Ola Olukoyede, the Government Chairman of the Financial and Monetary Crimes Fee (EFCC), has proclaimed the Fee’s unwavering dedication to enact complete and sturdy monetary legal guidelines and laws for the nation, with the last word objective of completely sanitizing the banking sector and shielding it from the dangerous results of nefarious actions perpetrated by rogue components.
This forthright declaration was made on Tuesday, September 10, 2024, on the prestigious Chartered Institute of Bankers of Nigeria (CIBN)’s seventeenth Annual Banking and Finance Convention, which was convened below the thought-provoking theme: “Accelerated Financial Development and Growth: The State of Play and the Method Ahead.”
The convention was held on the opulent Congress Corridor of the Transcorp Hilton Resort in Abuja.
Talking powerful on what will likely be carried out, Olukoyede mentioned: “I make daring to inform you with each sense of humility that we’re not folding our arms. As a matter of truth a number of the mind-boggling, main monetary fraud and onslaught which have been carried out in opposition to the financial system ran by the banking trade. We’re dedicated to working with the institute in sanitizing the monetary providers sector by sturdy enforcement of our monetary legal guidelines and insulating it from impression from criminals each from inside and from with out.”
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Olukoyede additional reiterated the Fee’s unwavering dedication to the enforcement of extant legal guidelines and penal sanctions, emphasizing that no particular person, no matter their stature or place inside the banking and monetary sector, could be spared within the cleaning endeavor.
“In as a lot as we’re able to work with you to sanitize the system, we should additionally notice that this can be very necessary to state that when there are legal infractions, penal sanctions will comply with. We’ve compiled our paperwork; we’ve made the mandatory investigations, we’ve concluded and really quickly you will note some banks get prosecuted and high officers prosecuted. We have to simply do one thing drastic to convey all people in line. To do the fitting factor is extraordinarily necessary. In a system the place there are not any penal sanctions for legal infractions, that system won’t ever survive.
“From our expertise with the investigation of economic crimes involving members of the banking occupation, there’s gross contempt for laws that trouble on impunity. Operators secretly devise means to avoid laws and guidelines in a determined bid for larger yields. Sharp practices equivalent to foreign exchange round-tripping, defrauding of traders by phantom fees and complicity in cash laundering and illicit monetary circulation involving politically-exposed individuals proceed to undermine the integrity of the sector and by extension the nation’s financial system.
“Take a look at yourselves within the mirror and depart this place with renewed dedication to professionalism and dedication to offer providers that can help the expansion and growth of the Nigerian financial system.”