The Economic and Financial Crimes Commission (EFCC) has announced plans to prosecute top executives in Nigeria’s banking sector for financial crimes, including money laundering and fraudulent practices.
EFCC Chairman, Olanipekun Olukoyede, confirmed that investigations into several banks and their senior officials have been concluded, paving the way for imminent prosecution.
Olukoyede emphasized the need for strict penalties to align Nigeria’s financial system with global best practices, citing the lack of penal consequences for criminal infractions as a threat to the sector’s integrity.
The EFCC boss highlighted unethical practices such as foreign exchange manipulation, fraudulent charges, and involvement in money laundering schemes, stressing the need for collaboration between the EFCC and the banking sector to combat financial crimes.
The Chartered Institute of Bankers of Nigeria has been urged to intensify regulatory oversight, and financial operators warned to adhere to ethical standards or face consequences.
This development comes as the Central Bank of Nigeria (CBN) and law enforcement agencies monitor the banking sector’s recapitalization efforts to prevent illicit financing.
Banks are required to conduct comprehensive anti-money laundering screening checks, including Know Your Customer (KYC), Customer Due Diligence, and monitoring suspicious transactions.