NDIC AND EFCC STRENGTHEN PARTNERSHIP TO CURB FINANCIAL CRIMES IN THE BANKING SECTOR

General News

Nigeria Deposit Insurance Corporation (NDIC) delegation led by the MD/CE NDIC Mr. Bello Hassan including the ED/Operations Mr. Mustapha M. Ibrahim, ED/Corporate Services, Mrs. Emily C. Osuji, Head Legal Department, Mr. Henry Fomah and Director Communication & Public Affairs Mr. Bashir A. Nuhu pose for a group photograph with the Chairman, Economic & Finance Crimes Commission (EFCC) Mr. Ola Olukoyede and EFCC Management staff at the EFCC Headquarters in Abuja.

The Nigeria Deposit Insurance Corporation (NDIC) remains committed to ensuring that those who contribute to the failure of banks are properly investigated and prosecuted. The Managing Director and Chief Executive of the NDIC, Mr. Bello Hassan made the remark during a courtesy visit of the NDIC Management to the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede at the EFCC Headquarters in Abuja.

Mr. Bello Hassan explained that the NDICplays a critical role in combatting financial crimes within the banking sector through itsmandate which includes bank supervision and liquidation of licensed banks. The ultimate objective, he 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 the indispensable role it plays as a key member of the Taskforce on Implementation of the Failed Banks Act which is chaired by the NDIC.

MD/CE Nigeria Deposit Insurance Corporation (NDIC) Mr. Bello Hassan in a discussion with the Chairman Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyededuring the NDIC Management’s visit to the EFCC Headquarters in Abuja.

Mr. Hassan 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 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 in order to facilitate the timely reimbursement of Depositors.

Nigeria Deposit Insurance Corporation (NDIC) Mr. Bello Hassan receives a commemorative plaque from the Chairman of the Economic & Finance Crimes Commission (EFCC) Mr. Ola Olukoyede during the NDIC Management’s visit to the EFCC Headquarters in Abuja.

The EFCC Chairman Mr. 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.

BASHIR A. NUHU

Director, Communication & Public Affairs

22^ndMarch, 2024