EFCC warns banks against unsecured loans

The Economic and Financial Crimes Commission (EFCC) warned Nigerian banks against granting loans without credible collateral due to concerns over insider abuse and financial stability. EFCC chairman Ola Olukoyede criticized loans backed solely by personal guarantees, stating they expose depositors' funds to significant risk. He emphasized the need for verifiable collateral to reduce the rising level of non-performing loans within the financial system.