Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home Business & Finance

We’ll Begin Prosecuting Massive Financial Scams by Banks and Top Officials—EFCC

Elizabeth OkandejibyElizabeth Okandeji
September 10, 2024
in Business & Finance
0
We’ll Begin Prosecuting Massive Financial Scams by Banks and Top Officials—EFCC
Share on FacebookShare on TwitterShare on Whatsapp

The Economic and Financial Crimes Commission (EFCC) has announced that it would soon start prosecuting bank executives and senior bank employees for financial crimes.

At the 17th Annual Banking and Finance Conference, which the Chartered Institute of Bankers of Nigeria (CIBN) hosted in Abuja on Tuesday, Mr. Olanipekun Olukoyede, the chairman of the EFCC, made this statement.

Olukoyede stated that the Commission had completed its investigations and obtained all required evidence to back up the accusation.

He stated that some of the most significant and mind-boggling financial crimes were committed through the banking system.

“We shall stop folding our arms. We need to do something extreme to get everyone on board and make them do the right thing.

“In a system where there are no sanctions, that system will not survive,” according to him. The chairman of the EFCC advised the CIBN to increase the regulatory control of its employees to ensure that they follow professional norms of conduct.

He stated that the Commission’s investigations into financial crimes involving members of the profession revealed widespread disdain for regulation, which raised concerns about impunity.

“On our part, the EFCC is dedicated to collaborating with the institute and the financial services sector by enforcing anti-money legislation and combating cyber-crime both internally and outside.

“It is my hope that you will all look at yourselves in the mirror and leave this place with renewed commitment to professionalism and determination,” he told the crowd.

According to the News Agency of Nigeria (NAN), the conference’s topic is ‘Accelerated Economic Growth and Development, the State of Play, and the Way Forward’.

In Essence

Financial institutions play a critical role in the economy, and unchecked fraud or unethical behavior within the banking system can undermine economic growth, investor confidence, and public trust. By taking decisive action, the EFCC aims to set a precedent that financial misconduct will not be tolerated, especially at the highest levels.

Chairman Olukoyede’s statement that some of the most significant and mind-boggling financial crimes” are committed within the banking system points to the need for increased scrutiny and regulatory oversight.

The involvement of high-ranking officials in such crimes suggests that internal controls and accountability mechanisms within banks may not be functioning as effectively as they should.

The call for the Chartered Institute of Bankers of Nigeria (CIBN) to strengthen its regulatory control underscores the importance of professionalism and ethics in the sector.

Tags: Efccfederal characterFinanceNewsscamWe'll Begin Prosecuting Massive Financial Scams by Banks and Top Officials—EFCC
Elizabeth Okandeji

Elizabeth Okandeji

A wordsmith with a passion for all things tech. I write captivating articles and unravel complex concept in the world of technology.

Related Posts

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose
Business & Finance

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

October 10, 2025
What Does China's Rare Earth Export Controls Mean for the US and Europe?
Business & Finance

What Does China’s Rare Earth Export Controls Mean for the US and Europe?

October 9, 2025
₦450 Million Mystery: Polaris Bank Officer Testifies in Yahaya Bello Case
Business & Finance

₦450 Million Mystery: Polaris Bank Officer Testifies in Yahaya Bello Case

October 9, 2025
Next Post
FG To Impose Levy On Fintech Transactions

FG To Impose Levy On Fintech Transactions

Rivers Communities Regain Electricity After Eight Years Of Blackout

Rivers Communities Regain Electricity After Eight Years Of Blackout

Ukraine Targets Moscow in Its Largest Drone Attack Yet

Ukraine Targets Moscow in Its Largest Drone Attack Yet

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

“I’m Happy To Score and Help the Team Win”- Ronaldo

“I’m Happy To Score and Help the Team Win”- Ronaldo

3 years ago
Niger Boat Mishap: 150 Passengers Rescued So Far – NSEMA

Niger Boat Mishap: 150 Passengers Rescued So Far – NSEMA

1 year ago
Tinubu Govt Allocates N245m for Security Tyres

Tinubu Govt Allocates N245m for Security Tyres

1 year ago
Nigerian-born U.S Army Officer is Advanced to Brig. General of the Force

Nigerian-born U.S Army Officer is Advanced to Brig. General of the Force

3 years ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

What Temi Otedola Understood About Paris Fashion Week That Everyone Else Missed

The ₦2 Million Question: Veekee James’ Fee Exposes the Divide in Who Nigerian Luxury is For

Is Russia Weaponizing Winter? Widespread Blackouts Hit Kyiv After Strikes

Troost-Ekong, Adams Shine as Nigeria Edge Lesotho to Keep World Cup Hopes Alive

West Ham Eye Real Madrid Starlet Endrick to Solve Scoring Woes

US Troops in Israel: What Is Their Gaza Ceasefire Mission?

Trending

BBNaija S10 Winner Imisi Opens Up on Breakup with Ex-Boyfriend Before Show Audition
Entertainment

BBNaija S10 Winner Imisi Opens Up on Breakup with Ex-Boyfriend Before Show Audition

byAyobami Owolabi
October 11, 2025
0

Big Brother Naija Season 10 winner, Imisi, has revealed that she ended her relationship with her ex-boyfriend,...

Why I Took ₦5 Million Loan to Join BBNaija — Faith Adewale

Why I Took ₦5 Million Loan to Join BBNaija — Faith Adewale

October 11, 2025
Did Maria Corina Just Mock Trump with Her Nobel Peace Prize Dedication?

Did Maria Corina Just Mock Trump with Her Nobel Peace Prize Dedication?

October 10, 2025
What Temi Otedola Understood About Paris Fashion Week That Everyone Else Missed

What Temi Otedola Understood About Paris Fashion Week That Everyone Else Missed

October 10, 2025
The ₦2 Million Question: Veekee James' Fee Exposes the Divide in Who Nigerian Luxury is For

The ₦2 Million Question: Veekee James’ Fee Exposes the Divide in Who Nigerian Luxury is For

October 10, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • BBNaija S10 Winner Imisi Opens Up on Breakup with Ex-Boyfriend Before Show Audition
  • Why I Took ₦5 Million Loan to Join BBNaija — Faith Adewale
  • Did Maria Corina Just Mock Trump with Her Nobel Peace Prize Dedication?

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com