Written by Babajide Komolafe
The Economic and Financial Crimes Commission (EFCC) and the Nigeria Deposit Insurance Corporation (NDIC) have decided to work together more closely to improve the recovery of assets and obligations from failed banks as well as the investigation and prosecution of crimes that cause bank failures.
This was the main topic of the NDIC’s management’s courtesy visit to the EFCC Chairman, Mr. Olanipekun Olukoyede, in Abuja, which was headed by Mr. Thompson Oludare Sunday, the organization’s managing director and chief executive.
The NDIC delegation comprised top directors, including Dr. Kabir Katata, the Executive Director of Operations, and Mrs. Emily Osuji, the Executive Director of Corporate Services.
Effective cooperation with the EFCC, according to Mr. Sunday, is essential to the efficient liquidation of failing banks, especially when it comes to debt recovery and asset realization, the revenues of which are utilized to pay out uninsured depositors. He emphasized the necessity of a better collaboration with the EFCC in asset tracking, recovery, and enforcement, pointing out that obstacles such asset stripping and concealment frequently impede liquidation attempts.
The prosecution of those whose acts lead to bank collapses and the fight against banking fraud and other financial crimes would also fall under the purview of collaboration, he continued. He claims that the NDIC plays a crucial role in preserving the stability of the financial system and safeguarding depositor funds through its responsibilities of deposit guarantee, bank supervision, crisis resolution, and bank liquidation.
In response, Mr. Olukoyede, Chairman of the EFCC, reiterated the Commission’s solid cooperation with the NDIC in combating financial crimes in the banking industry. He recognized the long-standing collaboration between the two organizations, especially in capacity building and investigations.
In order to maintain efficient monitoring, Mr. Olukoyede asked the Corporation to report any ongoing cases for fast consideration. He clarified that the EFCC has specialized departments, such as the Bank Fraud Section, that handle NDIC-related crimes.
He promised to continue working with the NDIC to protect the stability and integrity of Nigeria’s financial system and emphasized the importance of the EFCC’s Fraud Risk Assessment and Control Department in encouraging compliance, prudent risk management, and internal controls across institutions.
