EFCC Reveals 70% of Financial Crimes Linked to Banking Sector

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During the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria in Abuja, Ola Olukoyede, Chairman of the EFCC, disclosed that approximately 70 percent of financial crimes in Nigeria are connected to the banking sector.

Representing the EFCC, Idowu Apejoye, Director of Internal Audit, underscored the imperative for collaborative efforts among relevant authorities and industry professionals to tackle fraudulent activities effectively. Olukoyede stressed the crucial role of audit executives in addressing and combating banking fraud proactively.

Banking fraud in Nigeria encompasses internal and external elements, including misappropriation of deposits, unauthorized loan approvals, forgery, hacking, ATM fraud, and conspiracy. Of particular concern is the collaboration between insiders and outsiders in perpetrating fraudulent acts, highlighting the need for comprehensive strategies and heightened vigilance within the banking sector.

Source: Parrot Nigeria

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