The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has warned financial institutions against fraudulent election financing, foreign exchange malpractices and money laundering.

The EFCC boss said it had become necessary to put bankers on their toes, particularly as the 2023 general elections approached.

Speaking during an interactive session with managing directors of banks at the Lagos Zonal Command of the EFCC on Thursday,  Bawa said, “At the EFCC, we want to place more emphasis on prevention and  less emphasis on enforcement, which is investigation and prosecution.

“In addition, some of the issues we have identified include foreign exchange malpractices and fraudulent election financing.

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“As you all know, in 16 to 18 months, Nigeria will be preparing for another round of elections, and the government will not want what happened in the past to repeat itself.”

According to a statement by the EFCC spokesman, Wilson Uwujaren, the anti-graft agency chief also charge the bankers to comply with the guidelines of the Central Bank of Nigeria on the issuance of Personal Travel Allowance, and Business Travel Allowance to their customers.

The statement reads partly, “Bawa, who disagreed with the allegation of a cat-and-mouse relationship between the commission and financial institutions in the country, further said, “Moving forward, come September 1, the commission will ensure that any banker complicit in any such financial fraud will face the full wrath of the law.

“It is better to have fewer banks complying with the laws of the land than to have multiple banks not complying with the laws.”