Banks Will Now Be Held Liable For Fraud – EFCC

Nigerian banks are being monitored by the Economic and Financial Crimes Commission (EFCC).

Due to the involvement of some institutions’ management and staff in financial crimes, the anti-graft agency stated that this was necessary.

Chairman Abdulrasheed Bawa urged bank auditors to pay attention to concerns of transparency in banking operations.

He made the remarks during a gathering of the Nigerian Association of Chief Audit Executives of Banks (ACAEBIN).

The EFCC chief announced that from September 1, 2021, “it will no longer be business as usual”.

“The commission will hold banks liable where there are established cases of institutional complicity in fraud in the sector.”

Bawa had alerted that individuals and companies who illegally take funds out of Nigeria get assistance from banks.

“There are conspirators; engineers, professionals, accountants and financial institutions are helping them”, he said.