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The Nigeria Deposit Insurance Corporation (NDIC) has emphasised the importance of increased collaboration with relevant parties to reduce banking malpractices.
Stakeholders from the NDIC and law enforcement agencies present at the 2023 two-day annual capacity building workshop organised by the corporation, agreed there was need for collaboration for effective investigation and prosecution of banking malpractices which have led to failure of banking systems in the sector across the country.
At the workshop themed; “Inter Agency Collaboration in the fight against financial malpractices in banks and other financial institutions”, the Managing Director/Chief Executive, NDIC, Bello Hassan, who was represented by Henry Fomah, Head, Legal Department of the corporation, noted that banks and banking operations were becoming more vulnerable.
“The advancements in information technology has opened new possibilities in banking operations, which has equally exposed the banking subsector to emerging threats.”
This situation, Hassan said increases the burden on the regulators and supervisors to enhance their operational capacities, adding it has also heightened the need for more collaboration between agencies involved in the fight against banking malpractices.
“This is the 12th edition in the series of the sensitisation workshop for law enforcement agencies. It’s an annual event meant to collaborate with relevant agencies that are involved in the fight against financial malpractices and fraud in financial institutions particular in bank.
The essence is to sustain it and bring to book errant directors, officers, managers of these banks that led to there collapse.”
On his part, Director, Legal Services Department of the Central Bank of Nigeria, Mr Kofo Salam-Alada, said capacity building is a major part and development of human resources in every organization.
“In the financial industry which is one of the most regulated in the world, it is important for agencies that will be collaborating with regulators to have deeper insight into how regulation operates.
“A lot of gaps have been seen, so we commend NDIC for being in the vanguard of sponsoring this workshop for the past 12 years, to enlighten officers. It’s is important that the nitty gritty of the financial institutions be understood for law enforcement agencies to be able to do their work diligently.”
The Assistant Director, Federal Ministry of Justice, Pius Akutah, representing Director of Public Prosecution of the Federation, Mr M.B. Abubakar, said the event provides an avenue for people to share ideas, understand new trends in the prosecution and investigation of cases with the advent of technology. “Fraudster have migrated to national crime, no more borders. So coming together to collaborate is one of the most effective tools in fighting financial crimes.”
