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2023: EFCC Issues Stern Warning To Banks Over Election Financing, Forex Fraud

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With less than two years to the 2023 general elections, the Economic and Financial Crimes Commission (EFCC) has issued a stern warning to banks against fraudulent election financing, foreign exchange malpractice and money laundering.

The Commission said it had become necessary not only to put bankers on their toes, but to also bring the financial institutions in the country up to speed with the evolving policies in the Commission.

The EFCC spokesman, Wilson Uwujaren, in a statement on Thursday, quoted the Chairman of the Commission, Abdulrasheed Bawa, as saying this during an interactive session with managing directors of banks in Nigeria.

“At the EFCC, we want to place more emphasis on prevention. We want to lay less emphasis on enforcement, which is investigation and prosecution and put our energy more on prevention and asset recovery.

“In addition, some of the issues we have identified include foreign exchange malpractices and fraudulent election financing.

“As you all know, in 16 to 18 months, Nigeria will be preparing for another round of elections, and the government will not want what happened in the past to repeat itself,” Bawa said.

While charging the banks to comply with the guidelines of the Central Bank of Nigeria on the issuance of Personal Travel Allowance, PTA, and Business Travel Allowance, BTA, to their customers, the EFCC Chairman also stressed that financial institutions have an important role to play in the Commission’s efforts to rid Nigeria of economic and financial crimes.