EFCC Chairman Urges NDIC: To Prevent Bank Failures

EFCC Chairman Urges NDIC: To Prevent Bank Failures

Ola Olukoyede, the Chairman of the Economic and Financial Crimes Commission (EFCC), has urged the Nigeria Deposit Insurance Corporation (NDIC) to maintain a vigilant watch over banks nationwide to prevent failures and the adverse impacts they could have on the economy……READ ALSO Integrity At Stake: EFCC Chairman Condemns Alleged Bribes By Agency’s Investigators

In a statement by EFCC spokesperson Dele Oyewale, Olukoyede made this plea during a courtesy visit by NDIC Managing Director Bello Hassan and other top management staff in Abuja.

Olukoyede emphasized the connection between economic and financial crimes and bank failures, cautioning both the NDIC and the Central Bank of Nigeria (CBN) to intensify their oversight of banks to fortify them against collapse.

He stated, “There is a nexus between criminal activities and the liquidation of banks. When they don’t play by the rules, you discover that ultimately, the banks will be folded up, and that’s always the problem, so you have a very critical role to play to avoid bank failure.”

Olukoyede pledged full support and collaboration with the NDIC, highlighting the shared responsibilities of both agencies in the nation’s development.

He also clarified that the destination of recoveries made by the EFCC is determined by the courts.

In his remarks, Hassan congratulated Olukoyede on his appointment and expressed confidence in his efforts to reposition the EFCC in the fight against economic and financial crimes.

Hassan stressed the mandate of the NDIC as a critical safety net in the financial services industry, underscoring the EFCC’s importance as a key partner in achieving its objectives.