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About 70 Percent Financial Crime Is Traceable To Banking Sector – EFCC

05 March

The Economic and Financial Crimes Commission, EFCC, has disclosed that approximately 70 percent of financial crimes in Nigeria are connected to the banking sector.

The EFCC Chairman, Ola Olukoyede, made this known during his address at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria in Abuja.

Mr. Olukoyede pointed out that the banking industry was becoming more characterized by fraudulent activities, posing significant challenges and concerns for the commission.

He was represented by EFCC’s Director of Internal Audit, Idowu Apejoye, who emphasized the importance of collaborative actions from relevant authorities and industry professionals, particularly audit executives, to proactively address and combat fraudulent activities within the sector.

“Broadly speaking, banking fraud in Nigeria is both inside and outside related. The inside related fraud comprises outright selling of customers’ deposits, authorizing loan facilities, forgery and several other kinds of unhealthy and criminal practices,” he said.

“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,” he added.

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