The Economic and Financial Crimes Commission (EFCC) has threatened to prosecute banks and financial institutions found complicit in illegal forex trade and poll financing.
The EFCC Chairman, Abdul Rasheed Bawa, gave this threat at a meeting with chief executive officers (CEOs) of banks at the Lagos office of the commission.
He said amid fears that banks would be involved in illegal forex trade and flout the Central Bank of Nigeria’s (CBN) guidelines on forex trade.
Spokesman of the EFCC Wilson Uwujiaren, in a statement on the meeting, quoted Bawa enjoining the banks to comply with the guidelines of the CBN on the issuance of Personal Travel Allowance, PTA and Business Travel Allowance (BTA) to their customers.
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He said from September 1, any banker found complicit in financial fraud will face the full wrath of the law.
“At the EFCC, we want to place more emphasis on prevention. We want to lay less emphasis on enforcement, which is investigation and prosecution and put our energy more on prevention and asset recovery,” Bawa added.
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