The Chairman, Economic and Financial Crimes Commission, Abdulrasheed Bawa, has warned financial institutions against fraudulent election financing, foreign exchange malpractice and money laundering.
Baba gave the warning on Thursday during an interactive session with managing directors of banks in Nigeria at the Lagos Zonal Command of the Commission.
A statement issued on Thursday by the EFCC Head of Media and Publicity, Wilson Uwujiaren, quoted Baba as saying that it was important to bring the financial institutions in the country up to speed with the evolving policies in the Commission, in line with the United Nations’ categorisation of the fight against corruption vis-à-vis prevention, enforcement and assets recovery.
“At the EFCC, we want to place more emphasis on prevention. We want to lay less emphasis on enforcement, which is investigation and prosecution and put our energy more on prevention and asset recovery.
“In addition, some of the issues we have identified include foreign exchange malpractices and fraudulent election financing.
“As you all know, in 16 to 18 months, Nigeria will be preparing for another round of elections, and the government will not want what happened in the past to repeat itself,” it read.
It stated that it became necessary to put bankers on their toes, particularly as the 2023 general elections approached, adding that the new EFCC, under his leadership believed that the financial institutions had an important role to play in ridding Nigeria of economic and financial crimes.
The statement urged the bankers to comply with the guidelines of the Central Bank of Nigeria on the issuance of Personal Travel Allowance and Business Travel Allowance to their customers.
“You need to ensure full compliance with regard to knowing your customers and ensuring that you do not give opportunities for foreign exchange malpractices,” it added.
It indicated that by September 1, what would happen within the industry would be done by the books.
“The Commission will ensure that any banker complicit in any such financial fraud will face the full wrath of the law.
“It is better to have fewer banks complying with the laws of the land than to have multiple banks not complying with the laws,” it warned.
