NDIC, EFCC to curb financial crimes in banking sector

JOINT efforts are ongoing by the Nigeria Deposit Insurance Corporation ( NDIC) and the Economic and Financial Crimes Commission ( EFCC) to curb financial crimes in the banking sector of the economy. The NDIC reiterated its commitment to ensuring that those who contribute to the failure of banks are properly investigated and prosecuted. The Managing Director and

Chief Executive of the NDIC, Bello Hassan stated this during a courtesy visit of the NDIC management to the Executive Chairman of the Economic and Financial Crimes Commission ( EFCC), Ola Olukoyede at the EFCC Headquarters in Abuja.

Hassan explained that the NDIC plays a critical role in combating financial crimes within the banking sector through its mandate which includes bank supervision and liquidation of licensed banks.

The ultimate objective, he added, is to protect depositors' funds and ensure the stability of the financial system.

A statement by the Director, Communication and Public Affairs of the Corporation, Bashir Nuhu, quoted Hassan commending the EFCC for its relentless efforts in the fight against corruption and financial crimes emphasising the indispensable role it plays as a key member of the task force on the implementation of the failed banks Act which is chaired by the NDIC.

The NDIC boss hinted that the existing partnership between the two organisations led to the establishment of the NDIC help desk in the EFCC in August 2022.

He added that the help aided the referral of 10 highprofile cases to the Commission which are currently under investigation.