The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, reaffirmed the Commission’s commitment to enforcing financial regulations with a particular focus on cleansing the banking sector of unethical practices.
Speaking at the 17th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN), held at the Congress Hall, Transcorp Hilton Hotel, Abuja, on Tuesday, Olukoyede highlighted the role of the banking industry in enabling significant financial fraud in the country.
In his speech, Olukoyede warned that the EFCC would no longer tolerate malpractices in the sector, stressing that the Commission was prepared to take legal action against criminal infractions.
He expressed concern over unethical practices like forex round-tripping, phantom charges, and complicity in money laundering, all of which erode trust in the financial system.
Olukoyede also stressed the importance of penal sanctions for those involved in illegal activities, hinting that several investigations had been completed, and that some banks and their top officials would soon face prosecution.
He called on banking executives to uphold professionalism and avoid engaging in activities that circumvent regulations in pursuit of higher profits.
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