EFCC Urges Banks to Curb Unauthorized Disclosure, Illegal Transactions

By Olaide Ajibola, JKNMedia Reporter

DURING a recent meeting, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has delivered a stern message to compliance officers of banks across Nigeria.

Through the Acting Zonal Director of the Ibadan Zonal Command of EFCC, ACE I Hauwa Garba Ringim, Olukoyede expressed deep concern over the alarming trend of unauthorized disclosure of EFCC’s investigation activities and illegal transactions within the banking sector.

Olukoyede highlighted the detrimental impact of compliance officers sharing information with customers regarding ‘letters of investigation activities’ received from the EFCC.

Such actions, he emphasized, not only compromise the integrity of ongoing investigations into financial crimes, but also lead to significant delays in bringing corruption cases to court.

The EFCC chairman stressed the urgent need for compliance officers to cease these practices and instead collaborate with the commission by providing certified true copies of requested documents, including instruments of transactions, to facilitate swift and thorough investigations.

Moreover, Olukoyede condemned the illicit activities of Point-of-Sale (POS) operators who engage in unauthorized trading and dealings in naira, exacerbating financial imbalances within the banking system.

He pointed out the glaring disparity between the limited cash withdrawals permitted through Automated Teller Machines (ATMs) for ordinary Nigerians and the large sums of money reportedly handled by POS operators.

Addressing this issue, Olukoyede emphasized the imperative of combating such practices to ensure fairness and transparency in financial transactions across the country. He called upon all stakeholders within the banking sector to join forces in eradicating fraudulent activities and upholding the integrity of Nigeria’s financial systems.

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