Nigeria Deposit Insurance Corporation (NDIC) said it has reported 10 high-profile banking infractions to the Economic and Financial Crimes Commission (EFCC) for investigations.
The NDIC also said it is working with EFCC to tackle financial crimes within the nation’s banking sector.
Mr. Bello Hassan, managing director and chief executive of the NDIC, mentioned this during a visit to Mr. Ola Olukoyede, executive chairman of the EFCC, at the EFCC headquarters in Abuja at the weekend.
According to a statement issued by Bashir Nuhu, NDIC Spokesperson, at the weekend, Hassan stressed that the NDIC will remain committed to ensuring that those who contribute to the failure of banks are properly investigated and prosecuted.
He explained that 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.
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.
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.
He said 10 high-profile cases referred to the Commission were currently under investigation.
The NDIC boss 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.
He, therefore, solicited for the return of recoveries made by the EFCC on behalf of the NDIC to the Corporation’s coffers in order to facilitate the timely reimbursement of Depositors.
On his part, the EFCC Chairman 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.
