Preventive Measures Crucial To Tackling Bank Fraud-Bawa



The of the Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa, has emphasized the need for preventive measures as a way of tackling fraudulent activities in the nation’s banking industry.

He stated this on Monday, 11, 2021 in goodwill message at the opening ceremony of a two-day workshop tagged, Forensic Analysis of Financial Statements of Failed Banks In Nigeria for Law Enforcement Agencies,  organised by the Nigeria Deposit Insurance Corporation, NDIC, at Legacy Resort, Presidential Boulevard, Oke-Mosan, Abeokuta, Ogun State.

Bawa, who thanked the NDIC for organizing the workshop, briefly recalled that recent directive to bankers to present evidence of their asset declaration was informed by the need to check the fraudulent activities in the banking sector.

According to him, “The directive was borne out of efforts to sanitize the banking sector. But it was received with mixed feelings. It is obvious that those who kicked (or are still kicking) against the directive are ignorant of the unmistakable details of the Bank Employees Declaration of Assets Act.

“It is not a witch-hunt; rather, it is part of measures to sanitize the country’s financial institutions”.

Bawa, who was represented by the EFCC Zonal Commander, Lagos, Ahmed Ghali, said the Commission’s enforcement activities in the banking and constant engagement with bank executives were imperative as the nation not afford another crisis in the banking

The EFCC boss also used the opportunity to highlight the activities of the Commission’s Bank Fraud Section, which he said “is tasked with fraudulent practices in the banking sector, and bringing to justice perpetrators of such acts.

“There has much progress made in this regard, and we are resolute in strengthening the Section’ he added.

“As you may read in the news, a number of bankers, retired ones, convicted and sentenced to various jail terms for frauds after diligent prosecution by the EFCC, and many are still facing trial in various courts across the country.”

He assured the NDIC of continuous support in ensuring an efficient and effective banking sector.