The EFCC has started o probe of bank chief executives for living larger than their means.

The commission said it embarked on that to save the industry from likely stress.

Reports have it that one or them was recently summoned by the EFCC .

The  CEOs were said to have been hosting lavish parties, buying exotic vehicles, indulging in acquisition of properties at home and abroad, chartering, using jets on lease or outright purchase of jets through their cronies.

One of the executives who allegedly acquired a $5-million jet is under investigation now. The same CEO allegedly diverted proceeds of two ships in the custody of the bank to his personal account.

“We have placed these executives under watch. In fact, our detectives have grilled one of them. The management of the interrogated bank executive was also summoned on Wednesday where all the cards were laid on the table for them to see,” and EFCC source was quoted in the Nation.

“What we are doing is to take precautionary measures to avert a repeat of the distress of 2008/2009. We want bank executives to keep to their ethics of their profession, protect depositors’ funds and avoid unnecessary luxury at the expense of their banks.

“It is a wake-up call for boards of banks to checkmate unnecessary spending. We will not release the list of the affected bank CEOs but those who should have relevant information to check them will be informed.

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