EFCC Cautions Banks Against Forex Malpractices

The Commander of the Uyo Zonal Command of the Economic and Financial Crimes Commission, EFCC, ACE I Nwanneka Nwokike has warned bank officials against providing foreign exchange to customers who have no intention of travelling outside Nigeria.

Nwokike who gave the warning on Wednesday, September 8, 2021 when he met with Chief Compliance Officers of Banks in the zone, said indications have emerged that some bank customers present fake travel documents including false flight bookings, to obtain foreign exchange.

According to him, the EFCC under the leadership of Abdulrasheed Bawa, has vowed to clamp down on Forex offenders, be they bank Officials or customers.

“Always report Bank officials who collude with criminal elements to collect foreign exchange.

“There are very strong indications that it is happening, … go back and sensitize your staff, to ensure that they always do the right thing because ‘doing the right thing’ has become the new normal; therefore proper verification of documents presented by customers for Forex must be done.

“Again, the Commission will not entertain excuses, and will no longer look away when Banks fail to do their due diligence,” Nwokike said.

While responding to the issue of customers who book foreign flights and cancel after collecting foreign exchange from banks, the Deputy Zonal Commander ACE II Hamidu S. Bawa instructed the Compliance Officers to report such customers to the Commission.

“When you observe such offenders, report them to the Commission and provide their BVN along, because after now, the liability will be on you and I’m sure you don’t want that to happen,” he said.

The Zonal Commander further asked for a better working relationship that will ensure quick response by banks to letters from the Commission.