Nigerian banks to be liable for fradulent activties by customers - EFCC (Photos)

Nigerian banks to be liable for fradulent activties by customers EFCC The Chairman of the Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa has reiterated his commitment to sanitize the banking sector saying that any bank which allows itself to be used for fraud or money laundering shall be held liable. Bawa stated this in a paper entitled, `Security, Trust and Leadership Effectiveness’, presented at the 14th annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) on 14th September, 2021 at Transcorp Hilton Hotel Abuja. The EFCC boss who was represented by Abiodun Adebanjo, Head of Research Unit, Department of Policy, Research and Statistics restated the Commission's determination to ensure that bank officials comply with regulations regarding assets declaration. He urged financial institutions to embrace transformational leadership and technology which are imperatives for customer security and satisfaction. ``I want to conclude by saying that we must be partners in progress because combating cybercrime requires effective collaboration among relevant public and private institutions, that’s why the EFCC will continue to collaborate with the CBN and the banks in ensuring the security and integrity of the financial system using all the laws that empowers us in dealing with cyber threats,” he said