The Nigeria Deposit Insurance Corporation (NDIC) has formally requested the Economic and Financial Crimes Commission (EFCC) to return funds recovered from banks’ fraudsters to the corporation. This appeal was made by the Managing Director of NDIC, Mr. Bello Hassan, during his visit to the EFCC headquarters in Abuja.
In a statement issued by Bashir Nuhu, the Director of Communications and Public Affairs, Mr. Hassan emphasized the importance of collaboration between NDIC and EFCC in recovering depositors’ funds lost as a result of bank failures. He urged for enhanced cooperation to ensure that liquidation dividends are paid to affected depositors in a timely manner.
“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 to facilitate the timely reimbursement of depositors,” the statement read.
Mr. Hassan reiterated NDIC’s commitment to holding accountable those responsible for the failure of banks through thorough investigation and prosecution. He emphasized the critical role played by NDIC in combating financial crimes within the banking sector, highlighting its mandate of bank supervision and liquidation of licensed banks.
“The ultimate objective, he added, was to protect depositors’ funds and ensure the stability of the financial system.”
Commending the EFCC for its efforts in the fight against corruption and financial crimes, Mr. Hassan underscored the existing partnership between NDIC and EFCC. He mentioned that 10 high-profile cases referred to the Commission are currently under investigation, emphasizing the need to strengthen collaboration between the two organizations.
In response, the EFCC Chairman, Mr. Ola Olukoyede, emphasized the interconnectedness between criminal activities and bank failures. He urged NDIC and the Central Bank of Nigeria (CBN) to intensify oversight to mitigate the risk of bank failure. Mr. Olukoyede reiterated EFCC’s commitment to collaborating with NDIC and other stakeholders in combating financial crimes and safeguarding the integrity of Nigeria’s banking sector.
“The EFCC Chairman, Mr. Ola Olukoyede, stressed 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.”
