The Nigerian Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to strengthening collaboration with the Economic and Financial Crimes Commission (EFCC) to improve asset tracing, recovery and prosecution linked to failed banks.
The Managing Director of the NDIC, Thompson Sunday, made this known during a courtesy visit to the EFCC headquarters alongside his management team.
According to a statement signed by NDIC’s Head of Communication and Public Affairs, Hawwau Gambo, Sunday said effective collaboration with the EFCC is critical to the successful liquidation of failed banks.
He explained that cases of asset stripping and concealment require close partnership with the anti-graft agency, particularly in tracing, recovering and realising assets and debts used to settle uninsured deposits.
Sunday identified areas of collaboration to include tackling banking fraud, investigating financial crimes in the banking system, and prosecuting individuals whose actions contribute to bank failures.
He noted that through its core mandates of deposit guarantee, bank supervision, distress resolution and liquidation, the NDIC plays a key role in maintaining financial stability and protecting depositors.
Responding, EFCC Chairman Olanipekun Olukoyede reaffirmed the Commission’s strong working relationship with the NDIC, particularly in investigations and capacity building.
He disclosed that the EFCC’s Bank Fraud Section handles NDIC-related cases and urged the Corporation to submit pending matters for prompt review and effective monitoring.
Olukoyede also highlighted the role of the EFCC’s Fraud Risk Assessment and Control Department in promoting sound risk management and internal controls across institutions.
