EFCC Chairman announces the imminent prosecution of senior bank officials over financial misconduct, as part of the commission’s ongoing efforts to tackle corruption within Nigeria’s banking sector.
Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission, has restated the agency’s determination to strictly implement financial regulations. Their primary goal is to purify and safeguard banking operations from illegal activities.
On Tuesday, Olukoyede stated this at the 17th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria. The conference was held in Abuja at Congress Hall, Transcorp Hilton Hotel.
Olukoyede declared in his speech that the financial sector’s malpractices will not be accepted by the EFCC anymore.
He declared with utmost humility that we are no longer idly sitting by.
He highlighted the vital role that the banking industry plays in many of the most substantial financial fraud cases in the country.
He stated that the banking industry has been involved in several mind-boggling financial frauds and attacks on the economy. He confirmed that the Commission is dedicated to collaborating with CIBN to purify this sector.
The approach of the Commission was highlighted by Olukoyede, who emphasized the significance of imposing punitive measures for violations that are criminal in nature.
be imposed.” If there are violations of the law, punishments will be enforced.
He said that after compiling their documents and conducting the necessary investigations, we will soon witness prosecution of some banks and top officials for which we should follow.
Furthermore, he emphasized particular unethical behaviors that are sabotaging the financial system such as forex round-tripping, phantom charges and collusion in money laundering.
Olukoyede stated that these actions are causing a decline in confidence within the industry.
Banking executives were urged to examine themselves in the mirror and depart with a renewed pledge towards professionalism as operators resort secretly to tactics that sidestep regulations and rules for increased yields.
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Vice President Kashim Shettima delineated the extensive economic predicaments confronting Nigeria, representing President Bola Tinubu’s perspective. He highlighted how inflation, escalating living expenses and inadequate infrastructure are interconnected.
Shettima remained hopeful concerning growth opportunities despite the challenges, stating that “The obstacles also offer chances for progress and advancement.”
Collaborative efforts from government, private industries and civil society were stressed as crucial for achieving sustainable economic growth.
He stated that in order to maintain long-term economic growth, we must deliberately harmonize our policies and actions with the evolving worldwide environment. Moreover, he pledged that his administration is committed to executing improvements aimed at boosting macroeconomic stability while bolstering infrastructure development.
He assigned the private sector with a responsibility to aid in the progress of the country by investing wisely in crucial areas for growth and giving priority to innovative measures.
According to him, for Nigeria’s economy to thrive in the future, it is essential that we empower our youth with necessary skills, knowledge and opportunities so they may lead the way.
Pius Olanrewaju, the President of CIBN stressed on obtaining tangible results to promote growth in both the banking industry and economy as a whole during his introductory statements.
Furthermore, Tony Elumelu, the chairman of Heirs Holdings and keynote speaker at the event, discussed Nigeria’s economic struggles in 2024 marked by inflation and trade imbalances.
He urged for sustainable economic policies to be prioritized over temporary solutions, saying that the year 2024 was challenging for the country. Elumelu emphasized on building a strong base for future growth and called upon stakeholders to take action towards this end.
