The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to strengthening collaboration with the Economic and Financial Crimes Commission (EFCC) to enhance the recovery of failed banks’ assets and debts, as well as the investigation and prosecution of persons who contributed to bank failure.

The Managing Director and Chief Executive of the NDIC, Thompson Oludare Sunday, made this known during a courtesy visit by the Management of the Corporation to the Executive Chairman of the EFCC, Olanipekun Olukoyede, at the Commission’s Headquarters in Abuja.

The delegation included the Executive Director, Corporate Services, Emily Osuji; the Executive Director, Operations, Dr Kabir Katata, as well as other key directors of the Corporation.

Sunday explained that effective collaboration with the EFCC is critical to the successful liquidation of failed banks, which involves asset realisation and debt recovery, the proceeds of which are applied to the payment of uninsured deposits.

He noted that addressing cases of asset stripping and concealment of assets requires close partnership with the EFCC through enhanced asset tracing, recovery and enforcement actions.

He also identified areas of collaboration in the Corporation’s efforts in addressing banking fraud and financial crimes in the banking system and the prosecution of individuals who contribute to bank failure.

The NDIC boss emphasised that, through the effective implementation of its four core mandates of Deposit Guarantee, Bank Supervision, Distress Resolution and Bank Liquidation, the NDIC contributes significantly to ensuring the stability of the financial system. He added that the ultimate objective of the Corporation is the protection of depositors’ funds, prompt payment of depositors in the event of bank failure and strengthening public confidence in the financial system.

Noting that the NDIC and the EFCC share core values of integrity, professionalism and collaboration, he described the visit as a formal engagement towards strengthening institutional partnership, particularly in areas where EFCC’s investigative and prosecutorial capabilities are crucial to the achievement of the NDIC’s mandate.

In his response, the Executive Chairman of the EFCC, Olanipekun Olukoyede, reaffirmed the Commission’s strong working relationship with the NDIC in addressing financial crimes in the banking sector. He acknowledged the longstanding cooperation between both institutions, especially in investigations and capacity building on the intricacies of banking operations.

Olukoyede informed the delegation about key departments within the Commission, including the Bank Fraud Section, which handles NDIC-related cases. He urged the Corporation to bring forward any pending cases for prompt review to ensure better traction and effective monitoring of progress.

He also highlighted the role of the 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.

He described this as part of the EFCC’s broader efforts to support and safeguard the Nigerian economy.

The EFCC Chairman pledged the Commission’s continued commitment to deepening collaboration and strengthening synergy with the NDIC in combating financial crimes, enhancing asset recovery, and prosecuting those whose actions undermine the stability and integrity of Nigeria’s banking sector. (Guardian)

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