The Chairman, Economic and Financial Crimes Commission (EFFC), Mr. Chairman Olanipekun Olukoyede, has said majority of mind boggling frauds in the economy are carried out through the banking sector.
To this end, the anti-graft agency bods said some banks and their top officials would be prosecuted soon for the various parts they play in aiding financial crimes.
The EFFC boss, who dropped the hint yesterday in Abuja at the 17th annual conference of the Chartered Institute of Bankers of Nigeria (CIBN), acknowledged series of monetary policies rolled out by the Central Bank of Nigeria over the last one year to address challenges in the sector.
He said the potency of CBN ‘s policies depended largely on the professionalism and patriotism of the operators in the financial services sector.
According to him, “economic recovery policies, however, well thought out would not achieve the desired outcome without a cue in by operators of the financial services sector.
“Where such operators prioritize profit over national growth and wellbeing, progress will remain erosive. For banks and the financial services sector to adequately complement the efforts of the government in stimulating the economy, the Chartered Institute of Bankers of Nigeria must step up its regulatory oversight of members to adhere to the course of the professionalism.
“From our experience with the investigation of financial crimes involving members of the profession, there is gross contempt for regulation that borders on impunity. Operators frequently devise means to circumvent regulations and rules in a desperate bid for higher yields and bottom line.
“Sharp practices such as forex and defrauding of depositors through phantom charges and complicity in money laundering and illicit financial schemes involving politically exposed persons continue to undermine the integrity of the sector and, by extension, the nation’s economy.”
On the part of EFCC, the chairman pledged working with the Institute in sanitizing the financial services sector through robust enforcement of anti-money laws and insulating it from attacks by cybercriminals both from within and from without. “Inasmuch as we are ready to work with you to sanitize the system, we must also note that it is extremely important that when there is criminal infraction, penalties, sanctions will follow.
I am able to tell you with every sense of humility that we will no longer fold our arms. “As a matter of fact, some of the mind-boggling major financial fraud that has been carried out that looked like an onslaught against the economy was done through the banking industry. And it’s also sad that we have also compiled our documents, we have made the necessary investigation and completed it.
“Very soon you will see some banks being prosecuted, some top officials being prosecuted. We need to just do something drastic to bring everybody in line and to make us do the right thing. It’s extremely important. In a system where there are no penalties , sanctions for criminal infraction, that system will never survive”, he said.
Meanwhile, as part of the broader initiative to create jobs for Nigerian youths in digital space, President Bola Ahmed Tinubu on Tuesday said his administration was currently training three million Nigerian youths in digital technology and essential skills for onward deployment to innovation firms.
The effort, the president said, was designed to create jobs, increase productivity, and make financial services more accessible to Nigerians in all corners of the country. He confirmed this in Abuja while declaring open, the 17th editions of the annual conference of the Chartered Institute of Bankers of Nigeria ( CIBN) themed: “accelerated economic growth and development: the state play and the way forward”.
Represented by the Vice President, Kashim Shettima, the president restated his administration’s commitment to achieving a 70 per cent digital literacy level by 2027 through innovative approaches by delivering initiatives, continuous collaborations; stakeholder engagement, climate finance, and sustainable development.
“We are also prioritizing climate finance initiatives to mitigate the impact of climate change on our economy. Through the green bond Program and partnerships with international development agencies, we are mobilizing resources to fund projects that promote environmental sustainability and reduce Nigeria’s carbon footprint. The way forward requires collaboration across all sectors government, private sector industry players and the civil society.”