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 assets and debts of failed banks, as well as the investigation and prosecution of individuals whose actions contribute to bank failures.
The Managing Director and Chief Executive Officer of the NDIC, Mr. Thompson Oludare Sunday, disclosed this during a courtesy visit by the Corporation’s management to the Executive Chairman of the EFCC, Mr. Olanipekun Olukoyede, at the Commission’s headquarters in Abuja.
The NDIC delegation included the Executive Director, Corporate Services, Mrs. Emily Osuji; the Executive Director, Operations, Dr. Kabir Katata; and other key directors of the Corporation.
Mr. Sunday explained that effective collaboration with the EFCC is critical to the successful liquidation of failed banks, which involves asset realisation and debt recovery, with proceeds applied to the payment of uninsured deposits.
He noted that addressing cases of asset stripping and concealment requires close partnership with the EFCC through enhanced asset tracing, recovery, and enforcement actions.
He also identified areas of collaboration in addressing banking fraud and other financial crimes within the banking system, as well as the prosecution of individuals whose actions contribute to bank failure.
Mr. Sunday emphasised that through the effective implementation of its four core mandates, Deposit Guarantee, Bank Supervision, Distress Resolution, and Bank Liquidation the NDIC plays a significant role in ensuring financial system stability. He added that the Corporation’s ultimate objective is the protection of depositors’ funds, prompt payment to depositors in the event of bank failure, and the strengthening of public confidence in the financial system.
Noting that the NDIC and EFCC share core values of integrity, professionalism, and collaboration, he described the visit as a strategic engagement aimed at strengthening institutional partnership, particularly in areas where the EFCC’s investigative and prosecutorial expertise is crucial to achieving NDIC’s mandate.
In his response, the EFCC Chairman, Mr. Olanipekun Olukoyede, reaffirmed the Commission’s strong working relationship with the NDIC in tackling financial crimes in the banking sector.
He acknowledged the longstanding cooperation between both institutions, especially in investigations and capacity building on banking operations.
Mr. Olukoyede briefed the delegation on key departments within the Commission, including the Bank Fraud Section, which handles NDIC-related cases.
He urged the Corporation to forward any pending cases for prompt review to ensure effective tracking and improved outcomes.
He also highlighted the role of the EFCC’s Fraud Risk Assessment and Control Department, which focuses on proactive compliance monitoring, promotion of sound risk management practices, and strengthening internal control systems within public and private sector institutions, as part of the Commission’s broader mandate to 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 individuals whose actions undermine the stability and integrity of Nigeria’s banking sector.
