Banks to be liable for institutional fraud, EFCC threatens

The Economic and Financial Crimes Commission (EFCC) has threatened to hold banks liable for established institutional fraud.
The anti-graft agency said individuals and companies who illegally take funds out of Nigeria get assistance from banks.
The EFCC Chairman, Abdulrasheed Bawa, who spoke at a meeting with the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), disclosed that banks in Nigeria are now placed under surveillance.
Bawa maintained that where there are established cases of institutional complicity in fraud in the sector banks would be sanctioned.
The EFCC boss said the measure has become became imperative because of involvement of some banks’ management and staff in financial crimes.
He, therefore, implored bank auditors to take issues of transparency in banking operations seriously.
He said: “As from September 1, 2021, it will no longer be business as usual. The commission will hold banks liable where there are established cases of institutional complicity in fraud in the sector.
“Investigations have shown that individuals and companies, who illegally take funds out of Nigeria get assistance from banks. There are conspirators; engineers, professionals, accountants and financial institutions are helping them.”