CBN to Curb Illicit Transaction by Banks

by on May 10, 2016

The Central Bank of Nigeria (CBN) yesterday explained that its on-going probe of financial transactions of some unnamed Deposit Money Banks in the country is targeted at ensuring that financial institutions are not used as conduit for illicit operations.

The apex bank’s explanation is against the backdrop of investigations of some banks used by politicians to syphon the nation’s funds for personal uses by security agencies.

According to a statement by the CBN’s Ag Director, Corporate Communications, Isaac Okorafor, the CBN said it wished to inform all customers of Deposit Money Banks, other stakeholders, and the general public that it is fully aware and indeed a part of the on-going investigations of certain financial transactions in some banks by law enforcement authorities.

He said: “The CBN 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.

“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 illicit transactions.

“Some of these investigations are routine and only relate to isolated transactions, therefore it is important to state that the soundness of the Nigerian banking industry remain strong”.

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