EFCC Chairman Pledges Strict Enforcement of Financial Regulations to Cleanse Nigeria’s Banking Industry
Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has committed to rigorously enforcing financial regulations in a bid to clean up Nigeria’s banking sector. Speaking at the Chartered Institute of Bankers of Nigeria’s (CIBN) Annual Banking and Finance Conference, Olukoyede issued a stern warning to senior officials involved in financial misconduct, stressing that legal actions against offenders are imminent.
“Corruption is the key issue in terms of the promotion of insecurity in this nation,” Olukoyede remarked during his address. He emphasized the connection between corruption and insecurity, explaining how financial improprieties exacerbate national security challenges and hinder economic development.
“When people talk about insecurity and national development, one factor that is important to note is the implication of corruption on national security management and development,” he continued.
Olukoyede underscored the urgent need for a collective fight against corruption, which he described as a major impediment to Nigeria’s progress. He highlighted how the loss of public resources to corrupt practices deprives the nation of the funds needed for critical infrastructure and services, further deepening the poverty experienced by many Nigerians.
“Corruption breeds poverty, which in turn makes the jobless embrace recruitment into banditry, kidnapping, and terrorism,” he said.
The EFCC chairman also vowed to intensify efforts in monitoring the flow of funds, particularly within the banking sector, to prevent illicit money from reaching the hands of criminals. “We will continue to monitor the flow of funds, especially in the banking sector, to ensure that illicit money doesn’t get into the hands of bandits, kidnappers, and terrorists,” he added.
Olukoyede’s remarks signal a renewed focus by the EFCC on addressing financial misconduct, as the commission seeks to ensure that Nigeria’s financial institutions play a constructive role in combating corruption and enhancing national security. The EFCC’s efforts, he said, are crucial to laying the groundwork for sustainable development and economic growth in the country.
