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Collaborative Measures Crucial To Preventing Bank Failure In Nigeria – Bawa

The Chairman of the EFC, Abdulrasheed Bawa, has called for collaborative measures by relevant stakeholders as a way of militating against bank failure in the country.

Bawa said forensic analysis of the annual reports, bank statements and other financial documents of some of the failed banks investigated by the EFCC clearly showed a pattern necessitating collaborative measures that could make the nation’s banking sector work more effectively.

Baba stated this on Wednesday, August 10, 2022 while delivering a goodwill message at the opening of a two-day workshop with the theme: “Effective Investigation and Prosecution of Banking Malpractices that Led to the Failure of Banks” organized by the Nigeria Deposit Insurance Corporation, NDIC, in Lagos.

The EFCC Chairman, who was represented by Ahmed Ghali, Zonal Commander, EFCC, Lagos Command, said though many households, small businesses and large corporations had always relied upon banks to provide their financial needs at one time or the other, most banks had fallen short of expectations in this regard due to fraud, mismanagement, inexperience and the initial absence of regulatory laws and authorities.

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