NDIC, EFCC reiterate commitment to combating financial crimes

The Nigeria Deposit Insurance Corporation, NDIC, says it remains committed to ensuring that those who contribute to the failure of banks are properly investigated and prosecuted.

The Managing Director and Chief Executive of the NDIC, Bello Hassan, made this statement during a courtesy visit of the NDIC Management to the Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, at the EFCC Headquarters in Abuja.

Hassan noted that the NDIC plays a critical role in fighting financial crimes within the banking sector through its mandate which includes bank supervision and liquidation of licensed banks.

According to him, the ultimate objective of the NDIC is to protect depositors’ funds and ensure the stability of the financial system.

He applauded the EFCC for its relentless efforts in the fight against corruption and financial crimes, emphasizing 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.

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.

Olukoyede emphasized 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.