Abdulrasheed Bawa, the Chairman of the Economic and Financial Crimes Commission (EFCC), has reiterated his commitment to sanitize the banking sector saying that any bank which allows itself to be used for fraud or money laundering shall be held liable.
Bawa stated this in a paper entitled, `Security, Trust and Leadership Effectiveness’, presented at the 14th annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) on 14th September, 2021 at Transcorp Hilton Hotel Abuja.
The EFCC boss who was represented by Abiodun Adebanjo, Head of Research Unit, Department of Policy, Research and Statistics restated the Commission’s determination to ensure that bank officials comply with regulations regarding assets declaration.
He urged financial institutions to embrace transformational leadership and technology which are imperatives for customer security and satisfaction.
I want to conclude by saying that we must be partners in progress because combating cybercrime requires effective collaboration among relevant public and private institutions, that’s why the EFCC will continue to collaborate with the CBN and the banks in ensuring the security and integrity of the financial system using all the laws that empower us in dealing with cyber threats.
This is coming about a month after the Chairman of the EFCC urged banks in the country to investigate the sources of income of their potential customers before opening an account for them.
Bawa gave the advice when the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), led by the Chairman, Yinka Tiamiyu, paid him a courtesy visit at the Commission’s headquarters, Abuja, in August.
The EFCC implored the bank auditors to take issues of transparency in banking operations seriously, adding that starting from September it will no longer be business as usual as the commission will hold banks liable where there are established cases of institutional complicity in fraud in the sector.