The Economic and Financial Crimes Commission (EFCC) chairman,  Ola Olukoyede,  says major mind-boggling financial frauds in Nigeria were carried out by banks and their top officials.

“Some of the mind-boggling, major financial frauds and onslaughts that have been carried out against the economy have run through the banking industry,” Mr Olukoyede said.

The anti-graft czar disclosed this while speaking during the Chartered Institute of Bankers of Nigeria’s 17th Annual Banking and Finance Conference at the Congress Hall, Transcorp Hilton Hotel, Abuja, on Tuesday.

The EFCC chair said the commission will no longer fold its arms and will be prosecuting some banks and their top officials behind financial frauds, lamenting how bank officials “secretly devise means to circumvent regulations.”

“When there are criminal infractions, penal sanctions will follow. We have compiled our documents, conducted the necessary investigations, and very soon, you will see some banks and top officials prosecuted,” Mr Olukoyede said.

Mr Olukoyede’s revelation gives insight into systemic financial fraud entrenched in the Nigerian banking sector.

President Bola Tinubu was represented by Vice President Kashim Shettima at the conference.