THE Nigerian Export-Import Bank (NEXIM Bank) and the Economic and Financial Crimes Commission (EFCC) have entered into a strategic partnership aimed at combating financial crimes in the banking sector. This collaboration leverages both institutions’ expertise to safeguard Nigeria’s financial system and strengthen economic integrity.
The initiative focuses on enhancing the detection, prevention, and prosecution of financial malfeasance, creating a safer and more transparent banking environment. During a courtesy visit by NEXIM Bank’s Managing Director, Mr. Abba Bello, to EFCC Chairman, Mr. Olanipekun Olukoyede, both leaders discussed actionable strategies to deepen collaboration in promoting financial discipline and economic development.
Key areas of engagement included capacity building, transparency in export financing, and strengthening the framework for identifying and mitigating fraud in the banking industry. Mr. Olukoyede praised NEXIM Bank’s commitment to ethical banking practices and reaffirmed the EFCC’s readiness to support initiatives that enhance regulatory compliance.
This partnership underscores the importance of synergy between financial institutions and regulatory bodies in advancing sustainable economic growth and protecting Nigeria’s non-oil export sector.
The urgency of such collaboration is underscored by data from the Nigeria Inter-Bank Settlement System (NIBSS), which revealed a sharp rise in banking fraud. Losses surged to N52.3 billion in 2024—more than four times the N11.6 billion lost in 2020. Fraud attempts in 2024 alone amounted to N86.4 billion.
Despite Nigeria’s reputation for having one of Africa’s most robust digital payments ecosystems—fueled by a cash crunch, currency reforms, and $400 million in fintech investments in 2024—the increasing digitisation of financial transactions has created new avenues for fraud.
NIBSS highlighted that fraudsters often exploit digital platforms by converting stolen funds into gift cards or creating fraudulent accounts using identities of senior citizens, minors, and foreigners. One report noted that N400 million had been funneled through accounts tied to stolen identities. Some funds have been recovered, and investigations are ongoing, including probes into the involvement of bank employees.
Nigeria remains on the international “grey list” for anti-money laundering and terrorism financing deficiencies, alongside countries such as South Sudan, Bulgaria, Monaco, and Croatia.
In a related development, the EFCC reported the arrest of 792 individuals in a December 2024 crackdown on cybercrime in Lagos’ Victoria Island, including 192 foreign nationals—148 of whom were Chinese. According to EFCC spokesman Dele Oyewale, foreign criminal networks have been recruiting Nigerian accomplices to target global victims through phishing schemes, particularly in North America and Europe.
As financial crimes evolve, the collaboration between NEXIM Bank and the EFCC signals a proactive step toward restoring trust in Nigeria’s banking landscape and reinforcing the country’s global financial credibility.
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