NDIC, EFCC deepen collaboration to boost asset recovery,

From Adanna Nnamani, Abuja

The Nigeria Deposit Insurance Corporation (NDIC) has emphasised its determination to deepen collaboration with the Economic and Financial Crimes Commission (EFCC) to enhance the recovery of failed banks’ assets, trace debts, and prosecute individuals whose actions contribute to bank failures.

The Managing Director and Chief Executive of the NDIC, Mr. Thompson Oludare Sunday, made this statement during a courtesy visit by the Corporation’s management to the EFCC Headquarters in Abuja. The delegation included Executive Director, Corporate Services, Mrs. Emily Osuji, Executive Director, Operations, Dr. Kabir Katata, and other senior directors of the NDIC. They met with the Executive Chairman of the EFCC, Mr. Olanipekun Olukoyede, to discuss strategies for improving cooperation between the two agencies.

Mr. Sunday explained that effective collaboration with the EFCC is vital for the successful liquidation of failed banks. “The liquidation process involves asset realisation and debt recovery, which are applied to the payment of uninsured depositors. Addressing cases of asset stripping and concealment requires close partnership with the EFCC through enhanced asset tracing, recovery, and enforcement actions,” he said. He also highlighted the importance of cooperation in tackling banking fraud and financial crimes and ensuring that individuals who undermine the banking system are held accountable.

He added that the NDIC’s four core mandates—Deposit Guarantee, Bank Supervision, Distress Resolution, and Bank Liquidation—play a crucial role in maintaining the stability of Nigeria’s financial system. “Our ultimate objective is the protection of depositors’ funds, prompt payment to depositors in the event of bank failure, and the strengthening of public confidence in the financial system. The NDIC and EFCC share core values of integrity, professionalism, and collaboration. This visit is a formal engagement to strengthen our partnership, particularly in areas where EFCC’s investigative and prosecutorial capabilities are essential to achieving NDIC’s mandates,” Mr. Sunday said.

Responding, EFCC Chairman Olukoyede highlighted the longstanding working relationship between the two institutions. “We have maintained close cooperation with NDIC, especially in investigations and capacity building related to the complexities of banking operations. We remain committed to supporting NDIC in tracing assets, prosecuting offenders, and safeguarding the integrity of the financial sector,” he said.

He briefed the NDIC delegation on key departments within the EFCC, including the Bank Fraud Section, which handles NDIC-related cases, urging the Corporation to submit any pending matters for prompt review to ensure effective monitoring and progress. He also discussed the role of the Fraud Risk Assessment and Control Department, which promotes proactive compliance monitoring, sound risk management, and strong internal controls within public and private sector institutions.

The EFCC Chairman assured that the Commission would continue to deepen collaboration with the NDIC. “We are committed to strengthening our synergy to combat financial crimes, enhance asset recovery, and prosecute individuals whose actions threaten the stability and credibility of Nigeria’s banking sector,” he concluded.