Banks Linked To 70% Of Financial Crimes, Reports EFCC Chairman

The Economic and Financial Crimes Commission (EFCC) has implicated banks in approximately 70% of financial crimes in Nigeria, according to the Chairman, Ola Olukayode. Speaking at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria, Olukayode expressed concerns about the banking sector becoming a breeding ground for fraudulent activities. He highlighted both internal and external fraud, urging concerted efforts to combat these issues. Olukayode emphasized the need for collaboration between authorities and audit executives to address fraudulent practices. The ACAEBIN Chairman, Prince Akamadu, pledged commitment to implementing EFCC's recommendations, particularly in tackling foreign exchange challenges.https://www.hawkersv.com/2024/03/banks-linked-to-70-of-financial-crimes.html