The Nigeria Deposit Insurance Corporation (NDIC) 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,  Mr.   Bello Hassan made the remark during a courtesy visit of the NDIC Management 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 plays a critical role in combatting financial crimes   within   the   banking   sector   through   its  mandate   which   includes   bank supervision and liquidation of licensed banks.

The ultimate objective, he added, is to protect   depositors’   funds   and   ensure   the   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.

Mr. Hassan elaborated on the existing partnership between the two organisations which led to the establishment of the NDIC Help Desk in the EFCC in August 2022. As   a   result,   he   added,   a   total   number   of   10   high   profile   cases   referred   to   the Commission are currently under investigation.

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.

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  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.