70% of financial crimes in Nigeria are connected to abnks  -  EFCC


The Economic and Financial Crimes Commission (EFCC) says 70% if financial crimes are traceable to commercial banks.

EFCC boss, Ola Olukoyede, made the disclosure in Abuja on Monday, March 4, 2024, while speaking at the 2023 Annual Retreat and General Meetings of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN).

He maintained that the banking sector has become a corrupt place where fraudulent activities take place.

The EFCC boss, who was represented by the Director of Internal Audit, EFCC, Idowu Apejoye, called on relevant authorities and professionals to address the issues of fraudulent practices in the banking sector.

He said:

“Broadly speaking, banking fraud in Nigeria is both inside and outside related.

The insider-related fraud comprises outright selling of customers’ deposits, authorising loan facilities, forgery and several other kinds of unhealthy and criminal practices.

“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% of financial crimes in Nigeria are traceable to the banking sector, this scenario is disturbing and unacceptable.”