The Economic and Financial Crimes Commission (EFCC) has issued a strong rebuke to financial institutions across Nigeria, stating that unnecessary delays in providing requested information are actively stalling crucial investigations into economic and financial crimes.
Gatekeepers, Not Facilitators: A Direct Charge to Compliance Officers
The warning was delivered by the EFCC Chairman, Mr Ola Olukoyede, on Thursday, December 18, 2025, during a sensitisation programme for bank compliance officers in the South-East geopolitical zone. The event was organised by the Commission's Enugu Zonal Directorate.
Speaking through the Zonal Director, Commander CE Daniel Isei, in Enugu, Olukoyede framed the critical role of compliance officers in stark terms. He described them as "gatekeepers, not facilitators of criminal activities," emphasising that any unprofessional conduct could severely damage their banks' reputations and lead to significant regulatory penalties.
"What we basically expect from you is a clear understanding of cooperation," Olukoyede stated. "A simple Letter of Investigation should be honoured. Where information is required, it should be given quickly, because a delay in providing such information is also stalling investigation."
Zero Tolerance for Excuses and Regulatory Breaches
The EFCC boss declared that the Commission's patience has worn thin regarding excuses for breaches, particularly highlighting transactions conducted without the mandatory Bank Verification Numbers (BVN). He dismissed common justifications like system failures or oversight as unacceptable lapses in compliance duty.
Olukoyede urged the officers to be professional and firm, stating, "Your duty is to help your bank build robust and steady growth, not to expose it to avoidable sanctions... You must be able to say when something is contrary to established rules and guidelines."
He also condemned the criminal practice of some bank staff tipping off customers when the EFCC issues directives like Place No Debit (PND) orders. He labelled such actions a direct threat to national security and an act of sabotage, especially when done to protect high-value clients.
Strengthening Collaboration Amidst Progress
While delivering these stern warnings, the Chairman acknowledged the improving intelligence-sharing relationship between banks and the EFCC. He specifically commended the financial sector for its role in helping Nigeria secure its removal from the Financial Action Task Force (FATF) grey list.
However, he coupled this praise with a severe caution: any bank official who deliberately withholds vital information from the Commission will face the full wrath of the law. "The essence of our job is deterrence. The era of wilful blindness is over," he warned.
Olukoyede concluded by urging banks in the South-East and nationwide to strengthen their Customer Due Diligence (CDD) and Know Your Customer (KYC) procedures. This, he stressed, is fundamental to deepening the collaborative fight against corruption and safeguarding the integrity of Nigeria's financial system.
The charge was officially communicated in a statement released on Monday, December 22, 2025, by the Commission's Head of Media and Publicity, Mr Dele Oyewale.
