Ibrahim Magu, acting chairman of
the Economic and Financial Crimes Commission (EFCC), says a number of Nigerian
banks are on the brink of collapse due to huge debts owed by “unscrupulous
customers”.
Magu spoke on Thursday at an
interactive session with the Association of Chief Compliance Officers of Banks
in Nigeria.
In a statement released by Wilson
Uwujaren, EFCC spokesman, Magu said the chief compliance officers of various
banks should provide the commission with information on customers who
perpetrate financial crimes.
“We must work together to save
this country. Most of the banks are sitting on the water. In fact, some of
these banks are almost collapsing,” the statement quoted Magu to have said.
“I know there are questions you
can’t ask, particularly if it involves some individuals, but if you give us
information on such people, we will move in. If there are fundamental issues
that can affect your banks, you can give us the information, especially as
another election season approaches.
“I don’t want to be charging banks
alongside suspected criminals because doing so can wreak havoc on the economy.
It will even discourage investors from coming to the country.”
Speaking further, the EFCC boss
said regardless of size, any bank could become “distressed” if they do not stand
for transparency, accountability and practice diligence.
“There must be due diligence,
even in this practice of private banking. There must be accountability; there
must be transparency in our transactions. You don’t have to wait until anything
goes awry before you begin to find a solution to it,” Magu continued.
“We are ready to assist the banks
in recovering their debts, but compliance officers must ensure due diligence,
especially when giving out loans to customers.
“Every bank is capable of going distressed,
no matter its size. That is why we are battling to see that you stay afloat.”
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