The Economic and Financial Crimes Commission (EFCC) will soon commence the prosecution of bank executives involved in money laundering, illegal foreign exchange sales, and trading, according to its Chairman, Ola Olukoyede.
Speaking at the 17th annual conference of the Chartered Institute of Bankers of Nigeria (CIBN), Olukoyede stated that findings revealed a “deep complicity in money laundering, illegal forex sales, and trading among bank officials.”
He further urged the CIBN to step up its regulatory functions, saying, “Major financial frauds are conducted through the nation’s banking system.” Olukoyede also called on the National Assembly to enact a law that would support the government’s whistleblower policy, emphasizing, “Once the law is enacted, it will make it mandatory for law enforcement agencies to protect whistleblowers.”
Addressing the legal community, Olukoyede advised lawyers to exercise due diligence in their practices, noting, “As lawyers, we are supposed to hold a position of trust in our professional conduct. While we try to comply with international laws and regulations, we should also do what is right for ourselves to protect the sanctity of our profession.”
He warned against shielding individuals suspected of financial crimes, stating, “Don’t try to protect suspected criminals… If you know who we are looking for, you must bring that person to the open, and we will do our part.” Olukoyede reiterated the importance of compliance with financial regulations, asserting, “If you do the right things, they will automatically take you out of the grey list.”
The EFCC’s proactive stance is part of its broader effort to enforce financial laws and promote transparency within Nigeria’s banking system.
