The Economic and Financial Crimes Commission (EFCC) has raised concerns over delays by Nigerian banks in providing requested information, warning that such lapses are obstructing ongoing investigations into financial crimes.
EFCC Chairman Ola Olukoyede delivered the stern message on December 18, 2025, during a sensitisation programme for compliance officers of banks in the South-East zone, held in Enugu and organised by the Commission’s Enugu Zonal Directorate.
Speaking through Zonal Director Commander CE Daniel Isei, Olukoyede described compliance officers as “gatekeepers, not facilitators of criminal activities.” He stressed their vital role in protecting the integrity of the financial system and ensuring adherence to Nigeria’s anti-money laundering (AML) and counter-terrorism financing (CTF) laws.
“What we basically expect from you is a clear understanding of cooperation,” Olukoyede stated. “A simple Letter of Investigation should be honoured. Where information is required, it should be given quickly, because a delay in providing such information is also stalling investigation.”
He rejected excuses for non-compliance, particularly transactions without Bank Verification Numbers (BVN), calling claims of system glitches unacceptable. “As compliance officers, your duty is to help your bank build robust and steady growth, not to expose it to avoidable sanctions,” he added.
The EFCC chairman also condemned the practice of alerting customers about investigation requests, such as Place No Debit (PND) orders, labelling it sabotage that threatens national security.
“You do not know the full scope of an investigation or the intelligence behind it. Alerting customers simply because they are high-value clients amounts to sabotage, and it must stop,” he warned.
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While commending banks for their role in Nigeria’s recent removal from the Financial Action Task Force (FATF) grey list on October 24, 2025 – after addressing deficiencies identified in February 2023 – Olukoyede cautioned that deliberate withholding of information would attract severe consequences. The FATF delisting recognised improvements in risk-based supervision, international cooperation, and preventive measures.
This engagement comes as the EFCC intensifies efforts to combat money laundering and corruption, which Olukoyede has linked to broader national security challenges. Stronger collaboration with banks is essential for timely probes, especially in a sector handling vast transactions daily.
The warning underscores the importance of robust Know Your Customer (KYC) procedures and prompt responses to regulatory queries. It also highlights progress in Nigeria’s AML/CTF framework, building on the recent FATF milestone that enhances the country’s global financial standing.
