Abuja, the Nigeria Deposit Insurance Corporation (NDIC) is seeking stronger collaboration with the Economic and Financial Crimes Commission (EFCC).
The NDIC disclosed this in a statement issued by Hawwau Gambo, its Head of Communication and Public Affairs Department.
The statement said t Mr. Thompson Sunday, the Chief Executive of the NDIC, said this during a courtesy visit of The NDIC management of the Corporation to the EFCC.
Executive Chairman of the EFCC, Mr. Olanipekun Olukoyede, at the Commission’s Headquarters in Abuja.
The delegation included Mrs. Emily Osuji, the Executive Director of Corporate Services, Dr. Kabir Katata, the Executive Director of Operations,and other directors in the corporation .
Sunday said effective collaboration with the EFCC was critical to the successful liquidation of failed banks which involved asset realisation and debt recovery, the proceeds of which are applied to the payment of uninsured deposits.
He said addressing cases of asset stripping and concealment of assets also required close partnership with the EFCC through enhanced asset tracing, recovery and enforcement actions.
The NDIC boss identified areas of collaboration in the Corporation’s efforts in addressing banking fraud and financial crimes in the banking system and the prosecution of individuals who contribute towards bank failure.
He stressed that effective implementation of the NDIC’s four core mandates of Deposit Guarantee, Bank Supervision, Distress Resolution and Bank Liquidation, the NDIC contributes significantly to ensuring the stability of the financial system.
Sunday said the ultimate objective of the Corporation is the protection of depositors’ funds, prompt payment of depositors in the event of bank failure and strengthening public confidence in the financial system.
Noting that the NDIC and the EFCC share core values of integrity, professionalism and collaboration, he described the visit as a formal engagement towards strengthening institutional partnership, particularly in areas where EFCC’s investigative and prosecutorial capabilities are crucial to the achievement of NDIC’s mandates.
In his response, the Executive Chairman of the EFCC, Mr. Olanipekun Olukoyede, reaffirmed the Commission’s strong working relationship with the NDIC in addressing financial crimes in the banking sector.
He acknowledged the longstanding cooperation between both institutions, especially in investigations and capacity building on the intricacies of banking operations.
Mr. Olukoyede informed the delegation about key departments within the Commission, including the Bank Fraud Section, which handles NDIC-related cases.
He urged the Corporation to bring forward any pending cases for prompt review to ensure better traction and effective monitoring of progress.
He also highlighted the role of the EFCC’s Fraud Risk Assessment and Control Department, which focuses on proactive monitoring of compliance, promotion of sound risk management processes, and internal controls within public and private sector institutions.
He described this as part of the EFCC’s broader efforts to support and safeguard the Nigerian economy.
The EFCC Chairman pledged the Commission’s continued commitment to deepening collaboration and strengthening synergy with the NDIC in combating financial crimes, enhancing asset recovery, and prosecuting those whose actions undermine the stability and integrity of Nigeria’s banking sector.
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