NDIC Urges EFCC To Return Recovered Funds From Bank Frauds

NDIC Urges EFCC To Return Recovered Funds From Bank Frauds

The Nigeria Deposit Insurance Corporation (NDIC) has made a formal request to the Economic and Financial Crimes Commission (EFCC) for the return of funds recovered from bank fraudsters. Bello Hassan, the Managing Director of NDIC, conveyed this request during his visit to the EFCC headquarters in Abuja, as stated in a press release by NDIC spokesman, Bashir Nuhu, on Saturday…..READ ALSO EFCC Chairman Urges NDIC: To Prevent Bank Failures

Hassan emphasized NDIC’s commitment to ensuring that individuals responsible for bank failures are thoroughly investigated and prosecuted. He highlighted the importance of collaboration in recovering depositors’ funds to facilitate the prompt reimbursement of affected depositors.

The NDIC, with its mandate including bank supervision and liquidation of licensed banks, plays a pivotal role in combating financial crimes within the banking sector. Hassan reiterated the corporation’s primary goal of safeguarding depositors’ funds and maintaining the stability of the financial system.

Commending the EFCC for its efforts in combating corruption and financial crimes, Hassan called for the strengthening of the partnership between NDIC and EFCC. He noted that 10 high-profile cases referred to the EFCC by NDIC are currently under investigation.

In response, the EFCC Chairman, Ola Olukoyede, emphasized the link between criminal activities and bank failures, urging NDIC and the Central Bank of Nigeria (CBN) to enhance oversight to mitigate the risk of bank failure. Olukoyede reaffirmed EFCC’s commitment to collaborating with NDIC to combat financial crimes and preserve the integrity of Nigeria’s banking sector.