The Economic and Financial Crimes Commission (EFCC) has disclosed that approximately 70 percent of financial crimes in Nigeria are linked to the banking sector.
Ola Olukoyede, the Chairman of the EFCC, shared this revelation 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, presenting significant challenges for the commission.
He stressed the need for collaborative efforts among relevant authorities and industry professionals, particularly audit executives, to proactively tackle and prevent fraudulent activities within the sector.
“Broadly speaking, banking fraud in Nigeria encompasses both internal and external factors,” explained Olukoyede.
More Read
“Internal factors include the misappropriation of customers’ deposits, fraudulent loan approvals, forgery, and various other criminal practices.
External factors consist of hacking, ATM fraud, conspiracy, among others. When both internal and external elements collaborate, it becomes particularly alarming, as it undermines the integrity of the system.
“Olukoyede emphasized, “It is estimated that about 70 percent of financial crimes in Nigeria can be traced back to the banking sector.
This situation is deeply concerning and cannot be tolerated.”Representing Olukoyede at the event, EFCC’s Director of Internal Audit, Idowu Apejoye, echoed the importance of vigilance and concerted efforts to combat financial crimes and uphold the integrity of the banking system.
