The Economic and Financial Crimes Commission (EFCC), s Tuesday said it will soon commence the prosecution of banks and their top officials for financial frauds.
The EFCC Chairman, Mr Olanipekun Olukoyede, said this at the 17th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.
Olukoyede said the Commission had compiled its investigations and necessary documents to substantiate the claim.
He said that some of the major and mind-boggling financial frauds were done through the banking industry.
“We will no longer fold our arms. We need to do something drastic to bring everybody in line and make us do the right thing.
”In a system where there are no sanctions, that system will not survive,” he said.
The EFCC chairman urged the CIBN to step up its regulatory oversight of its members to adhere to the codes of professionalism.
He said from the commission’s investigations of financial crimes involving members of the profession, there was gross contempt in regulation which bothered on impunity.
NAN
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