- Insist no hiding place for perpetrators of banks’ failure
BY COBHAM NSA – The Nigeria Deposit Insurance Corporation (NDIC) has pledged robust partnership with the Economic and Financial Crimes Commission (EFCC) to recover failed banks’ assets and debilitating debts within the nation’s banking sector.
Additionally, the Corporation also reaffirmed its stance at reinforced cooperation with the anti-graft agency in the investigation and prosecution of individuals who contribute to the banks’ failure in the country.
According to the Managing Director and Chief Executive of the NDIC, Mr. Thompson Oludare Sunday, effective and strong collaboration with the EFCC is critical to the successful liquidation of failed banks, especially in asset realisation and debt recovery, with the proceeds utilised to pay off uninsured deposits.
Mr Sunday, who spoke when the NDIC Management visited the EFCC’s Executive Chairman, Olanipekun Olukoyede, at the Commission’s Headquarters in Abuja, explained that addressing cases of asset stripping and concealment of assets requires close partnership with the anti-corruption agency through enhanced asset tracing, recovery and enforcement actions.
He said collaborative efforts would make tackling of banking fraud and financial crimes in the banking system more successful, stressing that NDIC contributes significantly to ensuring the stability of the financial system through the effective implementation of its four core mandates of Deposit Guarantee, Bank Supervision, Distress Resolution and Bank Liquidation.
Further explaining that the NDIC’s ultimate objective is the protection of depositors’ funds, prompt payment of depositors in the event of bank failure and strengthening public confidence in the financial system, Mr Sunday said the Corporation and EFCC share core values of integrity, professionalism and collaboration.
For him, the courtesy visit is 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 of keeping the depositors’ funds safe and secured in the banking sector.
In his remarks, the EFCC Executive Chairman, Mr. Olanipekun Olukoyede, restated the Commission’s healthy working relationship with the NDIC in addressing financial crimes in the nation’s banking sector.
While acknowledging the enduring cooperation between both institutions, especially in investigations and capacity building on the intricacies of banking operations, Mr. Olukoyede highlighted key departments within the anti-corruption Commission, including the Bank Fraud Section, which handles NDIC-related cases.
The EFCC boss, who tasked the Corporation to bring forward any pending cases for prompt review to ensure better traction and effective monitoring of progress, also emphasised the role of 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.
Describing this as part of the anti-graft agency’s broader efforts to support and safeguard the Nigerian economy, Olukoyede guaranteed EFCC’s sustained resolve to deepening collaboration and strengthening synergy with the NDIC in combating financial crimes, enhancing asset recovery, and prosecuting individuals and groups whose actions undermine the stability and integrity of Nigeria’s banking sector.
A statement by Hawwau Gambo, Head, Communication and Public Affairs of NDIC disclosed that the Corporation’s delegation to the EFCC included Executive Director, Corporate Services, Mrs. Emily Osuji, and Executive Director, Operations, Dr. Kabir Katata, as well as other key directors of the Corporation
