The Nigeria Deposit Insurance Corporation (NDIC) has 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.
The Managing Director and Chief Executive of the NDIC, Bello Hassan in his remark while on a courtesy visit of the NDIC Management to the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede at the EFCC Headquarters in Abuja recently.
The Corporation who remains committed to ensuring that those who contribute to the failure of banks are properly investigated and prosecuted, solicited for 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.
NDIC Boss explained that the Corporation plays a critical role in combatting financial crimes within the banking sector through its mandate which includes bank supervision and liquidation of licensed banks.
According to the statement released by the Corporation, while the ultimate objective, Bello 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 indispensable role it plays as a key member of Taskforce on Implementation of the Failed Banks Act which is chaired by the NDIC.
NDIC Boss 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 EFCC Chairman, 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.
