NDIC, EFCC Reinforce Alliance To Enhance Asset Recovery, Banking Sector Stability ‎ ‎

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.
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‎The Managing Director and Chief Executive of the NDIC, Mr. Thompson Oludare Sunday, disclosed this during a courtesy visit by the Management of the Corporation to the Executive Chairman of the EFCC, Mr. Olanipekun Olukoyede, at the Commission’s headquarters in Abuja.
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‎Mr. Sunday explained that effective collaboration with the EFCC is critical to the successful liquidation of failed banks, particularly in the areas of asset realisation and debt recovery, with proceeds applied towards the payment of uninsured depositors.

He noted that challenges such as asset stripping and concealment require a close partnership with the EFCC through enhanced asset tracing, recovery, and enforcement actions.
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‎He also identified banking fraud, financial crimes within the banking system, and the prosecution of individuals responsible for bank failures as key areas where strengthened cooperation between both institutions is necessary.

According to him, through the effective implementation of its four core mandates; deposit guarantee, bank supervision, distress resolution, and bank liquidation, the NDIC contributes significantly to maintaining stability in the financial system.
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‎Mr. Sunday stressed that the Corporation’s ultimate objective is the protection of depositors’ funds, the prompt payment of depositors in the event of bank failure, and the strengthening of public confidence in the financial system.

He described the visit as a formal engagement aimed at deepening institutional partnership, especially in areas where the EFCC’s investigative and prosecutorial expertise is crucial to the achievement of NDIC’s mandate.
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‎In his response, the Executive Chairman of the EFCC, Mr. Olanipekun Olukoyede, reaffirmed the Commission’s strong working relationship with the NDIC in addressing financial crimes in the banking sector.

He also acknowledged the longstanding cooperation between both institutions, particularly in investigations and capacity building on banking operations.
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‎Mr. Olukoyede informed the delegation of 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 monitoring and improved outcomes.
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‎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 across public and private sector institutions as part of efforts to safeguard the Nigerian economy.
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‎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 individuals whose actions undermine the stability and integrity of Nigeria’s banking sector.
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‎PR/Umbwanko Baba