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 and Chief Executive of NDIC, Mr. Thompson Oludare Sunday, stated this during a courtesy visit by the Management of the Corporation to the Executive Chairman of the EFCC, Mr. Olanipekun Olukoyede, at the Commission’s Headquarters in Abuja.
The delegation included the Executive Director, Corporate Services, Mrs. Emily Osuji; the Executive Director, Operations, Dr. Kabir Katata; and other Directors of the Corporation.
Mr. Sunday explained that effective collaboration with the EFCC is critical to the successful liquidation of failed banks, which involves asset realisation and debt recovery, with proceeds applied to the payment of uninsured depositors. He said addressing cases of asset stripping and concealment requires close partnership with the EFCC through enhanced asset tracing, recovery and enforcement actions.
He also identified additional areas for collaboration in efforts to address banking fraud and broader financial crimes within the banking system, including the prosecution of individuals whose actions contribute to bank failure.
Mr. Sunday stressed that, through the implementation of its four core mandates—Deposit Guarantee, Bank Supervision, Distress Resolution and Bank Liquidation—the NDIC contributes significantly to financial system stability. He noted that the Corporation’s overarching objective remains the protection of depositors’ funds, the prompt payment of depositors in the event of bank failure, and the strengthening of public confidence in Nigeria’s financial system.
He added that NDIC and EFCC share core values of integrity, professionalism and collaboration, describing the visit as a formal engagement aimed at 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, Mr. Olanipekun Olukoyede, reaffirmed the Commission’s strong working relationship with the NDIC in tackling financial crimes in the banking sector. He acknowledged the longstanding cooperation between both institutions, particularly in investigations and capacity building on the intricacies of banking operations.
Mr. Olukoyede briefed the NDIC delegation on key departments within the Commission, including the Bank Fraud Section, which handles NDIC-related cases. He urged the Corporation to forward any pending cases for prompt review to ensure better traction and effective monitoring of progress.
He also highlighted the EFCC’s Fraud Risk Assessment and Control Department, which focuses on proactive monitoring of compliance, promotion of sound risk management processes, and strengthening of internal controls within public and private sector institutions. He described the initiative as part of broader efforts to support and safeguard the Nigerian economy.
The EFCC Chairman pledged the Commission’s continued commitment to deepening collaboration and strengthening synergy with the NDIC in combating financial crimes, enhancing asset recovery, and prosecuting individuals whose actions undermine the stability and integrity of Nigeria’s banking sector.
