Chairman of the Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, has revealed that the Commission will soon initiate legal proceedings against senior executives in Nigeria’s banking sector over allegations of financial crimes.
He stated this during the 17th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
Olukoyede confirmed that the EFCC has completed its investigations into several banks and their senior officials.
According to him the findings suggest significant criminal infractions, and he indicated that prosecutions are expected to commence imminently.
During his speech, Olukoyede expressed the EFCC’s resolve to impose stringent penalties to ensure that Nigeria’s financial system adheres to global best practices.
He emphasized the need for severe legal consequences to uphold the integrity of the financial system and deter future violations.
He said, “It is sad that we have also compiled our documents, we have made the necessary investigation. Now very soon, you will see some banks being prosecuted, some top officials being prosecuted.”
“We need to just do something drastic to bring everybody in line and to make us do the right thing. It’s extremely important.
“In a system where there is no penal sanction for criminal infraction, that system will never survive.”
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