EFCC Chairman Olukoyede Pledges to Purge Banking Sector of Corruption

EFCC Vows to Cleanse Banking Sector of Rogue Activities.

The Economic and Financial Crimes Commission (EFCC) has declared war on rogue activities in the banking sector, vowing to sanitize the industry through robust enforcement of financial laws and regulations.

EFCC Chairman, Ola Olukoyede, made the declaration at the Chartered Institute of Bankers of Nigeria’s 17th Annual Banking and Finance Conference in Abuja, stating that the commission would no longer tolerate financial fraud and impunity in the sector.

Olukoyede warned that top officials of banks and financial institutions would not be spared in the cleansing exercise, adding that penal sanctions would be decisively applied to those found guilty of criminal infractions.

The EFCC chairman also lamented the gross contempt for regulations and impunity in the banking sector, citing sharp practices such as forex round-tripping, defrauding of investors, and complicity in money laundering and illicit financial flows.

Vice President Kashim Shettima, representing President Bola Ahmed Tinubu, acknowledged the challenges facing the country, including high inflation, rising cost of living, and infrastructural deficits. However, he noted that these challenges also present opportunities for growth and development.

The conference theme, “Accelerated Economic Growth and Development: The State of Play and the Way Forward,” aimed to evaluate the country’s economic challenges and explore actionable strategies for sustainable and inclusive growth.

Speakers at the event, including Tony Elumelu, Chairman of Heirs Holdings, emphasized the need for long-term solutions to the country’s economic challenges, rather than quick fixes.