NDIC Urges EFCC to Return Recovered Depositors’ Funds for Reimbursement

The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its dedication to ensuring that those responsible for bank failures are properly investigated and prosecuted.

During a recent courtesy visit to the Economic and Financial Crimes Commission (EFCC), the Managing Director of the NDIC, Bello Hassan, highlighted the importance of the partnership between the two organizations in combating financial crimes within the banking sector.

Hassan emphasized that the NDIC plays a crucial role in protecting depositors’ funds and maintaining the stability of the financial system through its mandate, which includes bank supervision and liquidation of licensed banks.

He also noted the indispensable role of the EFCC as a key member of the Taskforce on the Implementation of the Failed Banks Act.

The NDIC Director called for enhanced collaboration in the recovery of Depositors’ funds to ensure that liquidation dividends are paid to depositors whose money was lost due to bank failures.

He also requested that the EFCC return recoveries made on behalf of the NDIC to facilitate timely reimbursement to depositors.

In response, the EFCC Chairman, Mr Ola Olukoyede, stressed the connection between criminal activities and bank failures and urged the NDIC and the Central Bank of Nigeria (CBN) to intensify oversight to prevent the risk of bank failure.

He also pledged the EFCC’s commitment to deepening collaboration and synergy in combating financial crimes and safeguarding the integrity of the Nigerian banking sector.

The NDIC’s request for the return of recovered depositors’ funds from the EFCC highlights the importance of collaboration between the two organizations in ensuring the stability of the Nigerian banking sector and protecting depositors’ funds.