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EFCC cautions banks’ compliance officers against compromising investigations

EFCC cautions banks’ compliance officers against compromising investigations

The chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC) Ola Olukoyede, has cautioned compliance officers of the country’s banks against jeopardising the commission’s investigations

Olukoyede stated this while speaking through the acting zonal director of the Ibadan zonal command of the EFCC, Hauwa Garba Ringim, at a stakeholders’ meeting with compliance officers of banks in Oyo state.

He said there was the need for the banks’ compliance officers to desist from unauthorised disclosure of EFCC’s investigation activities and request from banks to their customers.

According to the EFCC executive chairman, “EFCC is aware of the fact that compliance officers give information to their clients regarding ‘letters of investigation activities’ written to the banks from the EFCC.”

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Olukoyede noted that the act usually jeopardises the investigation exercise of financial crimes and delays corruption cases from being filed before the law court.

While condemning the unhealthy support fraudsters receive from the banking sector in Nigeria, he said, “it is posing considerable challenges and concerns to the Commission.”

Mr Olukoyede urged the compliance officers of banks to always respond to letters received from the commission with certified true copies including instruments of transactions of beneficiaries or sources, as this will expedite processes of investigation to a logical conclusion.

According to the EFCC Executive Chairman illegal dealings and trading in naira with the Point-of-Sale (POS) operators must stop, adding, “This is not fair to Nigerians and we must fight it head-on”.

“What we notice and see around lately is that Nigerians can only withdraw a small amount of their money with the banks in Automated Teller Machine (ATMs) but POS operators evidently go around with huge amounts of money gotten from the banks. This is not fair to Nigerians and we must fight it head-on,” he said.

Mr Olukoyede however, assured the compliance officers of the commission’s support at all times, as “they remain relevant stakeholders in the fight against economic and financial crimes.”

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