NDIC, EFCC strengthen synergy to enhance asset recovery
By Matthew Denis
The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to deepening its collaboration with the Economic and Financial Crimes Commission (EFCC).
This partnership aims to accelerate the recovery of assets and debts from failed banks, while intensifying the investigation and prosecution of individuals responsible for such collapses.
In a statement released on Sunday by Hawwau Gambo, Head of Communication and Public Affairs, the NDIC Managing Director and Chief Executive, Mr. Thompson Oludare Sunday, underscored the importance of this alliance.
The announcement followed a high-level courtesy visit by the NDIC management team including Executive Director of Corporate Services, Mrs. Emily Osuji, and Executive Director of Operations, Dr. Kabir Katata to the EFCC Executive Chairman, Mr. Olanipekun Olukoyede, in Abuja.
Mr. Sunday emphasized that a robust partnership with the EFCC is vital for the successful liquidation of failed financial institutions.
This process relies heavily on asset realization and debt recovery to ensure that uninsured depositors are reimbursed.
He specifically pointed to the challenges of asset stripping and concealment, noting that these issues require the EFCC’s specialized expertise in asset tracing and enforcement.
Beyond recovery, the collaboration will focus on tackling systemic banking fraud and ensuring legal accountability for those whose actions lead to institutional distress.
By executing its core mandates of deposit guarantee, bank supervision, distress resolution, and bank liquidation, the NDIC remains a cornerstone of Nigeria’s financial stability.
Mr. Sunday noted that the ultimate goal is the protection of depositor funds and the preservation of public confidence in the banking sector.
He described the visit as a strategic move to leverage the EFCC’s investigative and prosecutorial powers to meet these objectives.
Responding to the delegation, EFCC Chairman Olanipekun Olukoyede reaffirmed the Commission’s dedication to sanitizing the banking sector.
He acknowledged the long-standing history of cooperation between the two agencies, particularly in the areas of capacity building and complex financial investigations.
Mr. Olukoyede highlighted the EFCC’s Bank Fraud Section as the primary hub for NDIC-related matters and urged the Corporation to submit any pending cases for immediate review to ensure swift action.
Furthermore, he pointed to the Commission’s Fraud Risk Assessment and Control Department, which proactively monitors compliance and internal controls in both public and private sectors to safeguard the national economy.
The EFCC Chairman pledged continued support for the NDIC, promising to enhance the synergy required to combat financial crimes and prosecute those who undermine the integrity of Nigeria’s financial system.