CBN Launches Special Investigation into Illicit Bank Transactions

Posted by African Examiner Banking & Finance, Business News, Featured, Latest Headlines Tuesday, May 10th, 2016

By Ayo Balogun, Abuja

ABUJA, NIGERIA (AFRICAN EXAMINER) – The Central Bank of Nigeria has said it has begun investigation into questionable financial transactions in some commercial banks.

A statement issued by the bank’s acting Director, Corporate Communications, Mr Isaac Okorafor, on Monday, said the apex bank is working in collaboration with law enforcement agencies even as it assured that it will not allow the banking system to be used as a conduit for any illicit transaction.

“The CBN wishes to inform all customers of Deposit Money Banks, that it is fully aware and indeed a part of the ongoing investigation of certain financial transactions in some banks by law enforcement authorities.

“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 maybe involved in such activities.

“The bank will like to reiterate that financial systems stability remains a priority and therefore assures customers and stakeholders that it will not allow the banking system to be used as a conduit for any illicit transaction.

“Some of these investigations are routine and only relate to isolated transactions; therefore, it is important to state that the safety and soundness of the Nigerian Banking Industry remains strong.” the statement reads.