Olukoyede highlighted the growing prevalence of fraudulent activities within the banking industry, underscoring the significant challenges and concerns this trend poses for the commission. Represented by the EFCC's Director of Internal Audit, Idowu Apejoye, the chairman emphasized the necessity of collaborative efforts from relevant authorities and industry professionals, particularly audit executives, to proactively address and combat fraudulent activities within the sector.

Addressing the audience, Olukoyede shed light on the multifaceted nature of banking fraud in Nigeria. He noted, "Broadly speaking, banking fraud in Nigeria is both inside and outside related." The internal fraud involves outright malpractices such as selling customers' deposits, unauthorized approval of loan facilities, forgery, and various other unhealthy and criminal practices.

On the other hand, external fraud includes hacking, ATM fraud, conspiracy, and more. Olukoyede expressed concern about the collaboration between insiders and outsiders, deeming it absurd. He explained, "That one is the one that is really absurd because when you do that, that means you are selling out the system." The chairman concluded by stating that an estimated 70% of financial crimes in Nigeria are traceable to the banking sector, a scenario he deemed both disturbing and unacceptable.

This revelation underscores the pressing need for a united front against financial crimes, with a call for joint efforts from authorities and industry professionals to safeguard the integrity of the banking sector in Nigeria. The EFCC's stance serves as a wake-up call to the industry, urging stakeholders to take proactive measures to address and mitigate the growing threats of fraudulent activities within the financial landscape.