Forex Fraud: Don’t Provide Dollars To People Not Travelling Abroad, EFCC Warns Banks

The Commander of the Uyo Zonal Command of the Economic and Financial Crimes Commission (EFCC), Nwanneka Nwokike has warned bank officials to guard against providing foreign exchange to customers who have no intention of travelling outside Nigeria.

Giving the warning during a meeting with Chief Compliance Officers of banks in the zone, Nwokike said that indications had emerged that some bank customers were presenting fake travel documents, including false flight bookings, to obtain foreign exchange.

He stated further that the EFCC, under the leadership of the chairman, Abdulrasheed Bawa, had vowed to clamp down on forex offenders, whether bank officials or customers.

Nwokike told the officers: “Always report bank officials who collude with criminal elements to collect foreign exchange. There are very strong indications that it is happening, … go back and sensitize your staff, to ensure that they always do the right thing, because ‘doing the right thing’ has become the new normal; therefore proper verification of documents presented by customers for forex must be done.

“Again, the Commission will not entertain excuses, and will no longer look away when banks fail to do their due diligence.”

In his response to the issue of customers who book foreign flights and cancel after collecting foreign exchange from banks, the Deputy Zonal Commander, Hamidu S. Bawa, instructed the Compliance Officers to report such customers to the EFCC, saying “when you observe such offenders, report them to the Commission and provide their BVN along, because after now, the liability will be on you and I’m sure you don’t want that to happen.”

The Zonal Commander further asked for a better working relationship that would ensure quick response by banks to letters from the EFCC.