The Economic and Financial Crimes Commission (EFCC) is gearing up to prosecute several senior bankers in Nigeria for their roles in money laundering and other financial crimes.
EFCC Chairman Olanipekun Olukoyede made this announcement during the 17th Annual Banking and Finance Conference hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday, September 10.
Olukoyede shared that the Commission has finalized its investigations into the activities of certain banks and their executives and is now prepared to proceed with legal actions.
“It’s disheartening, but we’ve gathered all necessary documents and completed our investigations. Soon, you will witness the prosecution of some banks and their high-ranking officials,” Olukoyede said.
He underscored the need for severe measures to align Nigeria’s financial sector with global standards and ensure accountability for criminal behavior.
“To ensure that we adhere to global best practices, we must implement stringent actions. In a system lacking penal sanctions for criminal acts, survival is unattainable,” Olukoyede remarked.
The EFCC Chairman highlighted various sectoral malpractices, such as foreign exchange manipulation, fraudulent fees imposed on depositors, and involvement in money laundering schemes.
He also pointed out that some financial institutions are implicated in illicit financial dealings with politically exposed persons (PEPs), which undermines the sector’s integrity and harms the national economy.
Olukoyede reaffirmed the EFCC’s dedication to working with the banking sector to combat financial crimes.
He noted that the EFCC would continue to enforce anti-money laundering laws and protect the financial system from cyber criminals, both from within the sector and externally.
“We are committed to working with the Institute in sanitizing the financial services sector through robust enforcement of the anti-money laundering laws and insulating it from attacks by cybercriminals both from within and from without,” Olukoyede added.
He further stressed the importance of penal sanctions following criminal acts within the financial services sector, emphasizing that the EFCC would no longer tolerate complacency.
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“So inasmuch as we are ready to work with you to sanitize the system, we must also note that it is extremely important that when there is a criminal infraction, penal sanctions will follow. I am able to tell you with every sense of humility that we will no longer fold our arms.”
Addressing members of the CIBN, Olukoyede urged the institute to strengthen its regulatory oversight to ensure compliance with banking regulations. He expressed concerns over the recurring involvement of banking professionals in financial crimes, noting that some operators disregard regulations and engage in sharp practices to boost their financial performance.
“Where operators prioritize profit over national growth and wellbeing, progress will remain elusive. From our experience with the investigation of financial crimes involving members of the profession, there is gross contempt for regulation that borders on impunity,” he stated.
“Operators frequently devise means to circumvent regulations and rules in a desperate bid for higher yields and bottom line. Sharp practices such as forex trading, defrauding of depositors through phantom charges, and complicity in money laundering and illicit financial schemes involving politically exposed persons continue to undermine the integrity of the sector and, by extension, the nation’s economy,” Olukoyede disclosed.
Mr. Olukoyede urged the financial sector to commit to professionalism and ethical conduct, as these values are crucial for the growth and development of Nigeria’s economy.
“It is my hope, therefore, that you will all look at yourselves in the mirror and leave this place with a renewed commitment to professionalism and determination to provide services that will assist the growth and development of the Nigerian economy,” he cautioned.