EFCC Reveals How 70 Percent Of Financial Crimes In Nigeria Are Connected To Banks

Date: 05-03-2024 8:28 am (1 month ago) | Author: onuigbo felicia
- at 5-03-2024 08:28 AM (1 month ago)
(f)

The Economic and Financial Crimes Commission (EFCC) has disclosed that approximately 70 percent of financial crimes in Nigeria are linked to banks.

Ola Olukoyede, the Chairman of the anti-graft agency, revealed this during his address at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria, held in Abuja.

Olukoyede highlighted the growing prevalence of fraudulent activities within the banking industry, emphasizing the significant challenges they pose to the commission.

Represented by EFCC’s Director of Internal Audit, Idowu Apejoye, Olukoyede stressed the importance of collaborative efforts from relevant authorities and industry professionals, particularly audit executives, to proactively address and combat fraudulent activities in the sector.

He outlined the nature of banking fraud in Nigeria, which encompasses both internal and external elements. Internal fraud includes activities such as the misappropriation of customers’ deposits, fraudulent loan approvals, and forgery, among others. External fraud involves hacking, ATM fraud, and conspiracy.

Olukoyede also highlighted the alarming scenario where collusion occurs between insiders and outsiders, describing it as particularly egregious as it undermines the integrity of the banking system.

He underscored the gravity of the situation, noting that an estimated 70 percent of financial crimes in Nigeria can be traced back to the banking sector. Olukoyede emphasized that such a trend is deeply concerning and must be addressed urgently.

Posted: at 5-03-2024 08:28 AM (1 month ago) | Addicted Hero
- gogoman at 5-03-2024 10:54 AM (1 month ago)
Online (m)
of course, financal crime will link to farmer!! or market women wey dey sell pepper  Roll Eyes Roll Eyes Roll Eyes Oga tell us where u keep money wey una dey recover  Roll Eyes Roll Eyes Roll Eyes
Posted: at 5-03-2024 10:54 AM (1 month ago) | Grande Master
Reply
- fineboy77 at 5-03-2024 05:42 PM (1 month ago)
Online (m)
Before nko?

Posted: at 5-03-2024 05:42 PM (1 month ago) | Addicted Hero
Reply
- Baye77 at 6-03-2024 07:10 AM (1 month ago)
(m)
The banks always have their noses in there...how do you think they make all the money they make??
Posted: at 6-03-2024 07:10 AM (1 month ago) | Hero
Reply