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NDIC to EFCC: Return recoveries made on our behalf for disbursements to depositors in Nigeria

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Bello Hassan

The Nigeria Deposit Insurance Corporation (NDIC) has urged the Economic and Financial Crimes Commission (EFCC) to expedite the return of assets recovered on NDIC’s behalf. Doing this will facilitate the prompt reimbursement of depositors affected by bank failures.

This appeal was outlined in a press release by Bashir A. Nuhu, the NDIC’s Director of Communication & Public Affairs, highlighting the essential collaboration between NDIC and EFCC in safeguarding the financial system’s integrity.

During a recent courtesy visit to the EFCC’s headquarters in Abuja, NDIC’s Managing Director and Chief Executive, Mr. Bello Hassan, praised the commission for its steadfast commitment to fighting corruption and financial crimes.

He underscored the crucial role EFCC plays as a key member of the Taskforce on Implementation of the Failed Banks Act, which the NDIC chairs. This cooperation is vital for scrutinizing and prosecuting individuals responsible for bank failures, ultimately protecting depositors’ funds and ensuring the stability of the financial system.

Mr. Hassan also spoke about the strengthened partnership between NDIC and EFCC, notably through the establishment of the NDIC Help Desk within the EFCC in August 2022. This initiative has led to the investigation of 10 high-profile cases.

Stressing the importance of recouping depositor funds, Mr. Hassan requested the return of assets recovered by the EFCC to NDIC. This action would allow for the speedy distribution of liquidation dividends to depositors who have suffered from banking sector collapses.

The statement read:

EFCC Chairman Mr. Ola Olukoyede, acknowledging the link between criminal activities and bank failures, called for increased oversight by NDIC and the Central Bank of Nigeria (CBN) to prevent potential bank failures.

He noted the EFCC is committed to deepening its collaboration and synchronize efforts more closely with NDIC, with the goal of protecting the integrity of Nigeria’s banking sector. This joint endeavor marks a crucial step towards reducing the risks associated with bank failures and enhancing the resilience of the financial system.

The statement added:

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