Jubrin Okutepa’s Bombshell!There’s No Banking Institution In Nigeria; What We Have Is Deposit House

A senior advocate of Nigeria, Jubrin Okutepa, SAN, has accused the Nigerian Banking institutions of violating financial regulations at will.

He spoke on channels television program Sunrise Daily monitored in Lagos on Friday.

Okutepa berated the banking sectors for not following due process thereby creating economic crisis in the country.

He was reacting to the statement credited to the executive director of the Nigeria Financial Intelligence Unit, NFIU, Moddibo Tukur, who accused the officials of federal government and some governors of violating the financial regulations by exceeding the withdrawal limit.

He said a  state governor withdrew N24 billion cash against the withdrawal limit.

Tukur, during the press conference yesterday threatened to arrest and prosecute anyone found wanting as from March 03, 2023.

Okutepa while responding said; “ What’s happening now shows that the federal government has never been serious about tackling financial crimes. The law regulating withdrawal limits and what the bank should do in case of suspicious transactions has been there all along. 

“ There’s no banking institutions in Nigeria, what we have all along is deposit houses.

“ Even the approval that the NFIU boss talked about, it will be done with preferential treatment along party line. The president may turn a blind eye if someone close to him or members of his political party are found wanting. It won’t work.” He said.

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