By Babajide Komolafe
The Nigeria Deposit Insurance Corporation (NDIC) and the Economic and Financial Crimes Commission (EFCC) have agreed to strengthen collaboration to enhance the investigation and prosecution of offences that lead to bank failures, while also improving the recovery of assets and debts of failed banks.
This formed the focus of a courtesy visit by the management of the NDIC, led by its Managing Director/Chief Executive, Mr. Thompson Oludare Sunday, to the Chairman of the EFCC, Mr. Olanipekun Olukoyede, in Abuja.
Members of the NDIC delegation included the Executive Director, Corporate Services, Mrs. Emily Osuji; the Executive Director, Operations, Dr. Kabir Katata; and other senior directors.
Mr. Sunday said effective collaboration with the EFCC is critical to the successful liquidation of failed banks, particularly in asset realisation and debt recovery, the proceeds of which are used to settle uninsured depositors. He noted that challenges such as asset stripping and concealment often undermine liquidation efforts, stressing the need for closer partnership with the EFCC in asset tracing, recovery and enforcement.
He added that cooperation would also cover efforts to combat banking fraud and other financial crimes, as well as the prosecution of individuals whose actions contribute to bank failures. According to him, the NDIC, through its mandates of deposit guarantee, bank supervision, distress resolution and bank liquidation, plays a key role in safeguarding financial system stability and protecting depositors’ funds.
In his response, EFCC Chairman, Mr. Olukoyede, reaffirmed the Commission’s strong working relationship with the NDIC in tackling financial crimes in the banking sector. He acknowledged the longstanding cooperation between both institutions, particularly in investigations and capacity building.
Mr. Olukoyede explained that the EFCC has dedicated units, including the Bank Fraud Section, that handle NDIC-related cases, and urged the Corporation to forward any pending cases for prompt review to ensure effective monitoring.
He also highlighted the role of the EFCC’s Fraud Risk Assessment and Control Department in promoting compliance, sound risk management and internal controls across institutions, pledging continued collaboration with the NDIC to safeguard the stability and integrity of Nigeria’s banking system.
The post NDIC, EFCC to enhance prosecution of bank failure offences appeared first on Vanguard News.
