EFCC Holds Banks Liable In Fraudulent Deposits From Sept 1

From September 1, 2021, the Economic and Financial Crimes Commission will hold banks liable where there are established cases of institutional complicity in fraud in the sector.

Speaking when members of the Association of Chief Audit Executives of Banks in Nigeria, (ACAEBIN), led by the Chairman, Yinka Tiamiyu, paid him a courtesy visit in his office, the Chairman of EFCC, Mr. Abdulrasheed Bawa, said bank auditors must take issues of transparency in their operations serious, adding that starting from the aforementioned day, it would no longer be business as usual as the commission would hold banks responsible for such transactions.

“I will like to urge you to know your customers, know the kind of businesses they do before opening an account for them because some customers will open an account within a space of two months a huge sum of money is found in the account, so there is need for you to try and query these information including their linked accounts,” he said.

He affirmed commission’s willingness to partner with the association in tackling financial crimes and related challenges in the banking sector.

“EFCC welcomes your suggestion of robust partnership. We cannot do this job alone. We need information, and for all Nigerians to be on board, to rid our country of corruption”, he said.

Tiamiyu in his remarks, said they were at the commission to seek improved partnership between banks and the EFCC in tacking economic and financial crimes.

He reiterated the commitment of banks as lead actors in the nation’s financial system to sanitising the system, noting that it was not in the interest of the organisations to incubate or suppress financial malfeasance.

In his contribution, the Vice Chairman of the Association, Uduak Udoh, said, “some customers are conniving with bank staff to loot funds. We want you to look into that area, not only the banks as we are ready to give you all the cooperation you need. We want you to trust bank auditors with information sharing because we cannot support fraudulent staff as they are a threat to the organisation.”

The delegation used the opportunity of the visit to highlight issues of concern to them and their organisations, including fast-tracking the consideration of petitions from banks by the EFCC.