The acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, has called on officials in the financial institutions in the country to be wary of \u201cdubious individuals or groups within and outside their establishments\u201d, who abuse both the whistle-blowing policy of the Federal Government as well as the Post No Debit, PND, Order in the sector.
\nHe 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.
\nMagu gave the warning during a meeting with Chief Compliance Officers of Banks in Lagos on Tuesday, April 2, 2019.
\nHe also lamented that the Post No Debit, PND, order was being abused by certain individuals in connivance with \u201cunscrupulous bank officials\u201d to achieve some set goals.
\nAccording to him, \u201cThese 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.
\n\u201cWe must stop the unfolding connivance against high-net-worth accounts in the banks. Some of these accounts might not necessarily be under investigation.
\n\u201cThey might be inheritance or proceeds from genuine investments.\u201d
\nMagu 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.
\nIn his response, one of the bankers commended Magu for engaging and interfacing with them regularly on various issues affecting the industry.
\nHe assured Magu that \u201cwe would go back and look inward for people who might be involved in such untoward acts of giving out information on their customers\u2019 bank accounts.\u201d
\nHe described the practice of divulging information as a breach of the fundamental principles of the banking industry, which must be seriously addressed.
\n\u201cI want to urge you to always pass any intelligence or information that needs the attention of the banks for us to proactively address it.
\n\u201cWe will continue to partner with the Commission to ensure that the banking industry is sanitized,\u201d he further stated.<\/p>\n","protected":false},"excerpt":{"rendered":"
The acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, has called on officials in the financial institutions in the country to be wary of \u201cdubious individuals or groups within and outside their establishments\u201d, who abuse both the whistle-blowing policy of the Federal Government as well as the Post No Debit, PND, […]<\/p>\n","protected":false},"author":7,"featured_media":651,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,7],"tags":[],"class_list":["post-16541","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news"],"_links":{"self":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/16541","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16541"}],"version-history":[{"count":0,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/16541\/revisions"}],"wp:attachment":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}