NDIC Harps on Collaboration to Check Insider Abuses, Financial Malpractices

The Nigeria Deposit Insurance Corporation, NDIC, urged for more collaboration with enforcement agencies to tackle the menace of insider abuses and malpractices in financial institutions.

Bello Hassan, Managing Director/Chief Executive Officer, NDIC, made this call while speaking at the capacity building workshop for law enforcement agencies in Lagos.

Speaking on the theme of the workshop, “Effective Collaboration as a strategy in the fight against insider abuses and financial malpractices in Banks and Other Financial Institutions in Nigeria,”

Hassan said that the menace of insider abuses and financial malpractices is   a major cause of bank failure, which if not tackled is   capable of eroding public confidence in our banking system.

Stating that the aim of the workshop is to build on current collaborative efforts in the fight against insider abuse and financial malpractices, the NDIC boss said: “In line with similar initiatives by the Corporation, this workshop aims to complement the efforts of the Inter-Agency Task Force on the Implementation of Failed Banks Act, and I want to believe that all the Agencies involved as members of the Task Force are being represented at this workshop.

The Corporation, whilst bearing in mind the positive impact of such collaboration will continue to strive at enhancing the synergy between all of us in the area of law enforcement relating to investigation and prosecution of financial malpractices.

“Please permit me to use this forum to appeal to the members of the Task Force not to relent on your oars but to execute the given mandate diligently thereby achieving the objectives of establishing the Task Force.

“Through our collaborative efforts, I am aware that fourteen (14) prosecution cases are on-going at various courts, eighteen (18) on-going investigation with FMIU, eight (8) with EFCC and nine (9) concluded investigations with Federal Ministry of Justice for advice and prosecution. This is an indication that we are on the right course.”

Consequently, Hassan urged the gathering of law enforcement agencies not relent on their efforts adding that the NDIC is aware of the challenges of investigating and prosecuting financial malpractices and bank fraud cases and will give its unflinching support at all times.