The Nigeria Deposit Insurance Corporation (NDIC) say it remains committed to ensuring that those who contribute to the failure of banks are properly investigated and prosecuted. Managing Director and Chief Executive of the NDIC, Mr. Bello Hassan made gave the commitment when he along with the NDIC Management visited the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede at the EFCC Headquarters in Abuja.
Mr. Bello Hassan explained that the NDIC plays a critical role in combatting financial crimes within the banking sector through its mandate which includes bank supervision and liquidation of licensed banks. The ultimate objective, he added, is to protect depositors’ funds and ensure the stability of the financial system. He 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.
The NDIC disclosed in a statement that Mr. Hassan elaborated on the existing partnership between the two organisations which led to the establishment of the NDIC Help Desk in the EFCC in August 2022. As a result, he added, a total number of 10 high profile cases referred to the Commission are currently under investigation. Bashir Nuhu, Director Communication and Public Affairs of the NDIC stated that Mr Bello called for enhanced collaboration in the recovery of Depositors’ funds to ensure that liquidation dividends are paid to depositors whose monies were lost as a result of bank failures to facilitate the timely reimbursement of Depositors.
Mr. Ola Olukoyede, Chairman of the EFCC emphasised the interconnection between criminal activities and bank failures, urging NDIC and the Central Bank of Nigeria (CBN) 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 Nigeria’s banking sector.
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