The Economic and Financial Crimes Commission (EFCC), on Tuesday, said all arrangements have been completed to commence the prosecution of some banks and their top officials for their involvement in financial fraud.
Specifically, the anti-graft agency disclosed that the commission had completed its investigations and assembled all the necessary documents to substantiate its cases against those who conspired with the looters to commit the fraud.
The Chairman of EFCC, Ola Olukoyede, revealed this in Abuja when he spoke at the 17th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria with the theme: “Accelerated Economic Growth and Development, the State of Play and the Way Forward”.
He maintained that some major and mind-boggling financial frauds were committed through the banking industry, adding that there was a need to enforce the sanction regime against erring bankers.
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He further said, “We will no longer fold our arms. We need to do something drastic to bring everybody in line and make us do the right thing. In a system where there are no sanctions, that system will not survive.”
He charged the CIBN to step up its regulatory oversight of its members to adhere to the codes of professionalism.
He further said, “On our part as EFCC, we are committed to working with the institute and financial services sector through robust enforcement of anti-money laws and attacks from cyber-criminals both from within and without.
“It is my hope that you will all look at yourselves in the mirror and leave this place with renewed commitment to professionalism and determination,” he said.
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