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 assets and debts of failed banks, as well as the investigation and prosecution of individuals whose actions contribute to bank failures.
The Managing Director and Chief Executive Officer of the NDIC, Mr Thompson Oludare Sunday, stated this during a courtesy visit by the corporation’s management to the Executive Chairman of the EFCC, Mr Olanipekun Olukoyede, at the commission’s headquarters in Abuja.
The NDIC delegation included the Executive Director, Corporate Services, Mrs Emily Osuji; the Executive Director, Operations, Dr Kabir Katata; and other senior directors of the corporation.
Mr Sunday said effective collaboration with the EFCC is critical to the successful liquidation of failed banks, a process that involves asset realisation and debt recovery, with proceeds applied to the payment of uninsured deposits. He noted that tackling cases of asset stripping and concealment requires close partnership with the EFCC through enhanced asset tracing, recovery and enforcement actions.
He also identified areas of collaboration in addressing banking fraud and other financial crimes within the banking system, as well as in the prosecution of individuals whose actions undermine bank stability.
According to him, through the effective implementation of its four core mandates—deposit guarantee, bank supervision, distress resolution and bank liquidation—the NDIC plays a significant role in safeguarding the stability of Nigeria’s financial system.
“The ultimate objective of the NDIC is the protection of depositors’ funds, prompt payment of depositors in the event of bank failure, and the strengthening of public confidence in the financial system,” he said.
Mr Sunday noted that the NDIC and the EFCC share core values of integrity, professionalism and collaboration, describing the visit as a formal step towards strengthening institutional partnership, particularly in areas where the EFCC’s investigative and prosecutorial expertise is crucial to achieving the corporation’s mandates.
In his response, the EFCC Chairman, Mr Olanipekun Olukoyede, reaffirmed the commission’s strong working relationship with the NDIC in addressing financial crimes in the banking sector. He acknowledged the long-standing cooperation between both institutions, especially in investigations and capacity building on the complexities of banking operations.
Mr Olukoyede briefed the 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 effective tracking and improved outcomes.
He also highlighted the role of the EFCC’s Fraud Risk Assessment and Control Department, which focuses on proactive compliance monitoring, promotion of sound risk management practices, and strengthening internal controls within public and private sector institutions. He described these efforts as part of the commission’s broader mandate to protect and stabilise 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 offenders whose actions threaten the stability and integrity of Nigeria’s banking sector.