EFCC Issues New Directives To Banks Amid Ongoing Investigations

EFCC Issues New Directives To Banks Amid Ongoing Investigations....KINDLY READ THE FULL STORY HERE▶

The Economic and Financial Crimes Commission (EFCC) has cautioned bank compliance officers nationwide against unauthorized disclosure of information regarding EFCC investigations and requests for information from banks to their clients. Ola Olukoyede, the Executive Chairman of the commission, conveyed this directive during a meeting with bank compliance officers held in Ibadan.

Expressing concern over reports of compliance officers sharing information with customers, Olukoyede, represented by the Acting Zonal Director of the Ibadan Zonal Command, Hauwa Garba Ringim, criticized the Nigerian banking sector for its tacit support of fraudulent activities. He highlighted the detrimental effects this support has on the commission’s efforts and emphasized the need for compliance officers to desist from divulging details about EFCC’s investigative activities.

Olukoyede stressed that such unauthorized disclosures impede financial crime investigations and contribute to delays in corruption cases reaching the courts. He urged recipients of EFCC letters to promptly provide certified true copies of transaction instruments, which would aid in concluding investigations effectively.

Additionally, Olukoyede raised concerns about the illicit trading of naira with Point-of-Sale (POS) operators and criticized Nigerian banks for restricting ATM withdrawals while allowing POS operators to handle substantial sums of money. He deemed this practice unfair to Nigerian citizens and called for immediate action to address it.

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