Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged Chief Executive Officers (CEOs) of banks nationwide to consistently adhere to prevailing regulations and standards in their operations as a pivotal strategy in combating economic and financial crimes alongside other forms of corruption. This assertion was articulated during a courtesy visit by the Body of Bank CEOs, convened under the auspices of the Chartered Institute of Bankers of Nigeria (CIBN), to the corporate headquarters of the EFCC in Abuja on Tuesday, February 20, 2024.
Expressing disapproval towards illicit practices, compromises, and unethical conduct within the banking sector, Olukoyede emphasized the necessity for ethical recalibration among banking personnel as an essential measure in purifying the sector. “Adherence to regulatory frameworks is paramount. The repercussions of banking fraud on the economy are profound. The EFCC stands prepared to collaborate with bank executives committed to upholding these regulations, as it is integral to fostering economic growth,” he affirmed.
Assuring the CEOs of the Commission’s commitment to fostering a symbiotic relationship aimed at nurturing mutual trust, thereby facilitating the growth of both financial institutions and the broader economy, Olukoyede iterated, “Our collaboration will be predicated on mutual trust. We are resolute in our stance against any practices detrimental to economic stability and will actively engage in safeguarding the interests of legitimate businesses.”
Highlighting the Commission’s strategic objective of leveraging its mandate to stimulate economic activity, Olukoyede remarked, “My vision, as articulated during my Senate confirmation, is to utilize the Commission’s mandate as a catalyst for economic growth. This underscores the importance of our collaborative efforts in advancing this agenda, a principle we have already begun to implement.”
In a preceding address, Lamin Madang, Managing Director of Standard Chartered Bank, lauded Olukoyede’s stewardship and the EFCC’s strides in enhancing its institutional standing. “We extend our congratulations to Mr. Chairman on his appointment. Under his leadership, the EFCC has demonstrated a commitment to professionalism and a humane approach in its operations, thus enhancing its reputation,” Madang remarked.
Commending the EFCC’s proactive engagement with various stakeholders in the fight against corruption, Madang praised the Commission’s adherence to international conventions and protocols aimed at preemptively curbing corrupt practices through robust policies and inclusive stakeholder involvement. He also commended the EFCC’s remarkable achievements in securing convictions, citing its exemplary performance in this regard.
Accompanied by CEOs from prominent banks, Madang urged the EFCC to consider reviewing certain operational policies, including those related to suspicious accounts, the interrogation of bank personnel, including CEOs, and the acceptance of electronic bank statements for investigative purposes.
Responding, Olukoyede reiterated the EFCC’s commitment to operating within the bounds of the law and assured that bank CEOs would only be summoned for meetings if deemed necessary. “Our engagements with you are founded on a commitment to mutual benefit. Our collective efforts are geared towards advancing economic prosperity,” he affirmed.
