The Nigeria Deposit Insurance Corporation (NDIC) has formally requested the Economic and Financial Crimes Commission (EFCC) to redirect funds reclaimed from bank fraud back to the corporation.
During his visit to the EFCC headquarters in Abuja, Mr. Bello Hassan, the Managing Director of NDIC, emphasized the need for stronger collaboration in recovering depositors’ funds lost due to bank failures.
According to a statement by Bashir Nuhu, Director of Communications and Public Affairs, Mr. Hassan stressed the importance of timely reimbursement to affected depositors.
The statement partly reads, “The NDIC boss called for enhanced collaboration in the recovery of depositors’ funds to ensure that liquidation dividends are paid to depositors, whose monies were lost as a result of bank failures.
“He, therefore, solicited for the return of recoveries made by the EFCC on behalf of the NDIC to the Corporation’s coffers to facilitate the timely reimbursement of depositors.”
Highlighting NDIC’s crucial role in combating financial crimes within the banking sector, Mr. Hassan stressed the organization’s mandate of bank supervision and liquidation of licensed banks.
He underscored the paramount objective of protecting depositors’ funds and ensuring financial system stability.
In acknowledgment of the EFCC’s relentless efforts in fighting corruption and financial crimes, Mr. Hassan lauded the existing partnership between the two organizations.
He emphasized the need to strengthen this collaboration, citing ongoing investigations into ten high-profile cases referred to the EFCC by the NDIC.
EFCC Chairman, Mr. Ola Olukoyede, emphasized the link between criminal activities and bank failures. He urged both NDIC and the Central Bank of Nigeria (CBN) to intensify oversight to mitigate the risk of future bank failures.
Mr. Olukoyede pledged the EFCC’s unwavering commitment to deepening collaboration with NDIC and synergizing efforts to combat financial crimes, thereby upholding the integrity of Nigeria’s banking sector.
