The Economic and Financial Crimes Commission (EFCC) is preparing to prosecute some top bankers in Nigeria for their involvement in money laundering and other financial crimes.
The development was disclosed by the EFCC Chairman, Olanipekun Olukoyede, during the 17th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN), held in Abuja on Tuesday, September 10.
Olukoyede revealed that the Commission has completed its investigations into the activities of certain banks and their top officials and that it is set to move forward with prosecutions.
“It is sad that we have also compiled our documents, we have made the necessary investigation. Now very soon, you will see some banks being prosecuted, some top officials being prosecuted,” the EFCC chairman stated.
He emphasised that to align the Nigerian financial sector with global best practices, drastic measures must be taken to punish those responsible for criminal infractions.
“We need to just do something drastic to bring everybody in line and to make us do the right thing. It’s extremely important. In a system where there is no penal sanction for criminal infraction, that system will never survive,” Olukoyede remarked.
The EFCC Chairman noted several malpractices within the sector, including foreign exchange manipulation, fraudulent charges imposed on depositors, and complicity in money laundering schemes.
He also mentioned that some financial institutions engage in illicit financial activities with politically exposed persons (PEPs), which undermines the sector’s integrity and damages the nation’s economy.
Olukoyede reiterated the agency’s commitment to collaborating with the banking sector to curb financial crimes.
