Failed Banks Funds: NDIC Seeks Prompt Return Of Recoveries By EFCC
BY COBHAM NSA – The Nigeria Deposit Insurance Corporation (NDIC) says prompt return of recoveries by the Economic and Financial Crimes Commission (EFCC) to its coffers will aid the process of timely reimbursing depositors of failed banks.
This is as the Corporation also expressed its resolve to ensure those contributing to banks’ failure are properly investigated, prosecuted, and sanctioned for their crimes against the nation’s banking system
NDIC Managing Director and Chief Executive, Mr. Bello Hassan, who made plea when the Corporation’s Management team visited the Executive Chairman of EFCC, Mr. Ola Olukoyede in Abuja, said a process where there are no delays in returning recoveries made on behalf of the NDIC to its coffers would not only facilitate the timely reimbursement of depositors but also ease the pains of their unexpected financial losses.
Hassan lauded the anti-graft agency’s relentless efforts in the fight against corruption and financial crimes, stressing that it is currently playing an indispensable role as a key member of the Taskforce on Implementation of the Failed Banks Act being chaired by the NDIC.
On existing partnership between both organisations which aided the establishment of NDIC Help Desk in the EFCC in August 2022, Hassan noted that a total number of 10 high profile cases referred to the Commission are currently under investigation.
Accordingly, he said enhanced partnership in the recovery of depositors’ funds would ensure liquidation dividends are paid to depositors whose monies were unfortunately lost due to bank failures.
The Corporation Chief Executive further stressed that the NDIC would not relent in the task of combating financial crimes within the banking sector through its mandate of bank supervision and liquidation of licensed banks.
A statement on the visit by NDIC’s Director of Communication and Public Affairs, Bashir A. Nuhu further said the ultimate objective of the Corporation is to protect depositors’ funds and ensure the stability of Nigeria’s financial system.
In his remarks, the EFCC Chairman Mr. Ola Olukoyede, who noted the interconnection between criminal activities and bank failures, tasked NDIC and the Central Bank of Nigeria (CBN) to intensify oversight to prevent the risk of bank failure.
He pledged the anti-corruption Commission’s commitment to deepening collaboration and synergising efforts in combating financial crimes aimed at safeguarding the integrity of Nigeria’s banking sector.
