Posted by Seventy percent of financial crimes can be linked to commercial banks, according to the Economic and Financial Crimes Commission (EFCC).
When speaking at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) in Abuja on Monday, March 4, 2024, EFCC boss Ola Olukoyede made the revelation.
He insisted that there is widespread fraud and corruption in the banking sector.
In a statement, the head of the Economic and Financial Crimes Commission (EFCC), accompanied by the agency’s director of internal audit, Idowu Apejoye, urged the proper authorities and experts to deal with the problems caused by fraudulent banking practices.
What did he say?
When it comes to Nigerian banks, there are two main types of fraud: insider and outsider. The term “insider-related fraud” encompasses a wide range of unethical and illegal activities, including the direct sale of client funds, the approval of lending facilities, forgeries, and more.
“Among the many that pertain to third parties are hacking, ATM fraud, and conspiracy. The most ridiculous scenario, though, is when the bankers and the outsiders work together.
Because doing so would amount to betraying the system, that one is particularly ridiculous. It is concerning and unacceptable that the banking sector is believed to be responsible for almost 70% of Nigeria’s financial crimes.