Mr. Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission, has urged audit executives nationwide to be more aggressive and watchful when combating financial crimes in the banking industry.

At the Association of Chief Audit Executives of Banks in Nigeria, or ACAEBI, 2024 Annual Retreat in Abuja on Monday, March 4, 2024, he delivered the keynote address. The head of the EFCC expressed disapproval at the wide range of fraudulent activities linked to the regional banking sector and tasked bank auditors with doing more to boost the financial sector’s sanitization and growth.

The head of the EFCC, speaking through Idowu Oluwole-Apejoye, Director of Internal Audit for the Commission, added that banking fraud nationwide frequently has both insider and outside enablers.

In general, there are two types of banking fraud in Nigeria: insider and outsider. Insider fraud includes forgeries, outright theft of customer deposits from approved loan facilities, and a number of other unethical and illegal activities. The ones pertaining to outsiders include, among other things, hacking, fraud, conspiracy, and automated teller machines (ATMs). Furthermore, he stated, “The ridiculous situation arises when they work together.”

The head of the EFCC also emphasized that the banking industry is thought to be responsible for 70% of financial crimes in Nigeria. To combat this, he called for coordinated efforts from professionals and relevant authorities, particularly bank auditors.

Noting that bank auditors were essential in the battle against economic and financial crimes “as gatekeepers on responsible financial conduct, adherence to regulations, and effective functioning of the financial services industry,” he called for the combination of preventive and detective measures for effective outcomes and cost management of bank frauds.
Olukoyede pushed for increased bank auditor cooperation with the EFCC. As you withdraw, take this chance to assess the state of our country’s financial industry and provide the EFCC with well-reasoned suggestions on how to reduce the growing number of financial crime cases in our banks. “I also urge you to consistently approach the Commission with any matter that you deem pertinent to combating corruption, not only in the financial industry but throughout our beloved nation,” he declared.

Numerous Audit Executives shared their experiences regarding fraud investigations conducted by the Commission in response to the EFCC’s charge, which generated a barrage of questions and inquiries regarding the agency’s operational activities. Apejoye rose to the occasion and demanded that professionals interact with the Commission more effectively. “Everyone of us needs to be prepared to do our share to combat the monstrous corruption that exists in the banking industry. Cooperation and teamwork with the EFCC will strengthen all initiatives to eradicate fraudulent activities in the industry, the speaker stated.