The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, addressed the 2024 Annual Retreat\/Conference of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) in Abuja on Monday. Emphasizing the theme, “The Role of the Internal Auditor in Promoting Stability in the Financial Services Sector and National Economic Growth,” Olukoyede, represented by the Director Internal Audit EFCC, Mrs. Idowu Apejoye, highlighted the crucial role of Chief Audit Executives in combating fraud within the banking sector.<\/p>\n
Olukoyede asserted that approximately 70 percent of financial crimes in Nigeria could be traced back to the banking sector. He expressed concern over the increasing prevalence of fraudulent activities within the banking sector, categorizing them as both insider and outsider-related. Insider-related fraud includes stealing customers’ deposits, unauthorized loan facilities, forgery, and other criminal practices. Outsider-related fraud comprises hacking, Automated Teller Machine (ATM) fraud, conspiracy, and collaborative efforts between insiders and outsiders.<\/p>\n
The EFCC Chairman underscored the multifaceted responsibilities of internal auditors, including risk assessment, fraud prevention, and enhancing operational efficiency. He emphasized the pivotal role of Chief Audit Executives in providing strategic decision-making insights and promoting stability in the financial system.<\/p>\n
Olukoyede urged Chief Audit Executives to actively manage the risk of fraud across their organizations and periodically assess fraud risk exposure. He emphasized the importance of prevention strategies as globally recognized and cost-effective measures against financial malpractices.<\/p>\n
In an interview on the sidelines, Prince Akamadu, Chairman of ACAEBIN, stressed the need for introspection within the banking industry. He discussed addressing challenges for economic growth, including cumbersome regulatory reporting processes and fraudulent calls claiming to be from banks. Akamadu assured that disciplinary committees within the industry actively address staff involvement in fraud, emphasizing the commitment to maintaining integrity. He announced expectations for a communique by the end of the retreat, addressing issues related to the role of banks in industry challenges, particularly in the context of Know Your Customer (KYC) practices.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, addressed the 2024 Annual Retreat\/Conference of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) in Abuja on Monday. Emphasizing the theme, “The Role of the Internal Auditor in Promoting Stability in the Financial Services Sector and National Economic Growth,” […]<\/p>\n","protected":false},"author":24,"featured_media":21707,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172,1],"tags":[223],"class_list":["post-21705","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-uncategorized","tag-efcc"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/21705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=21705"}],"version-history":[{"count":4,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/21705\/revisions"}],"predecessor-version":[{"id":21734,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/21705\/revisions\/21734"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/21707"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=21705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=21705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=21705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}