By Francis Wilfred
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has warned bank compliance officers in the South-East to uphold professionalism and accountability, stressing that they must act as gatekeepers against financial crimes rather than facilitators of criminal activities.Olukoyede gave the charge in Enugu during a one-day sensitization programme organized by the Enugu Zonal Directorate of the EFCC for bank compliance officers operating in the region.In a statement issued by the EFCC’s Head of Media and Publicity, Mr. Dele Oyewale, the EFCC Chairman described compliance officers as critical watchdogs responsible for guiding banks to align their operations with national anti-money laundering and counter-financing of terrorism regulations.
Represented at the event by the Zonal Director of the EFCC Enugu Zonal Directorate, Commander of the EFCC, CE Daniel Isei, Olukoyede said compliance in the financial sector is a clearly defined responsibility that must be taken seriously.He stressed that compliance officers are expected to cooperate fully with the Commission, particularly by responding promptly to requests for information during investigations.“What we basically expect from you is a clear understanding of cooperation. A simple letter of investigation should be honoured. Where information is required, it should be provided promptly, because delays also amount to stalling investigations,” he said.
The EFCC Chairman warned that the Commission would no longer tolerate situations where bank customers operate accounts without Bank Verification Numbers (BVN), describing such lapses as unacceptable.He dismissed excuses often attributed to system failures or the Nigeria Inter-Bank Settlement System (NIBSS), noting that such explanations reflect poor oversight and negligence on the part of compliance officers.“ As compliance officers, your duty is to help your banks build robust and sustainable growth. Your job is not to destroy the revenue base of the bank or expose it to unnecessary regulatory sanctions,” he said.
Olukoyede urged compliance officers to remain firm and professional, even in the face of pressure, and to always uphold existing rules and guidelines governing banking operations.While commending banks for their contributions to Nigeria’s removal from the Financial Action Task Force (FATF) grey list, he warned that any bank staff who deliberately withhold vital information from the EFCC would face the full weight of the law.“ The essence of our work is deterrence. You are gatekeepers, not facilitators of criminal activities. The dynamics have changed, and we will no longer tolerate willful blindness,” he said.
The EFCC Chairman also condemned the practice of tipping off customers when the Commission places a “Place No Debit” (PND) order on accounts under investigation, describing such actions as criminal and a threat to national security.He cautioned bankers against interfering in investigations based on customer influence or account size, noting that investigators often act on intelligence linked to broader national and international security concerns.
Olukoyede commended banks that consistently share intelligence with the Commission and encouraged financial institutions in the South-East to strengthen customer due diligence and Know Your Customer (KYC) procedures.He concluded by urging banks to sustain professional collaboration with the EFCC to effectively combat corruption, money laundering, and other economic and financial crimes in the region.
