In an effort to reduce financial crimes in the banking industry, the Nigeria Deposit Insurance Corporation (NDIC) and the Economic and Financial Crimes Commission (EFCC) have promoted cooperation.
In a statement, the Corporation stated that it is still dedicated to making sure that individuals who cause bank failures are adequately looked into and prosecuted.
The statement was made by NDIC Chief Executive and Managing Director Bello Hassan during a polite visit by NDIC management to Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), at the EFCC Headquarters in Abuja.
Hassan clarified that the NDIC’s mandate, which includes bank monitoring and licensed bank liquidation, plays a vital role in the fight against financial crimes in the banking industry.
He went on to say that safeguarding depositors’ money and maintaining the stability of the financial system is the ultimate goal. He praised the EFCC for its unwavering efforts in the battle against financial crimes and corruption, highlighting the crucial role it plays as a major player in the NDIC-chaired Taskforce on Implementation of the Failed Banks Act.
Hassan went into detail on the current collaboration between the two organizations, which resulted in the August 2022 opening of the NDIC Help Desk within the EFCC.
He continued, saying that as a result, the Commission is presently looking into ten high-profile cases. In order to guarantee that depositors whose money was lost as a result of bank failures get liquidation dividends, the NDIC Chief urged for more cooperation in the recovery of depositors’ funds.
Consequently, he requested that the EFCC return whatever recoveries it had achieved on behalf of the NDIC to the Corporation’s funds so that Depositors might be promptly reimbursed.
Ola Olukoyede, the chairman of the EFCC, underlined the link between criminal activity and bank failures and urged the Central Bank of Nigeria (CBN) and NDIC to step up supervision to reduce the likelihood of bank collapse.
He vowed that the EFCC would remain dedicated to strengthening cooperation and coordinating actions to combat financial crimes, protecting the integrity of Nigeria’s banking industry in the process.
