The Executive Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has reiterated the commission’s commitment to rigorously enforcing financial laws, with a focus on cleansing the banking sector and insulating it from rogue activities.
Olukoyede made this declaration on Tuesday at the Chartered Institute of Bankers of Nigeria’s 17th Annual Banking and Finance Conference, held at the Congress Hall, Transcorp Hilton Hotel, Abuja.
In his address, Olukoyede stated that the EFCC would no longer tolerate malpractices in the financial sector.
“I boldly state with every sense of humility that we are no longer folding our arms,” he declared.
He emphasised the critical role the banking industry plays in some of the country’s most significant financial fraud cases.
“Some of the mind-boggling, major financial frauds and onslaughts that have been carried out against the economy have run through the banking industry,” he added, affirming the Commission’s commitment to working with the CIBN to sanitise the sector.
Olukoyede outlined the Commission’s approach, stressing the importance of penal sanctions for criminal infractions.
“When there are criminal infractions, penal sanctions will
follow. We have compiled our documents, conducted the necessary investigations, and very soon, you will see some banks and top officials prosecuted,” he said.
He also highlighted specific malpractices undermining the financial system, including forex round-tripping, phantom charges, and complicity in money laundering.
According to Olukoyede, these activities are eroding trust in the sector.
Operators secretly devise means to circumvent regulations and rules in a desperate bid for higher yields… Look at yourselves in the mirror and leave this place with a renewed commitment to professionalism,” he urged banking executives.
Speaking on behalf of President Bola Tinubu, Vice President Kashim Shettima outlined the broader economic challenges Nigeria faces, noting that issues such as inflation, rising living costs, and infrastructural deficits are interlinked.
Despite these challenges, Shettima expressed optimism about growth opportunities, saying, “The challenges also present opportunities for growth and development.”
He emphasised that sustainable economic growth would require collaborative efforts across government, private industries, and civil society.
“To achieve sustained economic growth, we must intentionally align our policies and actions with the changing global landscape,” he remarked, adding that the government is committed to implementing reforms to enhance macroeconomic stability and support infrastructure development.
He also tasked the private sector with contributing to the nation’s development by investing strategically in key growth areas and prioritising innovation.
He stated, “The future of the Nigerian economy lies in the hands of our youths, and we must equip them with the skills, knowledge, and opportunities needed to drive our nation forward.”
In his opening remarks, the President of the CIBN, Pius Olanrewaju, emphasised the need for actionable outcomes that would contribute to the evolution of the banking sector and the broader economy.
Additionally, the keynote speaker, Tony Elumelu, Chairman of Heirs Holdings, reflected on the economic difficulties Nigeria has faced in 2024, characterised by inflation and trade imbalances.
“2024 has been a tough year for the country,” he said, advocating for long-term solutions over quick fixes. Elumelu called on stakeholders to focus on sustainable economic policies that will provide a solid foundation for future growth.
