WRITTEN BY: CHIOMA MADONNA NDUKWU
The Economic and Financial Crimes Commission (EFCC) disclosed that approximately 70% of financial crimes in Nigeria are connected to banks.
During the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria, EFCC Chairman Ola Olukoyede highlighted the increasing prevalence of fraudulent activities within the banking industry, necessitating collaborative efforts from relevant authorities and industry professionals to address the issue proactively.
Inside-related fraud, such as selling customers’ deposits and authorizing unauthorized loan facilities, alongside outside-related fraud like hacking and ATM fraud, contribute to this alarming statistic. Olukoyede emphasized the urgent need to combat these criminal practices, which undermine the integrity of the financial system.
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