CBN Backs EFCC’s Investigation Of Bank Chiefs

Godwin Emefiele, CBN Governor

THE Central Bank of Nigeria (CBN) has thrown its weight behind the Economic and Financial Crimes Commission (EFCC) in the agency’s on-going investigations and arrests of Managing Directors of Deposit Money Banks (DMB) in Nigeria.

The bank, in a statement signed by Isaac A. Okorafor, Acting Director, Corporate Communications, CBN, said it was aware and indeed a part of the on-going investigations and is also carrying out its own “special examinations and investigations to ascertain the veracity of some allegations, as well as the extent and persons that may be involved in such activities.”

Though the agency, a few days ago released the Managing Director of Fidelity Bank Plc, Nnamdi Okonwo; the MD of Sterling Bank, Yemi Adeola and the Group Managing Director of Access Bank, Herbert Wigwe, who were arrested and interrogated over certain transactions that occured in 2015, it said the investigations continues.

The CBN said it wants all bank customers, other stakeholders, and the general public to know that it was fully aware and indeed a part of the on-going onslaught.

“The bank would like to reiterate that financial system stability remains a priority and, therefore, assures customers and stakeholders that it would not allow the banking system to be used as a conduit for any illicit transactions,” the statement read in part.

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Some of these investigations it added, were routine and only relate to isolated transactions.

“Therefore it is important to state that the safety and soundness of the Nigerian banking industry remain strong,” the apex banking regulator said.

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