Olukoyede also noted that Nigerian banks are now characterized by fraudulent activities, adding that the trend has become a worry for EFCC
By Kehinde Okeowo
Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede has decried the level of fraud going on in the banking system, saying “70 percent of financial crimes in Nigeria are connected to banks”.
He made the revelation recently during an address at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria held in Abuja, the Federal Capital Territory (FCT).
Speaking at the event, the Chairman of the leading anti-graft agency in the country, who was represented by EFCC’s Director of Internal Audit, Idowu Apejoye, stressed the need for collaborative actions from relevant authorities and industry professionals, particularly audit executives, to proactively address and combat fraudulent activities within the sector.
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He also noted that Nigerian banks are becoming more characterized by fraudulent activities, adding that the trend is now posing significant challenges and concerns for his commission.
Olukoyede said: “Broadly speaking, banking fraud in Nigeria is both inside and outside related. The inside related fraud comprises outright selling of customers’ deposits, authorising loan facilities, forgery and several other kinds of unhealthy and criminal practices.”
The EFCC boss went on to add: “The outsider related ones include hacking, ATM fraud, conspiracy, among others. And then the absurd one is when both collaborate, that is collaboration among the bankers and the outsider.
“That one is the one that is really absurd because when you do that, that means you are selling out the system. It is estimated that about 70 per cent of financial crimes in Nigeria are traceable to the banking sector, this scenario is disturbing and unacceptable.”
