The Association Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has said looted funds Â are affecting the financial system.
The union said the financial system remained weak in liquidity and undercapitalised because stolen funds were in private vaults and were accounted for in the financial system.
In a statement signed by its President, Comrade Oyinkansola Olasanoye, the union saidÂ the wealth of the nation, the basic infrastructure that the people have been denied, the healthcare that the people lack are in the funds locked up in private vaults of privileged individuals who have their way into the nationâ€™s treasury whether named or not.
â€śNigerians of all tribes and languages have been continually caught by surprise at every instance of cash piles and dollar caches discovered in various private vaults, safes, underground and surface tanks and in private locked up shops across the nation.
â€śIn some interesting cases, the ownership of the cash is left to the speculation of the public with laughable accusation and counter accusations.
â€śThe cash which comes in foreign currencies and our local higher denominations was even abandoned at the airport lounge on an occasion in a most dramatic fashion,â€ť she said.
Olasanoye urgedÂ Â the government to continue to strengthen the relevant anti-corruption institutions and build a strong system around strong values and beyond personalities, addingÂ Â that government should encourage people to speak the truth to power at all levels, whether through citizensâ€™ media or the regular mass media.
She saidÂ Â the government should go beyond the financial reward to whistleblowers, and put in place laws that will protect the whistleblowers against any form of retaliation.
â€śWe also encourage our members in the insurance and banking sector to get involved in the whistle blowing of any person or persons known to them to be involved in the practice of cash racketeering. This is intended to save our system
â€śThat ASSBIFI shall continue to support the efforts of government to rid the financial system of corruption at all levels. We therefore demand that anti-corruption agencies should intensify efforts into preventive activities by working hand in hand with the financial system operators and regulators in ensuring that access to such cash is prevented at the commercial banks and the CBN.
â€śThe government must not mistake the shocked silence of the populace for ambivalence as the people shall demand in due course a more proactive approach to anti-corruption as against the present reactionary trend,â€ť she said.
She said the people shall desire to see a more diligent prosecution of corruption cases and a stem in the tide of corruption cases being lost to lack of diligent prosecution.