The Economic and Financial Crimes Commission (EFCC) and the Nigeria Deposit Insurance Corporation (NDIC) have agreed to strengthen collaboration on asset recovery and the prosecution of bank failure offences as part of efforts to protect depositors’ funds and safeguard the stability of Nigeria’s financial system.
The partnership will focus on enhancing joint investigations, improving asset tracing, and implementing enforcement measures against individuals whose actions lead to bank failures.
Speaking during a courtesy visit by the management of the NDIC to the Executive Chairman of the EFCC in Abuja, the Managing Director and Chief Executive of the NDIC, Thompson Sunday, said effective collaboration with the EFCC was critical to the successful liquidation of failed banks, particularly in the areas of asset realisation and debt recovery for the payment of uninsured depositors.
He explained that cases of asset stripping and concealment often complicate the liquidation process, noting that the EFCC’s investigative expertise would strengthen the tracing, recovery, and enforcement of such assets, while also supporting the prosecution of individuals responsible for bank failures.
Sunday added that through its mandates of deposit guarantee, bank supervision, distress resolution, and bank liquidation, the NDIC plays a key role in maintaining financial system stability and boosting public confidence, stressing that stronger institutional partnerships remain essential to achieving these objectives.
On his part, the Executive Chairman of the EFCC, Olanipekun Olukoyede, reaffirmed the Commission’s strong working relationship with the NDIC in tackling financial crimes within the banking sector.
He acknowledged the longstanding cooperation between both institutions, particularly in the areas of investigation and capacity building on the complexities of banking operations.
Olukoyede highlighted the mandate of the EFCC’s Fraud Risk Assessment and Control Department, which undertakes proactive compliance monitoring, promotes sound risk management practices, and strengthens internal control systems across public and private sector institutions, describing these efforts as critical to protecting the Nigerian economy.
The chairman pledged the Commission’s continued commitment to deepening collaboration and reinforcing synergy with the NDIC in combating financial crimes, enhancing asset recovery, and prosecuting individuals whose actions threaten the stability and integrity of Nigeria’s banking system.
