CurrentReport Blog The Economic and Financial Crimes Commission (EFCC) is intensifying efforts to preserve the integrity of its investigations amidst concerns over unauthorized disclosures from bank compliance officers. During a recent meeting in Ibadan, Oyo state, the Executive Chairman of the commission, Ola Olukoyede, emphasized the critical need for discretion among compliance officers.
Olukoyede, represented by the Acting Zonal Director of the Ibadan Zonal Command, ACE I Hauwa Garba Ringim, expressed dismay over instances where compliance officers divulge sensitive information to customers. Such actions not only compromise ongoing investigations but also undermine the fight against financial crimes in Nigeria.
One of the chief concerns raised by Olukoyede is the revelation that compliance officers have been sharing details about ‘letters of investigation activities’ issued to banks by the EFCC. This breach not only hampers the investigative process but also leads to delays in bringing corruption cases to court.
Furthermore, Olukoyede highlighted the disturbing trend of fraudsters receiving undue support from within the banking sector, emphasizing the significant challenges it poses to the EFCC’s mandate.
He urged compliance officers to prioritize the confidentiality of EFCC communications and to respond promptly with certified true copies of requested documents to expedite investigations.
In addition to addressing internal breaches, Olukoyede underscored the need to combat illegal transactions facilitated by Point-of-sale (POS) operators.
He expressed concern over the apparent ease with which large sums of money are transacted through POS terminals compared to restricted ATM withdrawals, calling for decisive action to curb this disparity.
