There is an ongoing joint effort between the Nigeria Deposit Insurance Corporation and the Economic and Financial Crimes Commission to curb financial activities in the Nation’s financial institutions.
The Managing Director of NDIC, Bashir Hassan elaborated on this during his courtesy call to the headquarters of the Economic and Financial Crimes Commission in Abuja.
He made it known to the Executive Chairman of the commission, Ola Olukoyede, that the NDIC plays a crucial role in combating financial crimes in the banking system, through its mandates that includes bank supervision and liquidation of licenced financial institutions; and most importantly to protect depositors funds and ensure the stability of the financial system.
In a statement released by the NDIC Director of Communication and Public Affairs, Bashir Nuhu, the Executive Director, Hassan commended the EFCC for its relentless efforts in the fight against corruption and financial crimes, emphasising the indispensable role it plays as a key member of the Taskforce on Implementation of the Failed Banks Act, which is chaired by the NDIC.
Hassan reiterated on the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk in the EFCC in August 2022, adding that a total of 10 high-profile cases referred to the commission were under investigation.
He further stated that the corporation was committed to ensuring that those who contributed to the failure of banks were properly investigated and prosecuted.
According to him, the NDIC plays a critical role in combating financial crimes within the banking sector through its mandate, which includes bank supervision and liquidation of licensed banks, with its objective being to protect depositors’ funds and ensure the stability of the financial system.
He then solicited the return of recoveries made by the EFCC on behalf of the NDIC to the corporation’s coffers to facilitate the timely reimbursement of depositors.
The Chairman of the commission Ola Olukoyede, in his response emphasised the interconnection between criminal activities and bank failures, urging the NDIC and the Central Bank of Nigeria to intensify oversight to prevent the risk of bank failure.
He pledged the EFCC’s commitment to deepening collaboration and synergising efforts in combating financial crimes, thereby, safeguarding the integrity of the Nigerian banking sector.
Earlier this month, the NDIC said that it had reimbursed depositors of 179 rested microfinance and four mortgage banks across the country.
