NDIC, EFCC Strengthen Partnership to Recover Bank Assets

By Oluwakemi Kindness

The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to working with the Economic and Financial Crimes Commission (EFCC) to recover assets and debts from failed banks and prosecute individuals responsible for bank failures.

NDIC Managing Director, Thompson Sunday, made this known during a courtesy visit by NDIC management to EFCC Executive Chairman, Olanipekun Olukoyede, at the Commission’s headquarters in Abuja.

Cooperation Key to Liquidating Failed Banks

Sunday emphasized that effective collaboration with the EFCC is crucial for the successful liquidation of failed banks, including asset recovery and debt collection.

“Addressing cases of asset stripping and concealment of assets requires close partnership with the EFCC through enhanced asset tracing, recovery, and enforcement actions,” he said.

Recovered assets, he noted, are used to pay uninsured depositors. The partnership also targets banking fraud and ensures perpetrators of bank failures are prosecuted.

NDIC’s Role in Financial Stability

The NDIC chief highlighted the Corporation’s four core mandates: Deposit Guarantee, Bank Supervision, Distress Resolution, and Bank Liquidation. These, he said, are essential for maintaining stability in Nigeria’s financial system.

“Our ultimate goal is to protect depositors’ funds, ensure prompt payment in the event of bank failure, and strengthen public confidence in the financial system,” Sunday added.

EFCC Pledges Continued Support

EFCC Chairman Olukoyede reaffirmed the Commission’s strong partnership with the NDIC, particularly in investigations and capacity building on banking operations.

He briefed the NDIC team on the EFCC’s Bank Fraud Section, which handles NDIC-related cases, and urged the Corporation to submit pending cases for prompt review.

“We encourage NDIC to bring forward outstanding cases to ensure better traction and effective monitoring of progress,” he said.

Olukoyede also highlighted the Fraud Risk Assessment and Control Department, which monitors compliance, promotes risk management, and strengthens internal controls in public and private institutions.

He concluded by pledging the EFCC’s continued commitment to collaborate with NDIC to recover assets, prosecute offenders, and combat financial crimes.