EFCC a ‘Fantastic’ Ally in Fraud Fight, Says First Bank Chief

BENIN CITY – The Economic and Financial Crimes Commission (EFCC) stands as a “fantastic organisation” and one of Nigeria’s most revered institutions, according to Mr. Aluko Joseph, Head of Fraud and External Relations at First Bank of Nigeria.

Joseph delivered this high praise on Wednesday, April 15, 2026, during a courtesy visit to the EFCC’s Benin Zonal Directorate. He lauded the anti-graft agency’s “professionalism and integrity” in tackling economic crimes, expressing deep gratitude for its repeated interventions in recovering stolen funds for the bank.

“First Bank is immensely grateful for the Commission’s many interventions,” Joseph said. He spotlighted a standout case: the recovery and handover of over N1 billion by the Benin Zonal Command in January 2026 from fraudster Ojo Eghosa Kingsley, whose schemes targeted bank customers through phishing and unauthorized transfers, as detailed in EFCC’s public alerts.

This isn’t isolated. EFCC records show First Bank has benefited from recoveries totaling over N5 billion since 2020, part of the agency’s nationwide haul exceeding N150 billion in 2025 alone, per its annual report. Joseph’s visit underscored a push for stronger ties, calling for expanded collaboration in fraud prevention, investigations, and prosecutions.

ADVERTISEMENT

“By working together, we aim to make significant strides in combating threats to financial institutions,” he stated. He advocated joint capacity-building, training, and knowledge-sharing to counter emerging risks like cyber fraud and money laundering—threats that cost Nigerian banks billions yearly, according to Central Bank of Nigeria data.

Accompanying Joseph were senior executives, including Martins Akinsimisi, Group Head for Edo State, who echoed the commendations and highlighted the N1 billion recovery as a “game-changer” for customer trust.

In response, Ag. Zonal Director Deputy Commander of the EFCC, DCE Sa’ad Hanafi Sa’ad, welcomed the praise but vowed no complacency. “We are guided by professionalism, integrity, courage, and collaboration,” he affirmed. “Every staff upholds these values. We will combat economic and financial crimes without fear or favor until Nigeria triumphs over this menace.”

The meeting signals a maturing partnership amid Nigeria’s evolving financial crime landscape, where EFCC’s Benin Zonal Command has led high-profile busts, including a 2025 cybercrime ring netting N2.5 billion. As banks face rising digital threats, such alliances could prove pivotal.