Nigeria Deposit Insurance Corporation (NDIC) and the Economic and Financial Crimes Commission (EFCC) have agreed to strengthen collaboration to enhance the investigation and prosecution of offences that lead to bank failures, while also improving the recovery of assets and debts of failed banks.
Thompson Oludare Sunday, managing director and chief executive of the NDIC, made this known during a courtesy visit by the Corporation’s management team to Olanipekun Olukoyede, executive chairman of the EFCC, at the Commission’s headquarters in Abuja.
In a statement issued on Sunday by the NDIC’s Hawwau Gambo, head of Communication and Public Affairs, Sunday said robust partnership with the EFCC is critical to the effective liquidation of failed banks, a process that involves asset realisation and debt recovery, with proceeds used to settle uninsured deposits.
He noted that cases of asset stripping and concealment require coordinated efforts, particularly in asset tracing, recovery and enforcement, adding that the EFCC’s expertise is vital in achieving these objectives.
Sunday also identified banking fraud investigations and the prosecution of individuals whose actions contribute to bank collapses as key areas where both institutions can further strengthen their cooperation.
He stressed that NDIC plays a vital role in maintaining financial system stability through the execution of its four statutory mandates in deposit guarantee, bank supervision, distress resolution and bank liquidation.
According to him, the Corporation’s overarching goal is to safeguard depositors’ funds, ensure prompt compensation when banks fail, and sustain public confidence in the financial system.
He also observed that both institutions share common values of integrity, professionalism and accountability, describing the visit as a step towards reinforcing institutional partnership, especially in areas where EFCC’s investigative and prosecutorial capacity is essential to NDIC’s mandate.
“We aim to further strengthen our collaboration, deepen institutional synergy and explore additional avenues for mutual support in the pursuit of national financial system stability.
“The EFCC has been our partner and we want this to continue. We look forward to an expanded and more impactful partnership between our two esteemed institutions.
“Your experience has and will continue to greatly enhance our recovery efforts. Additionally, we have that strategic responsibility for prosecuting individuals whose actions contribute to the failure of banks. We therefore seek closer collaboration with the Commission in this critical area"
Responding, the EFCC boss, Olukoyede, reiterated the Commission’s commitment to its longstanding working relationship with the NDIC in tackling financial crimes within the banking sector.
He acknowledged the history of cooperation between the two agencies, particularly in investigations and capacity development related to banking operations.
Olukoyede also briefed the delegation on key departments within the EFCC, including the Bank Fraud Section, which handles matters related to the NDIC.
He encouraged the Corporation to submit any outstanding cases for prompt assessment, noting that this would enhance tracking, accountability and case resolution.
The EFCC Chairman further highlighted the role of the Commission’s Fraud Risk Assessment and Control Department, which focuses on proactive monitoring, compliance, sound risk management and internal controls in both public and private sector institutions.
He described these efforts as part of the EFCC’s broader mandate to protect and strengthen the Nigerian economy.
Olukoyede assured the NDIC of the EFCC’s continued support in deepening institutional synergy to combat financial crimes, improve asset recovery, and ensure that offenders who undermine the banking sector are brought to justice.
