The Economic and Financial Crimes Commission (EFCC) of Nigeria has announced a significant crackdown on bank executives involved in money laundering and corruption.
This move comes after extensive investigations revealed the complicity of several bank officials in illegal forex sales, trading, and other fraudulent activities.
Speaking at the 17th annual conference of the Chartered Institute of Bankers of Nigeria (CIBN), EFCC Chairman Ola Olukoyede disclosed that the commission is set to commence prosecutions soon. "Our findings have shown that major financial frauds are being conducted through the nation’s banking system," Olukoyede stated.
He emphasized the need for stricter regulatory oversight by urging the CIBN to enhance its functions to prevent such frauds.
The EFCC's initiative shows the urgent need for more robust regulatory frameworks and proactive measures to combat financial crimes within Nigeria's banking sector.
The commission has also called on the National Assembly to enact laws supporting the government's whistle-blower policy, which would further aid in uncovering and addressing corruption.
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