The Nigeria Deposit Insurance Corporation (NDIC) has announced plans to strengthen its collaboration with the Economic and Financial Crimes Commission (EFCC) to enhance asset recovery, debt collection and the prosecution of individuals linked to bank failures.
The Managing Director and Chief Executive of the NDIC, Mr Thompson Sunday, disclosed this during a courtesy visit by the management of the Corporation to the EFCC Chairman, Mr Olanipekun Olukoyede, at the Commission’s headquarters in Abuja.
Sunday said closer cooperation with the EFCC had become critical as the NDIC intensifies efforts to recover assets of failed banks and settle uninsured depositors, noting that cases of asset stripping, diversion and concealment often require advanced investigation, tracing and enforcement actions beyond the Corporation’s regulatory tools.
According to him, “Effective collaboration with the EFCC is central to successful bank liquidation, particularly in asset realisation and debt recovery, the proceeds of which are applied to the payment of uninsured deposits. Tackling banking fraud and prosecuting those responsible for bank failures demand a strong inter-agency partnership.”
He added that through its core mandates of deposit guarantee, bank supervision, distress resolution and liquidation, the NDIC plays a key role in safeguarding depositors’ funds and maintaining confidence in the financial system.
Sunday described the visit as a formal step towards deepening institutional synergy, stressing that both agencies share common values of integrity, professionalism and accountability in protecting the financial sector.
In his response, EFCC Chairman Olukoyede reaffirmed the Commission’s commitment to strengthening its longstanding working relationship with the NDIC, particularly in investigations, prosecutions and capacity building on complex banking operations.
He disclosed that the Commission’s Bank Fraud Section handles NDIC-related cases and urged the Corporation to submit any pending matters for prompt review and tracking to ensure better outcomes.
Olukoyede also highlighted the role of the EFCC’s Fraud Risk Assessment and Control Department, which focuses on proactive compliance monitoring, internal controls and sound risk management across public and private institutions, as part of broader efforts to protect the Nigerian economy.
The EFCC boss pledged sustained collaboration with the NDIC to combat financial crimes, enhance asset recovery and ensure that individuals whose actions undermine the stability of the banking system are brought to justice.
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