The Economic and Financial Crimes Commission (EFCC) has issued a warning to compliance officers of banks in Nigeria, advising them to refrain from disclosing the agency’s investigative activities to their clients.
EFCC Chairman, Ola Olukoyede, conveyed this message on Tuesday, May 7, 2024, during a stakeholders’ meeting with Compliance Officers of Banks in Oyo State, as delivered by the Acting Zonal Director of the Ibadan Zonal Command, ACE I Hauwa Garba Ringim.
In a statement released by the agency on Saturday, the EFCC expressed awareness of the practice whereby Compliance Officers divulge information to clients regarding ‘letters of investigation activities’ sent to the banks by the EFCC. This conduct, according to the EFCC boss, undermines the effectiveness of financial crime investigations and leads to delays in prosecuting corruption cases in court.
Olukoyede lamented the detrimental support fraudsters receive from Nigeria’s banking sector, emphasizing the significant challenges and concerns this poses to the Commission. He urged compliance officers to promptly respond to letters received from the Commission with certified true copies, including transaction instruments of beneficiaries or sources, to expedite the investigation process to its conclusion.
Additionally, he emphasized the necessity to cease illegal dealings and trading in naira with Point-of-Sale (PoS) operators.
“What we notice and see around lately is that Nigerians can only withdraw a small amount of their money with the banks in Automated Teller Machine (ATMs) but PoS operators evidently go around with huge amounts of money gotten from the banks. This is not fair to Nigerians and we must fight it head-on,” he said.
He assured the Compliance Officers of the Commission’s support at all times, as “they remain relevant stakeholders in the fight against economic and financial crimes”.
In response to the core concerns discussed during the meeting, compliance officers reassured the EFCC of their steadfast support, emphasizing their dedication to exploring innovative approaches to ensure the effectiveness of collaborative efforts between the Commission and the banks.