The Economic and Financial Crimes Commission (EFCC) and the Nigeria Deposit Insurance Corporation (NDIC) have reaffirmed their commitment to strengthening collaboration in safeguarding Nigeria’s financial system.
This commitment was a key highlight of discussions during a courtesy visit by the Zonal Director of the Ilorin Zonal Directorate of the EFCC, Harry Erin, to the Zonal Controller of the NDIC’s Ilorin Office, Hamza Umar Kangiwa, at the NDIC’s office in GRA, Ilorin.
During the meeting, Harry emphasized the importance of enhanced cooperation between the two agencies, stating, “Strengthening collaboration between these government agencies is essential for enhancing financial integrity and minimizing systemic risks.”
He further explained that while the EFCC is responsible for investigating and prosecuting financial crimes, the NDIC provides deposit insurance and ensures the stability of the banking sector.
According to him, maintaining mutual understanding and a cordial relationship between the two agencies is crucial in achieving success in the fight against corruption.
The Zonal Director highlighted that financial institutions, including microfinance banks, often commit infractions that not only warrant administrative sanctions but also necessitate criminal prosecution.
“We urge you to report to us whenever, in the course of your duties, you uncover individuals or financial institutions engaged in crimes that fall within our mandate,” he stated.
He underscored the devastating impact of financial crimes on individuals, citing instances where financial losses have led to suicides and severe economic distress.
“Many people have lost their lives, and others have taken extreme measures due to these infractions. When an individual loses their entire savings, financial stability becomes nearly impossible. This is why our role as a regulatory and enforcement body is critical—to apprehend financial crime perpetrators, stabilize the economy, and restore public confidence in the financial system,” he added.
Speaking on the EFCC’s mandate, Harry reiterated that the Commission is an agency of government empowered to fight corruption, with its board comprising key stakeholders from various government institutions.
He commended the NDIC for it’s role in maintaining financial stability and safeguarding the Nigerian economy. “We recognize the critical work you do, and your efforts in regulating financial institutions speak volumes,” Harry remarked.
In response, the Zonal Controller of the NDIC’s Ilorin office, Hamza Umar Kangiwa, who previously served at the EFCC on secondment, lauded the Commission’s relentless anti-corruption initiatives. He pledged to foster collaboration and share insights with the EFCC to ensure the success of the anti-graft campaign.
“Fighting financial crimes is a collective responsibility, and we are committed to working closely with the EFCC to achieve this objective,” he affirmed.
Olusola Akintonde
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