The Economic and Financial Crimes Commission (EFCC) has warned that delays by banks in releasing requested information are stalling investigations, insisting on full and timely cooperation from compliance offices nationwide.
The commission stressed that prompt responses are critical to effective enforcement and justice delivery.
EFCC Chairman, Mr Ola Olukoyede, issued the warning during a one-day sensitisation programme for Banks’ Compliance Officers in the South-East, held in Enugu and organised by the commission’s Enugu Zonal Directorate.
He spoke through the Director of the zone, Commander Daniel Isei.Olukoyede described compliance officers as “gatekeepers, not facilitators of criminal activities,” noting that unprofessional conduct could damage banks’ reputations and attract regulatory sanctions.
He said a simple Letter of Investigation must be honoured promptly, adding that delays in providing information amount to stalling investigations.
The EFCC boss warned that the commission would no longer tolerate regulatory breaches, especially transactions carried out without Bank Verification Numbers (BVN).
He also condemned excuses such as system failures and cautioned against tipping off customers when directives like Place No Debit (PND) orders are issued, describing such acts as criminal and a threat to national security.
While commending banks for their role in Nigeria’s removal from the Financial Action Task Force (FATF) grey list, Olukoyede warned that any bank staff who deliberately withhold vital information would face severe legal consequences.
He urged banks, particularly in the South-East, to strengthen Know Your Customer (KYC) and customer due diligence processes to deepen collaboration in fighting corruption and financial crimes.