NDIC, EFCC partner to tackle bank fraud, boost asset recovery

Barbara Bako, Abuja.

The Nigeria Deposit Insurance Corporation (NDIC) and the Economic and Financial Crimes Commission (EFCC) have agreed to deepen institutional cooperation aimed at improving asset recovery and strengthening the investigation and prosecution of offences linked to bank failures.

The renewed commitment was underscored during a courtesy visit by the management of the NDIC to the Executive Chairman of the EFCC, Mr. Olanipekun Olukoyede, at the Commission’s headquarters in Abuja.

Speaking during the visit, the Managing Director and Chief Executive of the NDIC, Mr. Thompson Oludare Sunday, said closer collaboration between both agencies was essential to the effective liquidation of failed banks, particularly in the recovery of assets and outstanding debts.

He explained that proceeds from asset realisation are applied to the settlement of uninsured depositors and that addressing issues such as asset stripping and concealment requires enhanced cooperation in asset tracing, enforcement and recovery efforts.

Sunday also identified collaboration in tackling banking fraud and other financial crimes as critical to holding accountable individuals whose actions undermine the stability of the banking system.

He noted that the NDIC’s statutory responsibilities including deposit guarantee, bank supervision, distress resolution and bank liquidation contribute significantly to maintaining financial system stability and public confidence.

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The NDIC delegation to the EFCC included the Executive Director, Corporate Services, Mrs. Emily Osuji; the Executive Director, Operations, Dr. Kabir Katata; and other senior officials of the Corporation.

Responding, EFCC Chairman Olanipekun Olukoyede reaffirmed the Commission’s commitment to sustained cooperation with the NDIC in combating financial crimes within the banking sector.

He acknowledged the long-standing partnership between both institutions, particularly in investigations and capacity-building initiatives related to banking operations.

Olukoyede informed the delegation that NDIC-related cases are handled by specialised units within the Commission, including the Bank Fraud Section, and encouraged the Corporation to forward any outstanding cases for timely review and improved case management.

He also highlighted the role of the EFCC’s Fraud Risk Assessment and Control Department, which focuses on proactive compliance monitoring, risk management and the strengthening of internal control systems across public and private sector institutions as part of broader efforts to safeguard the Nigerian economy.

The EFCC Chairman pledged continued support for closer synergy with the NDIC to enhance asset recovery efforts and ensure effective prosecution of offences that threaten the integrity of Nigeria’s banking system.