The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to strengthening collaboration with the Economic and Financial Crimes Commission (EFCC) to improve asset recovery, debt collection, and prosecution of individuals responsible for bank failures.
The Managing Director and Chief Executive of the NDIC, Mr. Thompson Oludare Sunday, restated this commitment during a courtesy visit by the corporation’s management team to the EFCC Chairman, Mr. Olanipekun Olukoyede, at the commission’s headquarters in Abuja.
The NDIC delegation included the Executive Director, Corporate Services, Mrs. Emily Osuji; Executive Director, Operations, Dr. Kabir Katata; and other senior directors.
Speaking during the visit, Sunday emphasized that effective collaboration with the EFCC is crucial to the successful liquidation of failed banks, noting that asset realization and debt recovery are central to the process. He explained that proceeds from recovered assets and debts are vital for meeting the NDIC’s obligation to pay uninsured depositors, particularly where bank failures result from fraud, mismanagement, or insider abuse.
He identified asset stripping and concealment by individuals linked to failed banks as a major challenge undermining depositor protection and public confidence in the financial system. According to him, tackling such practices requires close partnership with the EFCC through enhanced asset tracing, recovery, and enforcement actions.
Sunday also highlighted banking fraud and financial crimes as critical areas requiring joint action, stressing that those whose actions or negligence lead to bank failures must be investigated and prosecuted to serve as a deterrent. He further reiterated the NDIC’s statutory mandate of ensuring financial stability through deposit guarantee, bank supervision, distress resolution, and bank liquidation.
In response, EFCC Chairman Olanipekun Olukoyede reaffirmed the commission’s strong working relationship with the NDIC and its commitment to combating financial crimes in the banking sector. He acknowledged the long-standing cooperation between both institutions, particularly in investigations and capacity building.
Olukoyede disclosed that the EFCC has dedicated structures for handling bank-related financial crimes, including a Bank Fraud Section responsible for NDIC-related cases. He urged the NDIC to forward pending or unresolved cases for prompt review to enhance monitoring and ensure timely resolution.
He also highlighted the role of the EFCC’s Fraud Risk Assessment and Control Department, which focuses on proactive compliance monitoring, risk management, and strengthening internal control systems across public and private institutions.
The EFCC chairman pledged continued support for the NDIC in asset recovery, prosecution of offenders, and efforts to preserve the stability and integrity of Nigeria’s banking sector.
