70% of financial crimes in Nigeria can be traced to banking sector – EFCC chairman

The chairman of, the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede has disclosed that an estimated 70 percent of financial crimes in Nigeria could be traced to the banking sector. Represented by the director of internal audit EFCC, Mrs. Idowu Apejoye at the 2024 Annual Retreat/Conference of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) held yesterday in Abuja –with the theme “The Role of the Internal Auditor in Promoting Stability in the Financial Services Sector and National Economic Growth,” the EFCC boss Olukoyede made the revelation while emphasizing the pivotal role of chief audit executives in combating fraud within the banking sector including outsider-related ones such as hacking, ATM fraud, and financial conspiracy, among others. The EFCC Chairman further highlighted the multifaceted responsibilities of internal auditors in the financial sector, ranging from risk assessment and fraud prevention to enhancing operational efficiency. He underlined the importance of their role in providing strategic decision-making insights and promoting stability in the financial system. He added: “The role of chief audit executives in the fight against corruption is enormous. Every audit engagement promotes management of economic entities and society. Globally, the most effective measures against financial malpractices are prevention strategies owing to their cost-effective benefits. The chief audit executives should consider how risk of fraud is managed across the organization and assess the fraud risk exposure periodically.”