The Economic and Financial Crimes Commission, EFCC, has revealed that approximately 70 percent of financial crimes in Nigeria are connected to banks.

Chairman of the leading anti-graft agency, Ola Olukoyede, shared this information during his address in Abuja at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria.

The EFCC boss pointed out that the banking industry was becoming more characterized by fraudulent activities, posing significant challenges and concerns for the commission.

Olukoyede, represented by EFCC’s Director of Internal Audit, Idowu Apejoye, emphasized the importance of collaborative actions from relevant authorities and industry professionals, particularly audit executives, to proactively address and combat fraudulent activities within the sector.