By GINIKA OKOYE

The Economic and Financial Crimes Commission (EFCC), says it will soon commence the prosecution of banks and their top officials for financial frauds.

The EFCC Chairman, Mr Olanipekun Olukoyede, said this at the 17thAnnual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.

Olukoyede said the Commission had compiled its investigations and necessary documents to substantiate the claim.

He said that some of the major and mind boggling financial frauds were done through the banking industry.

“We will no longer fold our arms. We need to do something drastic to bring everybody in line and make us do the right thing.

“In a system where there are no sanctions, that system will not survive,” he said.

The EFCC Chairman urged the CIBN to step up its regulatory oversight of its members to adhere to the codes of professionalism.

He said that from the Commission’s investigations of financial crimes involving members of the profession, there was gross contempt in regulation which bothered on impunity.

“On our part as EFCC, we are committed to working with the institute and financial services sector through robust enforcement of anti-money laws and attacks from cyber-criminals both from within and without.

“It is my hope that you will all look at yourselves in the mirror and leave this place with renewed commitment to professionalism and determination,” he said.

The News Agency of Nigeria (NAN) reports that the theme of the conference is: ‘Accelerated Economic Growth and Development, the state of Play and the Way Forward’. (NAN)