The Economic and Financial Crimes Commission (EFCC) has announced its plan to prosecute top bank executives involved in aiding money laundering in Nigeria.
EFCC Chairman, Ola Olukoyede, revealed this during the 17th Annual Conference of the Chartered Institute of Bankers of Nigeria (CIBN).
Olukoyede stated that the commission has completed its investigations and is finalizing necessary legal documents for the prosecutions.
“We have compiled our documents, and very soon, you will see some banks and their top officials being prosecuted,” he said.
The EFCC’s findings indicate widespread complicity in money laundering, illegal foreign exchange sales, and fraudulent charges imposed on depositors by bank officials.
Olukoyede stressed that these sharp practices not only undermine the integrity of Nigeria’s financial system but also threaten the broader economy.
“Operators frequently find ways to bypass regulations in a bid for higher profits,” he said.
“Practices like illegal forex trading, defrauding depositors with phantom charges, and involvement in illicit financial schemes by politically exposed persons continue to harm the sector.”
The EFCC chairman emphasized the urgent need for strict enforcement and penalties to ensure compliance, warning that without consequences for criminal infractions, the financial system could collapse.
“We must act decisively to ensure everyone operates within the law. In a system without penal sanctions, survival is impossible,” he added.
