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Financial Fraud: 70 Per Cent Of Financial Crimes Traceable To Banking Sector – EFCC

Financial Fraud: 70 Per Cent Of Financial Crimes Traceable To Banking Sector – EFCC

 

The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has revealed about 70 per cent of financial crimes are traced to the banking sector.

The Chairman made the revelation through EFCC’s Director, Internal Audit, Idowu Oluwole-Apejoye, on Monday during the 2024 Annual retreat of the Association of Chief Audit Executives of Banks in Nigeria, (ACAEBI).

He said: “Broadly speaking, banking fraud in Nigeria is both insider and outsider-related. The insider-related fraud comprises outright stealing of customers deposits’ authorised loan facilities, forgery and several other kinds of unhealthy and criminal practices.

“The outsider-related ones include hacking, Automated Teller Machine, ATM, fraud, conspiracy among others. And the absurd one is when there is collaboration between the both of them.”

He therefore called for concerted efforts by relevant authorities and professionals, especially bank auditors to prevent and detect fraudulent practices in the industry.

Olukoyede also called for a fusion of preventive and detective measures for effective outcomes and cost management of bank frauds.

He noted that bank auditors are crucial in the fight against economic and financial crimes “as gatekeepers on responsible financial conduct, adherence to regulations, and effective functioning of the financial services industry.”

The EFCC boss said: “As you retreat, use this opportunity to review developments in the financial sector of our nation and offer sound recommendations to the EFCC on how the rising cases of financial crimes can be curbed in our banks.

” I also call on you to always approach the Commission on any issue that you consider germane in addressing corruption not only in the financial sector but in all other areas of life in our dear country.”

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