The Nigeria Deposit Insurance Corporation, NDIC, has reaffirmed its resolve to strengthen collaboration with the Economic and Financial Crimes Commission, EFCC, to enhance the recovery of assets and debts of failed banks, as well as improve the investigation and prosecution of offences that contribute to bank failures.
Managing Director and Chief Executive of NDIC, Mr. Thompson Oludare Sunday, stated 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.
According to a statement by NDIC’s Head of Communication and Public Affairs, Hawwau Gambo, the delegation included the Executive Director, Corporate Services, Mrs. Emily Osuji; the Executive Director, Operations, Dr. Kabir Katata; and other key directors of the Corporation.
Sunday explained that effective collaboration with the EFCC is critical to the successful liquidation of failed banks, a process that involves asset realisation and debt recovery, with proceeds applied to the settlement of uninsured deposits.
He noted that tackling cases of asset stripping and concealment requires a close partnership with the EFCC, particularly in the areas of asset tracing, recovery and enforcement.
He also identified collaboration in addressing banking fraud and other financial crimes within the financial system, as well as in the investigation and prosecution of individuals whose actions contribute to bank failures.
The NDIC boss emphasised that through the effective execution of its four core mandates, deposit guarantee, bank supervision, distress resolution and bank liquidation, the Corporation plays a pivotal role in safeguarding financial system stability.
While describing the visit as a formal engagement to deepen institutional partnership, Sunday noted that both agencies share core values of integrity, professionalism and collaboration, stressing that EFCC’s investigative and prosecutorial capabilities are crucial to the achievement of NDIC’s mandate.
Responding, the EFCC chairman, Mr. Olanipekun Olukoyede, reaffirmed the Commission’s strong working relationship with the NDIC in combating financial crimes in the banking sector.
He acknowledged the longstanding cooperation between the two institutions, particularly in investigations and capacity building on banking operations.
Olukoyede briefed the NDIC delegation on key EFCC departments, including the Bank Fraud Section, which handles NDIC-related cases.
He urged the Corporation to forward any pending cases for prompt review to ensure improved tracking and effective monitoring of progress.
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 of internal controls in both public and private sector institutions.
The EFCC chairman described these efforts as part of the commission’s broader mandate to protect and support the Nigerian economy, and pledged continued commitment to deepening collaboration with the NDIC.
