Nigeria: First Bank CEO Highlights Collaboration as Key to Combating Financial Frauds in Nigeria

Dr. Adesola Adeduntan, the Chief Executive Officer of First Bank Group, emphasized the importance of collaboration in addressing fraud-related challenges faced by banks during a meeting of the Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN).

Speaking at the event, Adeduntan, represented by Oluseyi Oyefeso, Executive Director of Retail Banking South, highlighted the meeting’s thematic focus on “Institutionalising Customer Due Diligence/Know Your Customer (KYC) in the Financial Services Sector” as crucial for ensuring a secure environment for financial service providers in Nigeria.

He acknowledged the significance of adopting robust measures to combat money laundering, terrorism financing, fraud, and other illicit activities, particularly in today’s technologically advanced and globally interconnected economy.

Adeduntan pointed out that what initially seemed like an unfamiliar concept, such as Compliance and Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT), has now become essential for business sustainability and human well-being. He also noted the inclusion of “Countering Proliferation Financing (PF)” in the global efforts against financial crimes.

However, he emphasized that beyond regulatory penalties, collaboration and knowledge-sharing are crucial components in the fight against illicit practices. Adeduntan called on regulatory bodies, including the Central Bank of Nigeria (CBN), to intensify efforts in monitoring and curbing illicit activities facilitated through Fintech platforms.