The Chairman, Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has disclosed that an estimated 70 per cent of financial crimes in Nigeria could be traced back to the banking sector.
Olukoyede, made this revelation during the 2024 Annual Retreat/Conference of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) held on Monday, in Abuja.
With the theme of the event: “The Role of the Internal Auditor in Promoting Stability in the Financial Services Sector and National Economic Growth,” the EFCC boss who was represented by the Director Internal Audit EFCC, Mrs. Idowu Apejoye, emphasised the pivotal role of Chief Audit Executives in combating fraud within the banking sector.
He stated, “As Certified Bankers and professional auditors, you have an important role to play in sanitising, stabilising and strengthening the financial services sector and by extension growing the commanding heights of our economy.
“In Nigeria particularly, the banking sector is increasingly becoming a cesspool of fraudulent activities and this is raising considerable challenge and concerns to the EFCC.
“Broadly speaking, banking fraud in…
