*Ola Olukoyede, Executive Chairman of Nigeria鈥檚 Economic and Financial Crimes Commission, at a recent forum, affirms the anti-graft agency is set to commence prosecution of bank executives allegedly involved in money laundering, illegal Foreign Exchange sales, and insider trading among bank officials in the West African country

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For their purported complicity in money laundering, illegal Foreign Exchange (Forex) sales, and insider trading among bank officials in Nigeria, the Economic and Financial Crimes Commission (EFCC) has said the anti-graft Commission will soon commence prosecution of bank executives complicit in such infractions in the banking and financial sector of the country鈥檚 economy.

Mr. Ola Olukoyede, Executive Chairman of EFCC, disclosed this update while speaking at the recent 17th Annual Conference of the Chartered Institute Bankers of Nigeria (CIBN).

Photo: FinancialCrimeAcademy.Org

He affirmed that the anti-graft Commission shortly, would begin actual prosecution of bank executives involved in corrupt practices in the country, according to report.

Olukoyede also noted that the EFCC鈥檚 findings indicated apparent complicity in money laundering, illegal Forex sales, and trading abuses among bank officials.

He equally, urged the CIBN to accelerate its regulatory functions to guard against frauds in the system.

The Executive Chairman of the Commission said major financial frauds were conducted through the banking system in Nigeria.

Besides, as part of its efforts at expanding the scope of the Commission鈥檚 campaigns against official corruption in the country鈥檚 financial system, the EFCC recently urged the National Assembly (NASS), in Abuja, FCT, to enact a law which supports the whistle-blower policy of the Federal Government of Nigeria.

Olukayode, who made the call at this year鈥檚 Nigerian Bar Association (NBA) conference, held in Lagos, suggested that once the law is enacted, it would mandate law enforcement agencies to protect the whistle-blowers in Nigeria.

The Executive Chairman, therefore, urged lawyers to always observe 鈥渄ue diligence鈥� in their professional practice.

This, Olukoyede stated, has become necessary for the legal practitioners to know the backgrounds of their clients in order not to contravene the extant Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations.

鈥淎s lawyers, we are supposed to hold a position of trust in our professional conduct. 鈥淲hile we try to comply with international laws and regulations, we should also do what is right for ourselves to protect the sanctity of our profession, which is very key.

鈥淒on鈥檛 try to protect suspected criminals, people who must have committed financial crimes,鈥� said he.

The EFCC Chief further submitted: 鈥淪o, if you know who we are looking for, you must bring that person to the open, and we will do our part.

鈥淒oing the right thing doesn鈥檛 necessarily come from the way of international conventions. If you do the right things, they will automatically take you out of the grey list.

鈥淚t is expedient on you to, at least, know who your client is. You are expected to be paid from a legitimate source.鈥�

Olukoyede added: 鈥淚f you are a victim of crimes, you will understand what I am saying. As lawyers, you must not, in any way, derogate or demean your professional commitment to your clients.

鈥淓ven a part of the Money Laundering Act that we have evaluated doesn鈥檛 stop me from enforcing the regulations of the EFCC Act, and other financial laws in Nigeria.鈥�

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