The quantum of excess charges (more than N70 billion recovered for bank customers in the last few years) being witnessed in the country’s banking industry is a source of serious concern for many people who are silently and curiously questioning whether the charges qualify as “economic and financial crimes”. And if so, should the Economic and Financial Crimes Commission (EFCC) play any roles in check-mating these crimes that have sent businesses to their early graves, increased the number of unemployed people in the economy, impaired the well-being of many households and eroded confidence of many stakeholders in the Nigerian banking system? The two questions are heavily pregnant; and answers may bring forth off-springs that may tilt the apple cart.
According to USLegal .com “economic crimes refer to illegal acts committed by an individual or a group of individuals to obtain a financial or professional advantage. In such crimes, the offender’s principal motivation is economic gain”. Similarly, Encyclopedia.com states that “economic crime is an illegal act in which offenders’ principal motivation appears to be economic gain”. On the other hand, Wikipedia defines “financial crimes as crimes against property, involving the unlawful conversion of ownership of property (belonging to one person) to one’s own personal use and benefit”.
A merger of the two sides of the definitions of economic and financial crimes finds a working and practical expression in Section 5(1) (b) of Nigeria’s law on the subject. That law, Economic and Financial Crimes Commission (Establishment) Act 2002 enumerates acts considered to be economic and financial crimes. The listed acts are “advance fee fraud, money laundering, counterfeiting, illegal charge transfers, futures market fraud, fraudulent encashment of negotiable instruments, computer credit card fraud, contract scam, etc”. Notice the ‘etc’ in the provision which is indicative that economic and financial crimes as captured in the EFCC Act are in-exhaustive.
From the above definitions and formal identification of some crimes that fall within the catchment of the law, the answers to the questions earlier posed are obvious. Simply put, excess bank charges qualify as forms of economic and financial crimes. It is not in doubt that, to make economic gains is what motivates banks to impose excess charges on their customers. The banks that make such charges illegally convert the assets/property (money) of their customers for their own use and benefit.
In this country, the handling of cases of economic and financial crimes has been provided for under the Economic and Financial Crimes Commission (Establishment) Act 2002. The Economic and Financial Crimes Commission (EFCC) has the responsibility of implementing the provisions of the Act in order to give effect to the intendments of the law-maker in the interest of the generality of citizens, including bank customers. The enabling Act of EFCC in Section 5 sub-sections 1(b) and 1(e) specifically mandates the Commission to “investigate all financial crimes…” and to adopt “measures to eradicate the commission of economic and financial crimes”. In Section 12 sub-sections 1(a) and 1(b), the Commission is also expressly charged with ensuring the “prevention and detection of offences in violation of the provisions of this Act” and the “arrest and apprehension of economic and financial crime perpetrators”.
Thus far, from public knowledge, has the Commission carried out its above highlighted duties with regard to the on-going economic and financial crimes known as excess bank charges? Even, has there been any public statement from EFCC concerning the rising cases of these crimes in the banking industry? Why is the Commission keeping sealed lips about this illegality which the apex regulator in the banking industry, the CBN, has openly confirmed to account for the greatest number of bank customers’ complaints?
There may be many reasons to explain the failure or neglect of EFCC in attending to the issues of excess bank charges but the inescapable and most cogent one is that the Commission seems not to understand that excess bank charges are forms of economic and financial crimes. The second is that the Commission may not have appreciated that its mandate and powers cover the crimes of excess charges by banks. Third, the Commission may erroneously believe that the amount involved in the excesses is very small and therefore of little or no significance. Fourth, the human capacity of the Commission may be inadequate to enable it to focus some attention away from politicians to happenings in the banking industry. Finally, the Commission may have directly or indirectly been compromised to keep a blind eye and sealed lips.
Whatever the reasons or excuses for the EFCC to have done nothing about some banks’ practice of committing economic and financial crimes through imposition and collection of excess charges from their customers, the cry by bank customers and even other stakeholders for intervention to stop such practice is getting louder and deafening. This is justified by the rising incidence of the illegality, the huge amount involved and the gross negative implications. That nothing has been done and seen to have been done to seriously bring perpetrators of these acts to book, in line with the EFCC law, is a major contributor to the festering of the crimes in the hands of national wealth custodians who should be trusted. If bank customers can no longer trust their banks who will they and what promises await the economy?
The EFCC cannot continue to pretend that it does not know that it has a significant responsibility under its enabling law to protect the citizens, in this case, bank customers. It is, therefore, high time the Commission roused itself to confront these deadly corporate crimes as clearly specified in its enabling law. Hopefully, bank customers will soon be relieved of worries about excess charges.
– Dr. Ogubunka, a financial and management consultant, is the President, Bank Customers Association of Nigeria (BCAN)
포츈 래빗
갑자기 진찰실 밖이 온통 폭발하는 것 같았다.
크립토 골드
Fang Jifan과 Zhu Houzhao는 계속 웃을 수밖에 없었습니다.
에그벳 도메인
이발사는 그의 피 흘리는 모습을 바라보며 중얼거렸다.
파워 오브 토르 메가웨이즈
모세혈관이 넓어짐에 따라 전체적인 사람의 모습이 새로워지는 것 같습니다.
슬롯 게임 사이트
이번에는 여전히 졸고 있던 어린 조셉이 힘을 냈습니다.
와일드 웨스트 골드
아마도 … 이것은 Fang Jifan의 마음에서 정말 벗어났습니다.
에그벳 도메인
Zhu Houzhao는 완고한 사람이었고 이제 그는 완전히 도박꾼입니다.
크립토 골드
Zhu Houzhao는 약간 취한 얼굴로 따뜻한 막걸리를 한 모금 마셨습니다.
케이 슬롯
따라서 Dongchang은 조사를 위해 Xishan에 가지 않기 위해 최선을 다했습니다.
123 슬롯
앞으로 나아가면 뒤에 있는 모든 존재가 뒤를 따른다.
무료 슬롯
맑은 강물이 흘러내리며 여전히 포효하고 있다.
슬롯 무료 쿠폰
가격은 금화 30개에서 20개 이하, 10개 이하로 떨어졌습니다.
맥심 슬롯
수십만 명의 병력을 보내야 한다면 그건 병이 아니냐?
월드 슬롯
“예.” Fang Jifan이 말했습니다. “여기에 전세가 있습니다. 폐하 읽어주십시오.”
메이저 슬롯 사이트
Liu Jian은 다시 말했습니다.
플레이 슬롯
천라왕과 다른 네 명의 신하들이 이곳에서 초조하게 기다렸다.
스포츠 배당 사이트
하지만 그는 혼잣말을 하면서도 여전히 중국어를 했다.
슬롯 보증 사이트
그러나 Xiao Jing은 감히 단어를 구별하지 못하고 마늘처럼 절을했습니다.
트리플 슬롯
지친 당신은 호랑이를 사랑합니까?그렇다면 저를 지원하십시오.
챔피언 바둑이
Hongzhi 황제는 잠시 멍해졌습니다. “당신이 언급 한 다른 사람들은 누구입니까?”
롤 토토
그래서 탄핵 추모비가 눈꽃처럼 쏟아졌다.
사다리 타기 도박 사이트
이것은 적의 머리를 자르는 것보다 훨씬 더 흥미 롭습니다.
오공 슬롯
새로운 거래가 온다는 소식에 상인들은 두렵기만 한 것이 아니라 오히려 들떠 있다.
프라그마틱 무료 슬롯
Fang Jifan은 청년이 그렇게 사려 깊을 수 있다고 상상할 수 없었습니다.
아바타 슬롯
예를 들어, 왼쪽 하인 Jiao Fang, 오른쪽 하인 Liang Chu, 중간 하인 Chen Yan.
토토 입플 이벤트
Cao Yuan은 깜짝 놀랐고 상황이 통제력을 잃은 것 같았습니다.