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EFCC Warns Bank Compliance Officers To Keep Mum on Investigations Of Their Customers


EFCC Warns Bank Compliance Officers To Keep Mum on Investigations Of Their Customers 


Afor Kenneth

The Economic and Financial Crimes Commission (EFCC) has issued a caution to compliance officers of banks in Nigeria, urging them to refrain from disclosing the agency’s investigative activities to their customers.

EFCC Chairman, Ola Olukoyede, conveyed this message through the Acting Zonal Director of the Ibadan Zonal Command, ACE I Hauwa Garba Ringim, during a stakeholders’ meeting with Compliance Officers of Banks in Oyo State on Tuesday, May 7, 2024.

According to a statement released by the agency on Saturday, EFCC is aware that Compliance Officers often disclose information to clients regarding ‘letters of investigation activities’ sent to the banks from the EFCC. Olukoyede emphasized that such actions undermine the investigation of financial crimes and cause delays in prosecuting corruption cases.

READ ALSO: EFCC Halts Dollar Transactions at Foreign Embassies To Enforce Nigerian Currency Mandate

The EFCC Chairman expressed concern about the support fraudsters receive from the Nigerian banking sector, highlighting the significant challenges it poses to the Commission. He urged compliance officers to promptly respond to EFCC’s letters with certified true copies of relevant documents, as this will expedite the investigation process.

Additionally, Olukoyede called for an end to illegal dealings and trading in naira with Point-of-Sale (PoS) operators, emphasizing the need for compliance with regulations in the financial sector.

“What we notice and see around lately is that Nigerians can only withdraw a small amount of their money with the banks in Automated Teller Machine (ATMs) but PoS operators evidently go around with huge amounts of money gotten from the banks. This is not fair to Nigerians and we must fight it head-on,” he said.

In response to the assurance from the EFCC Chairman, compliance officers were reassured of the Commission’s continuous support, acknowledging their importance as key stakeholders in the fight against economic and financial crimes.

Reflecting on the discussions during the meeting, compliance officers affirmed their unwavering support to the EFCC and expressed their dedication to enhancing collaboration between the Commission and the banks for more effective outcomes.


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