The Nigeria Deposit Insurance Corporation (NDIC) has reiterated it’s commitment to ensure that those who contributed to the collapse of banks are investigated and sanctioned.
The Managing Director and Chief Executive of the NDIC, Mr. Bello Hassan made the remark during a courtesy visit of the body to the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede at the EFCC Headquarters in Abuja.
Mr. Bello Hassan explained that the NDIC played a critical role in combating financial crimes within the banking sector through its mandate which included bank supervision and liquidation of erring banks to protect depositors’ funds and ensure stability of the financial system.
He commended the EFCC for its relentless efforts in the fight against corruption and financial crimes, emphasising 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.
Hassan spoke on the existing partnership between the two organisations leading to the establishment of the NDIC Help Desk in the EFCC in August 2022 adding that ten high profile cases referred to the Commission are currently being investigated by EFCC.
The NDIC Boss called for enhanced collaboration in the recovery of Depositors’ funds to ensure that liquidation dividends are paid to depositors who their money lost as a result due to bank failures.
He, solicited for the return of assets recovered by the EFCC on behalf of the NDIC to the Corporation’s coffers in order to facilitate the timely reimbursement of Depositors.
The EFCC Chairman Mr. Ola Olukoyede emphasised the interconnection between criminal activities and bank failures, urging NDIC and the Central Bank of Nigeria (CBN) to intensify it’s oversight function to prevent the bank failures.
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.