The Economic and Financial Crimes Commission (EFCC) recently held a meeting with compliance officers from various banks in Kwara and Kogi States in Ilorin. During the meeting, Mr. Michael Nzekwe, the Zonal Commander of the Ilorin Zonal Command of EFCC, made a statement that no major fraud is committed in the banking sector without the connivance of bank officials. He urged financial institutions and compliance officers to be diligent and avoid being complicit in financial practices. Nzekwe emphasized the crucial role that banks and their compliance officers play in the fight against economic and financial crimes in Nigeria.
In addition, Nzekwe also requested that bank officials take the issue of "know your customer (KYC)" and "know your customer’s business (KYCB)" seriously, as it would assist in keeping fraudulent customers at bay. He further noted that the purpose of the meeting was to strengthen the existing relationship between the EFCC and the banks, as well as to educate all parties on new trends in cybercrime. Nzekwe stated that collaboration is key in the fight against economic and financial crimes, and encouraged bankers to carry out due diligence and know their customers, in order to save themselves from trouble and make the job of the EFCC easier.
The EFCC zonal commander also emphasized that there is no major fraud, especially money laundering, that can be committed without the connivance of bank officials. Finally, Nzekwe encouraged the bankers to share necessary information and report suspicious transactions to the commission, in order to help in the fight against economic and financial crimes in Nigeria.
