EFCC warns banks as slow information release stalls investigations

By : Ameh Ochojila

Date: 22 December 2025 9:19pm WAT

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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 across the country.

EFCC Chairman, Mr Ola Olukoyede, issued the warning on Thursday, December 18, 2025, in Enugu during a one-day sensitisation programme for banks’ compliance officers in the South-East, organised by the Enugu Zonal Directorate of the Commission. Speaking through the Zonal Director, Enugu Zonal Directorate, Commander of the EFCC, CE Daniel Isei, Olukoyede described compliance officers as “gatekeepers, not facilitators of criminal activities,” stressing that unprofessional conduct could damage banks’ reputations and attract regulatory sanctions. He noted that compliance officers play a critical role in safeguarding the financial system and must ensure that banking operations align strictly with national anti-money laundering and counter-terrorism financing frameworks.

“What we basically expect from you is a clear understanding of cooperation,” Olukoyede said. “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.” The EFCC boss warned that the Commission would no longer tolerate excuses for regulatory breaches, particularly transactions conducted without Bank Verification Numbers (BVN). He described claims of system failures or oversight as unacceptable lapses in compliance. “As compliance officers, your duty is to help your bank build robust and steady growth, not to expose it to avoidable sanctions. You must be professional, firm, and able to say when something is contrary to established rules and guidelines,” he said.

While commending banks for their contributions to Nigeria’s removal from the Financial Action Task Force (FATF) grey list, Olukoyede cautioned that any bank staff who deliberately withholds vital information from the EFCC would face severe legal consequences. “The essence of our job is deterrence. You are gatekeepers, not facilitators. What you allow to pass through your gate is what gets out. The era of wilful blindness is over,” he warned. He also condemned the practice of tipping off customers when the EFCC issues directives such as Place No Debit (PND) orders, describing it as criminal and a threat to national security. “You do not know the full scope of an investigation or the intelligence behind it. Alerting customers simply because they are high-value clients amounts to sabotage, and it must stop,” he said.

Olukoyede, however, acknowledged the growing intelligence-sharing relationship between banks and the Commission, urging financial institutions in the South-East to strengthen customer due diligence and Know Your Customer (KYC) procedures to deepen collaboration in combating corruption and financial crimes. The charge was contained in a statement issued on Monday by the Head, Media and Publicity of the Commission, Mr Dele Oyewale.

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