Banks will now be held liable for fraud – EFCC

The Economic and Financial Crimes Commission (EFCC) has placed banks in Nigeria under surveillance..

The anti-graft agency said this became imperative due to the involvement of some institutions’ management and staff in financial crimes.



Abdulrasheed Bawa, the Chairman, implored bank auditors to take issues of transparency in banking operations seriously.

He spoke at a meeting with the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN).

The EFCC chief announced that from September 1, 2021, “it will no longer be business as usual”.

“The commission will hold banks liable where there are established cases of institutional complicity in fraud in the sector.”


Bawa had alerted that individuals and companies who illegally take funds out of Nigeria get assistance from banks.

“There are conspirators; engineers, professionals, accountants and financial institutions are helping them”, he said.

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