Banks Involved in 70% of Financial Crimes – EFCC

Written by on March 5, 2024

Economic and Financial Crimes Commission, has indicted banks as being linked to about 70 per cent of the financial crimes in Nigeria.

EFCC’s Chairman, Ola Olukayode, opened this up while speaking in Abuja at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks, ACAEBIN  in Nigeria.

He pointed out that the banking sector was increasingly becoming a cesspool of fraudulent activities and this had been raising considerable challenges and concerns to the commission.

Olukayode who was represented by the Director, Internal Audit, EFCC, Idowu  Apejoye, said there was a need for concerted effort by relevant authorities and professionals, especially audit executives to prevent and tackle issues of fraudulent practices in the sector.

He  stated that in order to curb the anomalies, ACAEBIN should ensure proper reconciliation of accounts every month in accordance with accounting requirements.

The EFCC Chairman charged the association to monitor the financial activities of banks, comparing actual and budgeted revenue with expenses, carry out periodical review, checks, among others.


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