Operatives of the Economic and Financial Crimes Commission (EFCC) yesterday raided the head office of Access Bank on Victoria Island, Lagos, creating another round of panic in the industry, which is one of the thriving sectors in the country.
The intrusion of Access Bank head office comes on the heels of similar action by the EFCC on the head quarters of Fidelity Bank and Sterling Bank in recent weeks, may trigger and The anti-graft agency, which has been carrying out investigations on al-leged abuse of funds under the last administration, extended its dragnet to the banking sector recently. The Group Managing Director, Access Bank, Mr. Herbert Wigwe, was said to taken away by the EFCC operatives.
When contacted, a spokesman for the bank said he could not immediately confirm the report. Last week, the commission arrested the Managing Director (MD) of Fidelity Bank Mr. Nnamdi Okonkowo, Plc, over an alleged $115 million received from Mrs Diezani Alison- Madueke, former Minister of Petroleum Resources.
The bank was accused of not reporting the transactions to the Nigerian Financial Intelligence Unit (NFIU), as required by the law, an allegation Fidelity Bank denied. Fidelity subsequently named Balarabe Musa, one of its executive directors, as acting MD. And just three days ago, EFCC officials were at the headquarters of Sterling Bank where they quizzed the MD, Yemi Adeola.
Commenting on these developments, one of the leading financial analysts in the country, who elected that his identity be veiled, said the EFCC would destroy the banking industry with its approach to investigating financial transactions.
“Honestly, there should be some element of decorum in the way the EFFCC is going about its investigations – especially when it concerns banks. There should be some discretion. “The banking industry is built on trust and when your depositors feel threatened and no longer trusts you as a bank, then you are finished,” he said.
The expert said the MDs of these institutions would have been invited and it is only when they do not honour such invitations that the operatives can now move in. “We are not in a military regime, the EFCC is operating as if we are in military regime. They should just take it easy because the banking industry is very fragile. And the moment your depositors feel threatened and no longer trusts you, that is the end,” he added.
