EFCC’s Chairman, Ola Olukayode, disclosed this while speaking in Abuja at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria.

He pointed out that the banking sector was increasingly becoming a cesspool of fraudulent activities and this had been raising considerable challenges and concerns to the commission.

Olukayode who was represented by the Director, Internal Audit, EFCC, Idowu  Apejoye, said there was a need for concerted effort by relevant authorities and professionals, especially audit executives to prevent and tackle issues of fraudulent practices in the sector.

He said, “Broadly speaking, banking fraud in Nigeria is both inside and outside related. The inside related fraud comprises outright selling of customers’ deposits, authorising loan facilities, forgery and several other kinds of unhealthy and criminal practices.

“The outsider related ones include hacking, ATM fraud, conspiracy, among others. And then the absurd one is when both collaborate, that is collaboration among the bankers and the outsider.

“That one is the one that is really absurd because when you do that, that means you are selling out the system. It is estimated that about 70 per cent of financial crimes in Nigeria are traceable to the banking sector, this scenario is disturbing and unacceptable.”

Olukayode stated that in order to curb the anomalies, ACAEBIN should ensure proper reconciliation of accounts every month in accordance with accounting requirements.

He charged the association to monitor the financial activities of banks, comparing actual and budgeted revenue with expenses, carry out periodical review, checks, among others.

The Chairman, ACAEBIN, Prince Akamadu, said the association would work towards achieving some of the recommendations provided by the EFCC boss.

He also stated that the association was fully committed to fixing the foreign exchange challenges in Nigeria, which was one of the issues that the retreat aimed to achieve.

“That is part of the reason why we are having this retreat, to ask ourselves, to do an introspection and ask ourselves, given our position in the banking industry, or the executives of banks in Nigeria, are we doing enough?

“Have we done enough? What more can we do to help in sanitising the system? Are there things the banks could do to help in sanitising the FX in this country?”

“By the end of this retreat, we are expected to come up with a communique and we hope to address some of the issues, one way or the other, that will address the role of banks in FX  challenges in this industry,”

Akamadu further explained that banks were not resting on their oars to curb fraudulent activities, as they were putting efforts in the Know Your Customer mechanism.

“I will tell you something, I’m not aware of any institution, any sector that has done more in the area of KYC than the banking industry. But it truly goes beyond the banks.

“And I can tell you truly again that even at the bankers committee level and even at the typical details of banks in Nigeria, these are areas we are actually looking at to see where there are leakages and to begin to block them,” he stated.

He stated that the association was working tirelessly to address these concerns and assured the EFCC boss that there would be more positive results going forward.

The decision to embark on the strike stems from the perceived failure of the Federal Government to address crucial worker-related issues, including the minimum wage, insecurity, corruption, and governance concerns.

The unions had also presented specific demands, which, according to them, remained unaddressed by the government, particularly in the aftermath of the crisis in Imo State that reportedly led to the brutalization of NLC President Mr. Joe Ajaero and other union members.

Despite a warning from the government on November 13, cautioning against the planned strike and citing a restraining order obtained from the National Industrial Court of Nigeria, the labour unions proceeded with their action.

Secretary-General of the Nigeria Union of Railway Workers, Mr. Segun Esan, confirmed the union’s active participation in the strike, leading to the halt of train services.

The nationwide strike reflects the unions’ determination to press for their demands and draw attention to the issues affecting workers across the country.

“In effect, therefore, all the workers of Nigerian Railway are duty-bound to join the nationwide strike action from zero-zero hour of Tuesday, 14th November, 2023 by staying back at home and away from their offices.

“All the offices, stations, workshops, and entire premises of the corporation remain locked and inaccessible from zero-zero hour of Tuesday, 14th November, 2023, till otherwise directed by the Congress,” Esan said.

Also, the President of the Association of Senior Staff of Banks, Insurance, and Financial Institutions, Mr Oluwole Olusoji, said advice had been sent out to members on compliance.

He said that members had been advised to ensure the safeguard of lives and property from people who might be used to take undue advantage of the situation.

“We will continue to monitor the situation as it unfolds,” Olusoji said.

In a circular dated September 2, 2023, signed by General Secretary Mohammed Sheikh and addressed to  “All Zonal Councils/Domestic Committee,” NUBIFIE expressed its solidarity with the cause.

The bank employees cited their alignment with the communique issued following the National Executive Council (NEC) meeting of the Nigeria Labour Congress (NLC).

The NLC executive committee convened last Thursday and directed all affiliate organizations to instruct their members to initiate a two-day withdrawal of services commencing today (Tuesday) and continuing through Wednesday.

The circular emphasized the urgency of this directive to bring the government’s attention to its recent interference in union affairs instead of addressing the challenging economic conditions faced by citizens.

The message to members urged them to comply with the directive by refraining from duty for the specified two days, underscoring the importance of their cooperation in this endeavor.

This directive has resulted in a significant increase in the I&E window exchange rate, which rose to N610 per dollar as of 12:50 pm, compared to N471.67 the previous night.

Although the CBN has not officially released a statement regarding this matter, two banking executives have confirmed the authenticity of the directive, Vanguard reports.

Nnamdi Nwizu, an investment banker and Co-founder of Comercio Partners, expressed that the immediate consequences of this directive include an influx of foreign exchange into the economy and a further surge in the inflation rate, as evidenced by the sharp increase in the I&E window exchange rate today.

Dr. Ken Opara, President of CIBN, stated in a statement on Monday that the industry was dedicated to bringing the system back to normal.

Opara was responding to rumors that the Central Bank of Nigeria, CBN, planned to close several deposit money institutions.

He asserts that the CBN, the only agency qualified to evaluate the financial industry’s health, has repeatedly reaffirmed the soundness of the banking sector.

“We equally like to allay the fears around the shortage of materials for printing the new naira notes, which the CBN has also discredited. This has also been debunked by the Nigeria Security Printing and Minting (NSPM) Company, which described the story as false, baseless and misleading.

“NSPM has assured that it has made adequate arrangements to produce redesigned naira notes as well as other denominations continuously,” he stated.

Opara added: “We implore the public to disregard any contrary information as the banking community remains focused and committed.

“The industry is working round the clock to address all contending issues to restore normalcy. We indeed appreciate your continued patience and understanding as we work together toward building the Nigeria of our dream.’

The government in a directive contained in a series of tweets (now deleted) on Thursday, said each account holder must submit the filled forms in their respective financial institutions.

“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc) are required to obtain, complete and submit Self – Certification Forms to their respective Financial Institutions.”

But in another tweet on Friday morning, the Federal Government acknowledged that its earlier tweets were misleading and the notice by the Federal Inland Revenue Service (FIRS) does not apply to everybody.

Apologizing to Nigerians, FG said: “We apologize for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the FIRS Nigeria

“Notice does not apply to everybody. FIRS will issue appropriate clarification shortly”.

We apologize for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the @firsNigeria Notice does not apply to everybody. FIRS will issue appropriate clarification shortly pic.twitter.com/KBiPh0lCwJ

— Government of Nigeria (@NigeriaGov) September 18, 2020

The  CBN Governor, Godwin Emefiele, who disclosed this on Monday during the Creative Nigeria Summit in Lagos, noted that banks are expected to officially declare the project on Wednesday.

He explained that this was part of the banking sector’s efforts to harness the innovative and creative energy of the youths, towards enabling them to create productive ventures that would support improved wealth and job creation in Nigeria.

Emefiele said, “This was the critical reason behind the CBN and the Bankers Committee decision, following our annual retreat in December 2018, to set up the Creative Industries and Financing Initiative. 

“Using the AGSMEIES fund through which the banks set aside on an annual basis five per cent of their profit after tax, our goal is to support startups and existing businesses in the creative industry space, as well as the development of a creative industry park across three major cities in Nigeria.

“With the kind support of the Federal and Lagos State Governments, the National Theater Iganmu in Lagos is expected to serve as the initial pilot for the Creative Industries Park. 

“Our plan is to develop a 40- acre  Creative Industry Park around the National Theater including giving the Theater itself tremendous facelift; thereby reopening the touring potential the National theater offered during the FESTAC 77 arts culture.”

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