Chairman of the leading anti-graft agency, Ola Olukoyede, shared this information during his address in Abuja at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria.
The EFCC boss pointed out that the banking industry was becoming more characterized by fraudulent activities, posing significant challenges and concerns for the commission.
Olukoyede, represented by EFCC’s Director of Internal Audit, Idowu Apejoye, emphasized the importance of collaborative actions from relevant authorities and industry professionals, particularly audit executives, to proactively address and combat fraudulent activities within the sector.
“Broadly speaking, banking fraud in Nigeria is both inside and outside related. The inside related fraud comprises outright selling of customers’ deposits, authorising loan facilities, forgery and several other kinds of unhealthy and criminal practices,” he said.
“The outsider related ones include hacking, ATM fraud, conspiracy, among others. And then the absurd one is when both collaborate, that is collaboration among the bankers and the outsider.
“That one is the one that is really absurd because when you do that, that means you are selling out the system. It is estimated that about 70 per cent of financial crimes in Nigeria are traceable to the banking sector, this scenario is disturbing and unacceptable,” he added.
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Now you are talking!! Picking up culprits only is absurd
ReplyDeleteThem them things now
ReplyDeleteThe entirety of Nigerian banks are criminal enterprises. In doubt? Ask yourself how they still made profit in multiple billions in 2020 when everywhere was shut down due to COVID. Not one of them declared a loss.
ReplyDeleteWhy are they sounding like they just made a huge discovery we knew this a long time ago .
ReplyDeleteWelcome to reality 🙄🙄🙄
ReplyDeleteMe have abandoned my own bank. They deducted over #200 in a day without alerting me just because a customer transferred 4500 for the stuff she bought. My gain in the transaction is 500, now 200 gone to the stupid bank without any alert as to what it was for. I never knew they have been deducting it anyhow like that until I went broke and didn't have much in the account anymore.
ReplyDeleteBunch of thieves
Na today
ReplyDeleteDebit alert.... deduction
Credit alert... deduction
So what’s the best way to save your money then? Other options out there?
ReplyDeleteBefore ko
ReplyDeleteWhat a rotten banking system we have.
ReplyDeleteEFCC is still valid? Thought they were listed as one of the agencies to be merged. This discovery fit be survival strategy.
ReplyDelete