70 Percent of Financial Crimes Linked to Banks: A Wake-Up Call for Nigeria’s Banking Industry

The Economic and Financial Crimes Commission (EFCC), it has been disclosed that a staggering 70 percent of financial crimes in Nigeria are connected to banks.

This alarming figure has prompted a call for increased collaboration between relevant authorities and industry professionals to address the issue.

During the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria, EFCC Chairman Ola Olukoyede highlighted the growing concern of fraudulent activities within the banking industry.

He emphasized that these activities pose significant challenges and concerns for the commission, and stressed the importance of proactive measures to combat these issues.

The banking fraud in Nigeria is categorized into two types: inside and outside related.

The inside related fraud includes unauthorized loan facilities, forgery, and other criminal practices, while the outside related fraud encompasses hacking, ATM fraud, and conspiracy.

Alarmingly, there have been instances of collaboration between both parties, which is considered an absurd and unacceptable practice.

To tackle the rising issue of financial crimes in the Nigerian banking sector, it is crucial for the relevant authorities and industry professionals to work together.

The involvement of audit executives is particularly important in this process, as they can help prevent and address fraudulent activities within the sector.

The revelation of the strong connection between financial crimes and banks in Nigeria serves as a wake-up call for the banking industry to take decisive action.

By fostering collaboration and implementing effective measures, Nigeria can work towards a more secure and transparent financial system that benefits its citizens and the economy as a whole.