The Nigeria Deposit Insurance Corporation (NDIC) has taken a significant step towards investigating the directors of numerous failed microfinance banks across the nation.
During a capacity-building workshop focused on combatting fraud and financial malpractices in the banking sector, Mr Bello Hassan, the Managing Director of NDIC, announced this critical move.
The event, held in Lagos, saw the NDIC discuss plans to collaborate effectively with law enforcement agencies.
Mr Henry Fomah, Head of the Legal Department at NDIC, represented the managing director.
He outlined the progress made so far, revealing that there are 12 ongoing prosecution cases in various courts, 25 ongoing investigations under the Financial Malpractices Investigation Unit (FMIU), 11 cases with the Economic and Financial Crimes Commission (EFCC), and five concluded investigations referred to the Federal Ministry of Justice for advice and prosecution.
This proactive approach underscores the NDIC’s commitment to accountability and integrity within the financial sector.
Notably, the Central Bank of Nigeria recently revoked the licenses of 183 Microfinance Banks and Primary Mortgage Banks.
As a consequence, these events may lead to inquiries aimed at investigating the directors and officers associated with these institutions.
The ultimate goal is to hold those responsible for the downfall of these institutions accountable for their actions.
Distinguished participants at the workshop included representatives from the Nigerian Financial Intelligence Unit, Central Bank of Nigeria (CBN), Nigerian Police, Economic and Financial Crimes Commission (EFCC), as well as the Director of Public Prosecution of the Federation and other relevant entities.
Given the increasing susceptibility of banks to fraudulent activities, the NDIC’s emphasis on collaboration between regulatory bodies and law enforcement agencies becomes more pronounced.
This initiative recognizes the imperative for a united front in safeguarding the financial stability of the nation and thwarting malpractices within the banking industry.
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