EFCC: Not compulsory all Nigerians should have bank accounts

Mr. Bawa Usman Kaltungo, Zonal Head of the Economic and Financial Crimes Commission (EFCC), in Sokoto, has said that it is not compulsory that all Nigerians should have bank accounts.

He said this at a roundtable discussion with Compliance Officers of various commercial banks on Tuesday while decrying the idea of opening bank accounts with mere phone numbers.

Kaltungo argued that nearly 40 percent of Americans do not have accounts.

“Nearly 40 percent of Americans do not have accounts. So, it is not very compulsory for everybody in Nigeria to have a bank account,” he said.

Kaltungo whose zone covers Sokoto, Kebbi and Zamfara States, also decried that insider connections facilitate most financial frauds in the banking industry.

The Zonal Head said that the commission often encounter delay in getting responses to investigation letters forwarded to banks.

“Such delays jeopardise our investigation. Financial institutions must collaborate with us toward curtailing money laundering, illegal financing, and other illicit flows of money.

”The meeting is a response to the directive of the EFCC leadership. It is one of the numerous strategies toward fighting all manners of corruption.

”The commission strives to ensure that fraudsters do not get away with proceeds of crimes undetected. To achieve this, we are appealing to all banks to facilitate better working relationship with the anti-graft agency.”

He enjoined bankers to improve on ways of tracking illicit finances and transactions, stressing that Point of Service Operators (POS) or money agents needed to be well informed on financial regulations.

The officer further advised banks to strictly monitor activities and understand that regulations from the Central Bank of Nigeria (CBN) do not supersede the money laundering act enshrined in the Nigerian constitution.

The Benin Zonal Head, CDS Muhtar Bello, at a meeting with Compliance Officer of banks in Benin, said the cooperation of bankers was key in the fight against economic and financial crimes.

“We invited you here today to nourish our existing relationship, educate ourselves on the new trends in cybercrime and seek areas of further collaboration as stakeholders in the fight against economic and financial crimes in Nigeria “.

He charged the bankers to adhere strictly to all bank rules, regulations and ethics in the discharge of their duties.

“We advise that as bankers you carry out due diligence and know your customers KYC. By doing this, you save yourselves from trouble and make our job easier,” he said.

The Zonal Head further stated that bankers and operatives need to be on the same page as new trends in cybercrimes continue to unfold. He charged the bankers to share necessary information and report suspicious transactions to the Commission.

In the same vein, the Zonal Head of Gombe Office, CDS Babashani Umar Sanda, charged Banks Compliance officers to identify existing challenges and also strengthen relationship in the fight against all forms of financial crimes within the banking sector.

He reminded the Compliance Officers of their KYC responsibilities, while also urging them to be maintain proper record keeping in all their dealings.