Mr. Ola Olukoyede, the Executive Chairman of the Economic and Financial Crime Commission, called on Audit Executives in banks all over the country to be more vigilant and bold in facing financial crimes in the banking sector.
He gave the charge in Abuja during the 2024 Annual retreat of the Association of Chief Audit Executives of Banks in Nigeria ACAEBI on Monday.
The EFCC’s boss frowned at the high cases of fraudulent activities connected with the local banking industry and charged bank auditors to do more in sanitizing and empowering the financial sector and growing the economy.
The EFCC boss, represented by Director, Internal Audit of the Commission, Idowu Oluwole-Apejoye, also explained that banking fraud all over the country often has either insider or outsider enablers.
“Broadly speaking, banking fraud in Nigeria is both insider and outsider-related. The insider-related fraud comprises outright stealing of customers deposits’ authorized loan facilities, forgery and several other kinds of unhealthy and criminal practices.
He also stressed that, “The outsider-related ones include hacking, Automated Teller Machine, ATM, fraud, conspiracy among others. And the absurd one is when there is collaboration between the both of them.”
The EFCC boss also highlghted that an estimated 70% of financial crimes in Nigeria is linked to the banking sector and called for intentional efforts by relevant authorities and professionals, especially bank auditors to prevent and detect fraudulent practices in the industry.
He called for a fusion of preventive and detective measures for effective outcomes and cost management of bank frauds, noting that bank auditors are essential assets in the fight against economic and financial crimes “as gatekeepers on responsible financial conduct, adherence to regulations, and effective functioning of the financial services industry”.
Olukoyede seek for more collaboration from bank auditors with the EFCC.
He stated that, As you retreat, use this opportunity to review developments in the financial sector of our nation and offer sound recommendations to the EFCC on how the rising cases of financial crimes can be curbed in our banks. I also call on you to always approach the Commission on any issue that you consider germane in addressing corruption not only in the financial sector but in all other areas of life in our dear country.”
The EFCC’s charge prompted lot of inquiries about the operational works of the EFCC, and several Audit Executives relaying their experience about fraud investigations by the commission. Apejoye rose and called for better engagement of the professionals with the Commission. “We should all be ready to play our parts in tackling the monster of corruption in the banking sector. Collaboration and cooperation with the EFCC will boost all efforts at breaking the fang of fraudulent practices in the sector”, she asserted.
