NDIC Vows Prosecution For Contributors To Bank Failures

The Nigeria Deposit Insurance Corporation (NDIC) has doubled down on its pledge to thoroughly investigate and prosecute those responsible for contributing to the failure of banks. 

This assurance came from the Managing Director and Chief Executive of NDIC, Mr. Bello Hassan, highlighting NDIC’s crucial role in combatting financial crimes within the banking sector through its mandate of bank supervision and liquidation of licensed banks.

During a courtesy visit of NDIC management to the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, at the EFCC Headquarters in Abuja, 

Hassan commended the EFCC for its relentless efforts in the fight against corruption and financial crimes.

In a statement released by NDIC’s Director of Communication and Public Affairs, Bashir Nuhu, Hassan stressed the necessity of bolstering the relationship between NDIC and the anti-graft agency to curb financial crimes in the banking sector.

 He emphasized NDIC’s pivotal role as the chair of the task force on the Implementation of the Failed Banks Act.

Hassan elaborated on the collaboration between the two organizations, which led to the establishment of the NDIC Help Desk in the EFCC in August 2022. 

This partnership has already resulted in the referral of 10 high-profile cases to the Commission for investigation.

Furthermore, Hassan called for enhanced collaboration in the recovery of depositors’ funds to ensure timely reimbursement for those affected by bank failures.

 He urged for the return of recoveries made by the EFCC on behalf of NDIC to expedite the reimbursement process.

Responding to these calls, EFCC Chairman Mr. Ola Olukoyede emphasized the correlation between criminal activities and bank failures. 

He urged NDIC and the Central Bank of Nigeria to intensify oversight to mitigate the risk of bank failure. 

Olukoyede reiterated EFCC’s commitment to deepening collaboration and synergizing efforts in combating financial crimes, thereby safeguarding the integrity of Nigeria’s banking sector.

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