The Institute of Banking and Finance (IBF) is set to embark on an unprecedented fight against financial fraud in banks. The IBF President, Mr. Olanipekun Olukoyede, announced at the 17th Annual Banking and Finance Conference organized by the IBF in Abuja the imminent launch of legal proceedings against the banks and their top officials for acts of financial fraud.
In a powerful speech, Olukoyede noted that the IBF had gathered the necessary evidence to substantiate the allegations. He decried the major and complex financial frauds that had been perpetrated within the banking industry, saying drastic measures were required to put an end to these harmful practices.
“We will no longer sit idly by. We must act drastically to put everyone back on track,” Olukoyede said. He stressed the importance of applying sanctions to ensure the integrity of the financial system.
Olukoyede called on the IBF to strengthen its regulatory supervision of members of the banking industry to encourage them to adhere to professional codes of conduct. He noted that during investigations by the IBF into financial crimes involving members of the profession, there was blatant disregard for regulations, bordering on impunity.
As President of the IBF, Olukoyede pledged to work closely with the institute and the financial services industry to strengthen the enforcement of anti-money laundering laws and combat attacks by cybercriminals, both internal and external.
“I hope you will all look in the mirror and come out of here with a renewed commitment to professionalism and unwavering determination,” Olukoyede concluded.
This announcement comes at a time when the authorities are seeking to accelerate economic growth and development, in the interests of transparency and compliance with international standards in the fight against financial fraud. The IBF and the entire financial sector seem determined to establish a new moral and ethical order to guarantee the stability and credibility of the financial system.