The Executive Chairman of the Economic and Financial Crimes Commission, Mr. Ola Olukoyede, has urged Compliance Officers of Banks nationwide to refrain from unauthorized disclosure of EFCC’s investigative activities and requests to banks’ customers.
The EFCC made this disclosure in a statement via X on Saturday.
Speaking through the Acting Zonal Director of the Ibadan Zonal Command, ACE I Hauwa Garba Ringim, during a stakeholders’ meeting with Compliance Officers in Oyo State on Tuesday, May 7, 2024, Olukoyede highlighted the detrimental effects of such disclosures. He noted that these actions often compromise the investigation of financial crimes and lead to delays in filing corruption cases in court.
Olukoyede expressed concern over the support fraudsters received from the banking sector in Nigeria, citing it as a significant challenge for the Commission.
He urged Compliance Officers to respond to EFCC’s letters with certified true copies of relevant documents promptly, as this would expedite investigations.
The EFCC boss also emphasized the need to halt illegal transactions and naira trading with Point-of-Sale (POS) operators, noting the disparity between ATM withdrawals and the large sums handled by POS operators, which he deemed unfair to Nigerians. He called for a concerted effort to combat this practice.
Assuring the Compliance Officers of the Commission’s continuous support, Olukoyede emphasized their importance as key stakeholders in the fight against economic and financial crimes. In response, Compliance Officers pledged their unwavering support and commitment to enhancing collaboration between the EFCC and banks for more effective operations.
“The EFCC is aware of the fact that Compliance Officers give information to their clients regarding ‘letters of investigation activities’ written to the banks from the EFCC, adding that, the act usually jeopardizes the investigation exercise of financial crimes and delay corruption cases from being filed before the law court.
“He decried the unhealthy support fraudsters receive from the banking sector in Nigeria, stressing that it is posing considerable challenges and concerns to the Commission.
“The EFCC’s boss also urged them to always respond to letters received from the Commission with certified true copies including instruments of transactions of beneficiaries or sources, as this will expedite processes of investigation to a logical conclusion. Furthermore, he stated that illegal dealings and trading in naira with the Point-of-sale (POS) operators must stop.
“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 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”.
“Reacting to the fundamental issues raised at the meeting, Compliance Officers assured the EFCC of their unwavering support, stressing that they are committed to new dynamics on how the collaborative efforts between the Commission and the banks would be effective,” the statement added.
