Fraud: EFCC warns banks against ‘collusion, illegal trading’ in Naira with PoS operators

*The Economic and Financial Crimes Commission also condemns ‘unhealthy support fraudsters receive from the banking sector’, warning Compliance Officers in Nigerian banks to stop disclosing privileged information about the anti-graft agency’s investigative activities to their customers

Isola Moses | ConsumerConnect

Against the backdrop of their unauthorised disclosure of privileged information, the Economic and Financial Crimes Commission (EFCC) has warned Compliance Officers in Nigerian banks to stop disclosing the anti-graft agency’s investigative activities to their customers.

Mr. Ola Olukoyede, Executive Chairman of EFCC, who stated this Tuesday, May 7, 2024, through ACE I Hauwa Garba Ringim, Acting Zonal Director of the Ibadan Zonal Command of the EFCC, during a stakeholders’ meeting with Compliance Officers of commercial banks in Oyo State, said divulging such information to suspected fraudsters could jeopardise the agency’s operations.

Mr. Ola Olukoyede, Executive Chairman of EFCC

The EFCC, in a statement issued at the weekend, affirmed it is aware of the fact that Compliance Officers give information to their clients regarding ‘letters of investigation activities’ from the anti-graft Commission.

The Commission also stressed Olukoyede frowned on the act, stating that it usually jeopardises the investigation exercise of financial crimes and delays corruption cases from being filed before the law court in the country.

The unhealthy support fraudsters receive from the banking sector in Nigeria, stressing that it is posing considerable challenges and concerns to the Commission.

The Executive Chairman, therefore, urged them to always respond to letters received from the Commission with Certified True Copies, including instruments of transactions of beneficiaries or sources, as this will expedite processes of investigation to a logical conclusion.

Perhaps in view of the recent Central Bank of Nigeria’s directive that all Point of Sale (PoS) operators should register business with the Corporate Affairs Commission (CAC), Olukoyede said that alleged illegal dealings and trading in Naira with the PoS operators must stop.

The statement noted: “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.”

The EFCC Chief, nonetheless, assured the Compliance Officers of the Commission’s support at all times, as “they remain relevant stakeholders in the fight against economic and financial crimes.”

In respect of certain fundamental issues raised at the meeting, the Commission said the Compliance Officers assured the EFCC of their unwavering support.

The EFCC noted they pledged their commitment to new dynamics on how the collaborative efforts between the Commission and the banks would be effective in the financial services ecosystem.