According to the EFCC, the majority, or 70 percent, of financial crimes in Nigeria are linked to banks.
At the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria in Abuja, Ola Olukoyede, the Chairman of the EFCC, disclosed that approximately 70 percent of financial crimes in Nigeria are linked to banks. Olukoyede highlighted the increasing prevalence of fraudulent activities within the banking sector, which presents significant challenges for the commission.
Represented by EFCC’s Director of Internal Audit, Idowu Apejoye, Olukoyede stressed the necessity for collaborative efforts among relevant authorities and industry professionals, particularly audit executives, to proactively combat fraudulent activities within the sector. He categorized banking fraud in Nigeria into internal and external components. Internal fraud involves actions such as misappropriation of customers’ deposits and forgery, while external fraud includes hacking and ATM fraud. Olukoyede expressed concern over collaboration between insiders and outsiders in committing fraud, emphasizing that such collaboration undermines the integrity of the banking system. He highlighted that an estimated 70 percent of financial crimes in Nigeria originate from the banking sector, a trend he deemed both disturbing and unacceptable.
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