The acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, has called on banks to be wary of “dubious individuals or groups within and outside their establishments” who abuse both the whistle-blowing policy of the Federal Government as well as the Post No Debit, PND, order in the sector.
He said there were strong indications that some banks officials divulge information on high-net-worth accounts to their accomplices, who in turn obtain a purported PND order to fleece unsuspecting customers.
Magu gave the warning during a meeting with Chief Compliance Officers of Banks in Lagos.
He also lamented that the Post No Debit, PND, order was being abused by certain individuals in connivance with “unscrupulous bank officials” to achieve some set goals.
According to him, “These individuals demand bogus five percent commission on the isolated high-net-worth accounts of the bank customers, thereby making a mockery of the whistle-blowing policy of the Federal Government and subversion of ethical practice of the banks, which emphasises confidentiality of their customers.
“We must stop the unfolding connivance against high-net-worth accounts in the banks. Some of these accounts might not necessarily be under investigation.
“They might be inheritance or proceeds from genuine investments.”
Magu further sought the cooperation of the group to sanitise the banking industry, adding that Nigeria’s banking sector ought to be at par with that of developed countries.
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