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 contribute to the failure of banks.
The Managing Director/Chief Executive of the NDIC, Mr. Thompson Oludare Sunday, made this remark when he led the corporation’s management team, comprising the Executive Director, Corporate Services, Mrs. Emily Osuji; the Executive Director, Operations, Dr. Kabir Katata; and other Directors, on a courtesy visit to the Executive Chairman of the EFCC, Mr. Olanipekun Olukoyede, at the Commission’s Headquarters in Abuja.
The NDIC boss maintained that effective collaboration with the EFCC remained 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, stressing that addressing cases of asset stripping and concealment of assets requires close partnership with the EFCC through enhanced asset tracing, recovery and enforcement actions.
Sunday also spoke on 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 towards bank failure.
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The deposit insurance expert emphasised that through the effective implementation of its four core mandates of Deposit Guarantee, Bank Supervision, Distress Resolution and Bank Liquidation, the NDIC had been ensuring the stability of the financial system, adding 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.
The NDIC boss noted that the NDIC and the EFCC shared core values of integrity, professionalism and collaboration, Sunday 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 NDIC’s mandates.
In his response, the Executive Chairman of the EFCC reaffirmed the Commission’s strong working relationship with the NDIC in addressing financial crimes in the banking sector, recalling 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 and urged the NDIC management to submit any pending banking fraud case 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, describing this as part of the EFCC’s broader efforts to support and safeguard the Nigerian economy.
This is even as he pledged the anti-graft agency’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.
Photo Caption
The NDIC Managing Director, Mr. Thompson Oludare Sunday (left); receiving a commemorative plaque from the Chairman of the EFCC, Mr. Olanipekun Olukoyede, during the NDIC management’s recent visit to the EFCC headquarters in Abuja
