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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