The Nigeria Deposit Insurance Corporation (NDIC) has reiterated its commitment to deepening collaboration with the Economic and Financial Crimes Commission (EFCC) to enhance asset recovery and the prosecution of offences linked to bank failures.
The Managing Director and Chief Executive of the NDIC, Mr. Thompson Oludare Sunday, made this known during a courtesy visit by the management of the Corporation to the Executive Chairman of the EFCC, Mr. Olanipekun Olukoyede, at the Commission’s headquarters in Abuja.
Mr. Sunday said effective cooperation with the EFCC is critical to the successful liquidation of failed banks, particularly in the recovery of assets and debts; the proceeds of which are used to pay uninsured depositors.
He noted that tackling asset stripping and concealment requires strong partnership through asset tracing, investigation and enforcement actions.
According to him, collaboration between both institutions is also essential in addressing banking fraud, financial crimes in the banking system, and the prosecution of individuals whose actions contribute to bank failures.
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The NDIC Managing Director explained that through its core mandates of deposit guarantee, bank supervision, distress resolution and bank liquidation, the Corporation plays a key role in maintaining financial system stability and protecting depositors’ funds.
He described the visit as a step towards strengthening institutional partnership, noting that the NDIC and the EFCC share common values of integrity, professionalism and accountability.
Safeguarding Nigeria’s Banking Sector
In his response, the EFCC Chairman, Mr. Olanipekun Olukoyede, reaffirmed the Commission’s strong working relationship with the NDIC in combating financial crimes within the banking sector.
He acknowledged the long-standing cooperation between both agencies, particularly in investigations and capacity building.
Mr. Olukoyede disclosed that the EFCC has dedicated units, including the Bank Fraud Section, which handles NDIC-related cases, and urged the Corporation to forward pending cases for timely review and effective monitoring.
He also highlighted the role of the EFCC’s Fraud Risk Assessment and Control Department, which focuses on proactive compliance monitoring and the promotion of sound risk management practices across public and private institutions.
The EFCC Chairman pledged the Commission’s continued support and commitment to strengthening synergy with the NDIC in safeguarding the stability and integrity of Nigeria’s banking sector.