The Economic and Financial Crimes Commission (EFCC) has flagged the involvement of bank executives in money laundering and vowed to commence prosecution soon.
Speaking at the 17th annual conference of the Chartered Institute of Bankers of Nigeria (CIBN), EFCC Chairman Ola Olukoyede revealed the findings, stating, “We have uncovered complicity in money laundering, illegal forex sales, and trading among bank officials.”
Olukoyede emphasized the need for stricter oversight, urging CIBN to enhance its regulatory functions, as “most major financial frauds are conducted through the nation’s banking system.”Â
The EFCC’s investigation has unveiled the extent of involvement by top banking officials in these illicit activities, prompting the commission to take legal steps.
He also reiterated the commission’s push for a law that supports the whistle-blower policy, stating at the Nigerian Bar Association (NBA) conference, “Once the law is enacted, it will make it mandatory for law enforcement agencies to protect whistle-blowers.”
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Olukoyede encouraged lawyers to practice due diligence by understanding their clients’ backgrounds, noting, “As lawyers, we are supposed to hold a position of trust in our professional conduct.”
In his address, Olukoyede further cautioned against the protection of criminals by legal practitioners, remarking, “Don’t try to protect suspected criminals, people who must have committed financial crimes.”
The EFCC aims to uphold the law and ensure compliance with financial regulations, with Olukoyede stressing the importance of “doing the right thing, which automatically takes you out of the grey list.”
The commission’s upcoming prosecution of bank executives and continued advocacy for a whistle-blower law reflects its ongoing efforts to curb financial crimes in Nigeria.
