Yesterday in Lagos, a two -day event with the theme “Inter – Agency in the fight against financial malpractices in banks and other financial institutions in Nigeria,” attracted law enforcement agents across the country.
In a bid to curb fraud in the banking sector ,the Nigeria Deposit Insurance Corporation(NDIC) has called on law enforcement agencies. The managing director and chief Executive officer of the NDIC_ Bello Hassan said, insider abuses and financial malpractices remain a major cause of bank failure.
Bashir Nuhu, the Director of Communication and public affairs, representing Bello Hassan pointed out that “We are not unaware of the challenges of investigating and prosecuting financial malpractices and bank fraud cases but wish to urge you not to relent on your efforts and be rest assured of our unflinching support at all times.” He went further by saying that,
“The banking system is rapidly evolving with innovations, it is clear that a new phase of the financial technology-driven economy is currently reshaping the global financial services space. With this development, the criminally minded users of the banking system, including the notorious ‘cyber criminals’, are busy perfecting their misplaced skills. This is why workshops like this are necessary to enable law enforcement officers understand the dynamic operating environment. The law enforcement officers must acquaint themselves with basic knowledge of the types of fraud prevalent in our banks.”
However, he raised hopes when he added that, the measures put in place by regulatory/supervisory agencies to curb the activities of fraudsters in the system were starting to yield results.
Bashir explained that,the NDIC has been consistent since 2012 in organising workshops to sharpen the skills of law enforcement operatives and officers from regulatory agencies that are involved in the investigation and prosecution of bank directors, managers and staff of banks involved in malpractices and insider abuses that might have led to the collapse of their banks or financial institution.
Also, the EFCC chairman Olanipekun Olukoye represented by the Lagos Zonal Commander, Michael Wetkas, noted that collaborative insider fraud has also assumed an alarming dimension as conspirators work together to beat the internal control systems.
He equally expressed his worry about “Point of Sale operators who have also been observed to be a convenient channel for dirty money to be removed from the financial system.”
However, he believed that,
This workshop is a platform for sharing best practices and strategies as a testament to the collective commitment to fostering a culture of transparency, accountability, and resilience in the financial sector,” he added.
