Olukoyede: Some Banks Will Soon Face Prosecution

Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has proclaimed the Commission’s unwavering determination to enact comprehensive and robust financial laws and regulations for the nation, with the ultimate goal of thoroughly sanitizing the banking sector and shielding it from the harmful effects of nefarious activities perpetrated by rogue elements.

This forthright declaration was made on Tuesday, September 10, 2024, at the prestigious Chartered Institute of Bankers of Nigeria (CIBN)’s 17th Annual Banking and Finance Conference, which was convened under the thought-provoking theme: “Accelerated Economic Growth and Development: The State of Play and the Way Forward.”

The conference was held at the opulent Congress Hall of the Transcorp Hilton Hotel in Abuja.

Speaking tough on what will be done, Olukoyede said: “I make bold to tell you with every sense of humility that we are no longer folding our arms. As a matter of fact some of the mind-boggling, major financial fraud and onslaught that have been carried out against the economy ran through the banking industry. We are committed to working with the institute in sanitizing the financial services sector through robust enforcement of our financial laws and insulating it from impact from criminals both from within and from without.”

Olukoyede further reiterated the Commission’s unwavering commitment to the enforcement of extant laws and penal sanctions, emphasizing that no individual, regardless of their stature or position within the banking and financial sector, would be spared in the cleansing endeavor.

“In as much as we are ready to work with you to sanitize the system, we must also note that it is extremely important to state that when there are criminal infractions, penal sanctions will follow. We have compiled our documents; we have made the necessary investigations, we have concluded and very soon you will see some banks get prosecuted and top officials prosecuted. We need to just do something drastic to bring everybody in line. To do the right thing is extremely important. In a system where there are no penal sanctions for criminal infractions, that system will never survive.

“From our experience with the investigation of financial crimes involving members of the banking profession, there is gross contempt for regulations that bother on impunity. Operators secretly devise means to circumvent regulations and rules in a desperate bid for higher yields. Sharp practices such as forex round-tripping, defrauding of investors through phantom charges and complicity in money laundering and illicit financial flow involving politically-exposed persons continue to undermine the integrity of the sector and by extension the nation’s economy.

“Look at yourselves in the mirror and leave this place with renewed commitment to professionalism and determination to provide services that will assist the growth and development of the Nigerian economy.”