NDIC, EFCC Collaborate to Recover Assets from Failed Banks
By Patience Ikpeme
The Nigeria Deposit Insurance Corporation and the Economic and Financial Crimes Commission have agreed to work more closely to recover money and property from failed banks and to bring those responsible for their collapse to justice.
The plan is aimed at helping the government get back unpaid loans, stop the illegal sale of bank assets and strengthen confidence in the country’s banking system at a time when the sector is facing several challenges.
In a statement issued by the NDIC and signed by its Head of Communication and Public Affairs, Hawwau Gambo, the Managing Director of NDIC, Mr Thompson Oludare Sunday, spoke about the importance of the partnership during a visit to the EFCC’s Executive Chairman, Mr Olanipekun Olukoyede, at the commission’s headquarters in Abuja.
Sunday led a team that included the Executive Director of Corporate Services, Mrs Emily Osuji, and the Executive Director of Operations, Dr Kabir Katata.
He said working closely with the EFCC is key to successfully winding up failed banks and making sure their remaining assets are sold and debts recovered. “Effective collaboration with the EFCC is critical to the successful liquidation of failed banks, which involves asset realisation and debt recovery, the proceeds of which are applied to the payment of uninsured deposits,” he said.
Sunday added that both agencies also work together to fight banking fraud, guided by shared values. He said their focus is on “integrity, professionalism and collaboration” in order to protect customers’ money and build public trust in the financial system.
In his response, EFCC Chairman Olanipekun Olukoyede said the commission remains committed to supporting the NDIC in tackling financial crimes in the banking sector. “The Commission’s strong working relationship with the NDIC in addressing financial crimes in the banking sector remains robust,” he said.
He explained that special units within the EFCC, such as the Bank Fraud Section, handle cases brought by the NDIC, while the Fraud Risk Assessment and Control Department works to spot and reduce risks before problems grow bigger.
Olukoyede encouraged the NDIC to forward any outstanding cases for quick action and promised closer cooperation to help protect the economy.
The renewed partnership comes at a time when financial crimes continue to weaken confidence in the banking system.
Both agencies said they are combining their efforts, with the NDIC focusing on protecting depositors and managing troubled banks, while the EFCC uses its investigative powers to ensure that those who break the law are held accountable.
