The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede has declared the resolve of the Commission to deploy a robust enforcement of the country’s financial laws and regulations towards sanitizing the banking sector and insulate it from rogue activities.
He made the declaration on Tuesday, September 10, 2024 at the Chartered Institute of Bankers of Nigeria, CIBN’s 17th Annual Banking and Finance Conference, with the theme: “Accelerated Economic Growth and Development: The State of Play and the Way Forward,” held at the Congress Hall, Transcorp Hilton Hotel Abuja.
“I make bold to tell you with every sense of humility that we are no longer folding our arms. As a matter of fact, some of the mind-boggling, major financial frauds and onslaught that have been carried out against the economy ran through the banking industry. We are committed to working with the institute in sanitizing the financial services sector through robust enforcement of our financial laws and insulating it from impact from criminals both from within and from without,” he said.
Speaking further, he reiterated that enforcement of extant laws and penal sanctions would be decisively applied in the cleansing endeavour adding that no one would be spared, including erring top officials of the banking and financial sector.
“In as much as we are ready to work with you to sanitize the system, we must also note that it is extremely important to state that when there are criminal infractions, penal sanctions will follow. We have compiled our documents; we have made the necessary investigations, we have concluded and very soon you will see some banks and top officials prosecuted. We need to just do something drastic to bring everybody in line. To do the right thing is extremely important. In a system where there are no penal sanctions for criminal infractions, that system will never survive.
“From our experience with the investigation of financial crimes involving members of the banking profession, there is gross contempt for regulations that bother on impunity. Operators secretly devise means to circumvent regulations and rules in a desperate bid for higher yields. Sharp practices such as forex round-tripping, defrauding of investors through phantom charges and complicity in money laundering and illicit financial flow involving politically exposed persons continue to undermine the integrity of the sector and by extension the nation’s economy.
“Look at yourselves in the mirror and leave this place with renewed commitment to professionalism and determination to provide services that will assist the growth and development of the Nigerian economy,” he said.
Speaking on the challenges facing the country, Vice President Kashim Shatima who represented President Bola Ahmed Tinubu stated that the country faced a host of interconnected challenges that affect all aspects of the national economy “ranging from high inflation, rising cost of living and infrastructural deficits and the ongoing effects of global economic shifts.” He, however, notes that the challenges “also present opportunities of growth and development.”
According to the President, the theme of the event will enable the government “to evaluate where we stand as a nation; understand the root causes of our economic challenges and explore actionable strategies to accelerate growth and development, sustainably and inclusively.”
The way forward, he said, required collaboration across all sectors, government, private industries and civil society, adding that “To achieve sustained economic growth, we must intentionally align our policies and actions with the changing global landscape. The government is committed to implementing reforms to enhance macro-economic stability, reduce inflation and support infrastructure development.”
The President tasked the private sector on innovativeness and strategic investment in key growth areas of the economy as the government accelerates capacity building.
“We must also focus on capacity building, talent development and youth empowerment. The future of the Nigerian economy lies in the hands of our youths and we must equip them with the skills, knowledge and opportunities needed to drive our nation forward. The journey ahead will require determination, resilience and collective action. I am confident that with the continued support from the leadership of the Nigerian banking and financial sector, we will accelerate our economic growth and development. We will chart a path that ensures prosperity for all Nigerians and position our nation as a beacon of stability and opportunity in the African continent,” he said.
In his opening remarks, President of CIBN, Professor Pius Olanrewaju, pointed to the Institute’s increasing global influence, with the participation of several African countries in its yearly conference geared towards the evolution of actionable outcomes.
In his keynote address, Tony Elumelu, Chairman of Heirs Holdings, acknowledged that 2024 has been a tough year for the country, marked by inflation and a trade imbalance and called for long-term solutions rather than quick fixes.
