The Nigeria Deposit Insurance Corporation (NDIC) and the Economic and Financial Crimes Commission (EFCC) have committed to deepening their collaborative efforts in investigating and prosecuting offences leading to bank failures, as well as recovering assets and debts from collapsed financial institutions.
The agreement emerged during a courtesy visit by NDIC’s management team to EFCC headquarters in Abuja. The NDIC delegation was headed by Managing Director/Chief Executive, Mr. Thompson Oludare Sunday, and included Executive Director, Corporate Services, Mrs. Emily Osuji; Executive Director, Operations, Dr. Kabir Katata; and other senior directors.
Mr. Sunday emphasized that working closely with the EFCC is essential for successful bank liquidation processes, especially regarding asset recovery and debt collection—funds that are subsequently used to compensate uninsured depositors. He highlighted persistent obstacles such as asset concealment and stripping that frequently complicate liquidation proceedings, underscoring the importance of enhanced partnership in asset tracing, recovery and legal enforcement.
The collaboration will extend to combating banking fraud and other financial crimes, as well as prosecuting individuals whose conduct contributes to institutional failures. Mr. Sunday noted that the NDIC’s core mandates—deposit guarantee, bank supervision, distress resolution and liquidation—are vital to maintaining financial system stability and protecting depositors’ interests.
EFCC Chairman, Mr. Olanipekun Olukoyede, affirmed the Commission’s commitment to its partnership with the NDIC in addressing financial sector crimes. He recognized the established history of cooperation between both agencies, particularly in investigative work and capacity development initiatives.
Mr. Olukoyede revealed that the EFCC operates specialized units, including the Bank Fraud Section, dedicated to handling NDIC-related matters. He encouraged the Corporation to submit outstanding cases for expedited review to ensure proper case tracking and resolution.
The EFCC Chairman also outlined the functions of the Commission’s Fraud Risk Assessment and Control Department in fostering regulatory compliance, robust risk management and effective internal controls across financial institutions. He pledged sustained cooperation with the NDIC to uphold the stability and integrity of Nigeria’s banking sector.
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