The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its dedication to investigating and prosecuting individuals responsible for the collapse of banks in the country.
During a visit to the Economic and Financial Crimes Commission (EFCC) headquarters in Abuja, NDIC Managing Director Bello Hassan highlighted the organization’s crucial role in combating financial crimes in the banking sector through bank supervision and liquidation of licensed banks.
He added that the he primary goal is to safeguard depositors’ funds and ensure financial system stability.
Hassan praised the EFCC for its unwavering efforts in fighting corruption and financial crimes, acknowledging its vital role as a member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.
The collaboration between the two agencies led to the establishment of the NDIC Help Desk at the EFCC in August 2022, resulting in the referral of 10 high-profile cases for investigation.
Hassan urged for increased cooperation in recovering depositors’ funds to facilitate prompt payment of liquidation dividends to affected depositors.
He also requested that funds recovered by the EFCC on behalf of the NDIC be returned to the Corporation to expedite depositor reimbursement.
EFCC Chairman Ola Olukoyede highlighted the link between criminal activities and bank failures, urging the NDIC and the Central Bank of Nigeria (CBN) to enhance oversight functions to prevent bank failures.
He pledged the EFCC’s commitment to strengthening collaboration with the NDIC in combating financial crimes and preserving the integrity of Nigeria’s banking sector.
This collaboration between the two agencies aims to strengthen the regulatory framework and enhance the effectiveness of anti-money laundering measures. By working together, both agencies can better detect and prevent fraudulent activities that threaten the stability of the financial system.
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