Thursday, June 26, 2025
  • About
  • Advertise
  • Careers
  • Contact
Newsroom Nigeria
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life
No Result
View All Result
Newsroom Nigeria
Home Crime Watch

Seventy Percent of Financial Crimes Traceable to Banks – EFCC

We should all be ready to play our parts in tackling the monster of corruption in the banking sector.

Newsroom Nigeria by Newsroom Nigeria
March 5, 2024
in Crime Watch
Reading Time: 2 mins read
0
SHARES
Share on FacebookShare on Twitter

The Executive Chairman of the Economic and Financial Crimes Commission, Mr. Ola Olukoyede has called on Audit Executives in banks across the country to be more vigilant and assertive in tackling financial crimes in the banking sector.

He gave the charge in Abuja on Monday, March 4, 2024 at the 2024 Annual retreat of the Association of Chief Audit Executives of Banks in Nigeria, ACAEBI. The EFCC’s boss frowned at the raft of fraudulent activities associated with the local banking industry and charged bank auditors to do more in sanitizing and strengthening the financial sector and growing the economy.

Related posts

Korean Intelligence Service commends NDLEA on Arrest of Wanted Drug Baron, seeks Suspect’s Extradition

April 16, 2025

EFCC Arrests 37 Suspected Internet Fraudsters in Ilori

March 27, 2025

The EFCC boss who spoke through Director, Internal Audit of the Commission, Idowu Oluwole-Apejoye, further noted that banking fraud across 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.

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,” he said.

The EFCC boss also pointed out that an estimated 70 per cent of financial crimes in Nigeria is traceable to the banking sector and called for concerted 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 were crucial 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 sought for more collaboration from bank auditors with the EFCC. “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,” he said

The EFCC’s charge sparked a plethora of questions and enquiries on the operational works of the EFCC, with many of the Audit Executives relaying their experiences about fraud investigations by the Commission.

Apejoye rose to the occasion 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 said

 

ShareTweetSendShareShare
Previous Post

NDLEA Re-arraigns Lagos Socialite, Ariket, Friend Over Alleged Drug Trafficking

Next Post

Viewpoint:Travails and Legacy of Anti-corruption Crusade

Related Posts

Crime Watch

Korean Intelligence Service commends NDLEA on Arrest of Wanted Drug Baron, seeks Suspect’s Extradition

April 16, 2025
Crime Watch

EFCC Arrests 37 Suspected Internet Fraudsters in Ilori

March 27, 2025
Crime Watch

Alleged Money Laundering : EFCC Arraigns Suspect Arrested With $578,000 

March 26, 2025
Crime Watch

NDLEA Intercepts 72 Parcels of Heroin in Chocolate Wraps at  Airport, Recovers Tramadol Pills Concealed in Gas Cylinder

March 23, 2025
Crime Watch

NDLEA Arrests Fleeing Auto Spare Parts Dealer over 77.50kg Cocaine, Recovers Large Consignments of Opioids, Others in Raids

March 9, 2025
Crime Watch

NDLEA Busts Trans-border Drug Cartel, Arrests Four, Recovers Multi-million-naira Opioids from Bus Bumper

February 16, 2025
Next Post

Viewpoint:Travails and Legacy of Anti-corruption Crusade

RECOMMENDED NEWS

APPLAUSE FOR QUINCY’S PRESENTATION AT WHO GLOBAL HEALTH SUMMIT

2 years ago

𝗣𝗥𝗘𝗦𝗜𝗗𝗘𝗡𝗖𝗬 𝗗𝗜𝗦𝗖𝗟𝗔𝗜𝗠𝗦 2027 𝗖𝗔𝗠𝗣𝗔𝗜𝗚𝗡 𝗕𝗜𝗟𝗟𝗕𝗢𝗔𝗥𝗗𝗦 𝗡𝗔𝗧𝗜𝗢𝗡𝗪𝗜𝗗𝗘

2 months ago

Court Orders CBN to Disclose Information on E-Naira Technical Partner

2 years ago

EFCC Arrests Church Founder on FBI Wanted List

3 years ago

FOLLOW US

POPULAR NEWS

  • TAU Students Win Big   at National Innovation Challenge

    TAU Students Win Big   at National Innovation Challenge

    0 shares
    Share 0 Tweet 0
  • Troops Foil Deadly Terrorist Attack In Niger State, Lose 17 Soldiers

    0 shares
    Share 0 Tweet 0
  • ADEBAYO HELD ALOFT THE BANNER OF THE UPN, LED BY OBAFEMI AWOLOWO, TINUBU PENS TRIBUTE TO A TRUE STATESMAN

    0 shares
    Share 0 Tweet 0
  • TINUBU SIGNS  FOUR TAX BILLS INTO LAW TO TRANSFORM FISCAL, REVENUE FRAMEWORK

    0 shares
    Share 0 Tweet 0
  • INEC Receives Applications To Register Obidients People’s Party (OPP), 109 Other Political Parties Registration

    0 shares
    Share 0 Tweet 0
Newsroom Nigeria

This independent, liberal online news platform aims to inform citizens about important issues. NEWSROOM NIGERIA covers political, business, economic, national, and international news. They are committed to journalism ethics and hold the government accountable.

  • About
  • Advertise
  • Careers
  • Contact

© 2025 Newsroom Nigeria - Designed by Semasir Connect.

No Result
View All Result
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life

© 2025 Newsroom Nigeria - Designed by Semasir Connect.