EFCC raises alarm over ‘deep’ corrupt practices among bankers

The Chairman of Economic and Financial Crimes Commissions, Abdulrasheed Bawa, on Monday raised the alarm over alleged corrupt practices among bank officials in the country.

Bawa lamented that there are different shades of fraudulent activities going on in Nigeria’s financial institutions, particularly in the banking industry sector.

The EFCC boss said this on Monday during the official opening of a three-day capacity building workshop for law enforcement agencies organised by the Nigeria Deposit Insurance Corporation, held in Abeokuta, Ogun State capital.

Bawa who was represented by the Zonal Commandant Lagos, Ahmed Muhammad Ghali, said the commission has intensified its engagement with bank executives, more than ever before.

He stressed that the nation could not afford to go through another crisis in the banking sector.

He further said, “We are aware of the different shades of fraudulent activities going on in our financial institutions, particularly in the banking industry.

“In carrying out our mandate of ridding Nigeria of corruption, as mandated by the EFCC Establishment Act, we have realised that there is a slew of corrupt practices going on in the banking sector.”

The EFCC boss, however, noted that his directive to bankers to declare assets was not to witch-hunt, but a way to sanitise the financial sector.

He further said, “I recall that upon assumption of office, one of the major pronouncements I made was giving a directive to bankers to declare their assets before June 1, 2021.

“I had given the directive genuinely out of sincerity of purpose, knowing the rot that permeates the nation’s banking sector.

“In other words, the directive was borne out of efforts to sanitize the banking sector. But it was received with mixed feelings.

“It is obvious that those who kicked or are still kicking against the directive are ignorant of the unmistakable details of the Bank Employees Declaration of Assets Act.”

“Unlike the claims in some quarters, it is not a witch-hunt; rather, it is part of measures to sanitise the country’s financial institutions.”