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See How Fidelity Bank Staff Perfected N874m Fraud



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During a national seminar on Banking and Allied Matters for judges, the Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, conveyed a concerning observation.

He highlighted that a significant portion of fraudulent activities within the banking sector is carried out by individuals who work within these financial institutions.

At this seminar, Bawa, though represented by the EFCC’s Head of Cybercrime Section, Abbah Sambo, shared insights gained from the commission’s investigations into banking sector frauds. These investigations consistently unveiled the involvement of bank employees in facilitating fraudulent activities.

Bawa also expressed his deep concern regarding the persistent and growing issue of cybercrime, despite the strenuous efforts of the EFCC to combat it. He attributed the surge in cybercrime to moral decay and the influential role played by peer groups.

In his words, “The alarming rate at which young individuals are engaging in cybercrime is a cause for serious concern.”

“When we arrest these criminals, one major reason they give for going into the crime is peer influence.

“Their friends are into it and they want to run with guys that drive the best cars and have the best girls in town.

“Most times when we arrest these criminals, we find them with a lot of assets that are registered in the names of their parents.

“They registered cars in the names of their mothers and houses in the names of their fathers. There is a fundamental issue relating to decay in moral coverage in the society.”

The EFCC chairman stressed that the greatest challenge in fighting cybercrime was the knowledge gap, saying the criminals were getting more sophisticated.

Bawa added: “A lot of the people trying to combat the crime in the field tend to lack the drive because they do not have the adequate training.’

He stressed the need for adequate sensitisation and engagement with youths, especially from the secondary school level to let them know the ills of crime.