphasized the Commission’s commitment to rigorous enforcement of financial laws.
Held at the Transcorp Hilton Hotel in Abuja, the conference was themed “Accelerated Economic Growth and Development: The State of Play and the Way Forward.” Olukoyede used the platform to underline the EFCC’s resolve to tackle financial fraud and regulatory breaches in the banking industry.
“We are no longer folding our arms,” Olukoyede asserted. “Some of the most significant financial crimes have involved the banking sector. We are committed to collaborating with the Institute to clean up the financial services sector and protect it from both internal and external criminal threats.”
The EFCC boss warned that no one, regardless of their position, would be exempt from scrutiny. “We are ready to act decisively,” he said. “Our investigations are complete, and soon you will witness the prosecution of banks and their top officials. It is crucial to enforce penal sanctions to ensure that the system remains viable.”
Olukoyede criticized the sector for its persistent regulatory breaches, including forex manipulation, fraudulent charges, and money laundering. He highlighted the need for adherence to regulations to maintain the sector’s integrity and support national economic development.
He concluded with a call to action for industry professionals to renew their commitment to ethical practices. “Reflect on your role and leave with a renewed dedication to professionalism,” he urged, emphasizing that the integrity of the financial system is vital for the country’s economic progress.
