EFCC Warns Nigerian Banks Against Loans Without Credible Collateral

The EFCC chairman has warned Nigerian banks against granting loans without credible collateral. He said loans based solely on personal guarantees encourage insider abuse and fuel non-performing assets. Speaking through the Acting Zonal Director in Lagos, he stressed that personal or top-down guarantees are inadequate. Banks must insist on verifiable security for all credit facilities. He urged lenders to strengthen customer due diligence processes and include liability clauses when outsourcing investigations. Proper collateral will lower default rates. The EFCC also called for full cooperation during probes. When staff are invited to assist, banks should release them promptly to help tackle financial crime.

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