Return Funds Recovered From Bank Frauds – NDIC To EFCC

By Ayodele Oni

Hope has risen for depositors that felt they had lost their funds in banks as a result of frauds.  The Nigeria Deposit Insurance Corporation (NDIC) has requested the Economic and Financial Crimes Commission (EFCC) to return funds recovered from banks’ fraudsters to its coffers.

A statement on Saturday by its spokesman, Bashir Nuhu, informed that the Managing Director of NDIC, Bello Hassan, spoke when he visited the Commission ’s Headquarters in Abuja.

Hassan assured the EFCC of his commitment to ensuring that those responsible for the failure of banks were properly investigated and prosecuted.

The statement reads in part:

“The NDIC boss called for enhanced collaboration in the recovery of depositors’ funds to ensure that liquidation dividends are paid to depositors, whose monies were lost as a result of bank failures.

“He, therefore, solicited for the return of recoveries made by the EFCC on behalf of the NDIC to the Corporation’s coffers to facilitate the timely reimbursement of depositors.”

Hassan explained that the NDIC played a critical role in combatting financial crimes within the banking sector through its mandate, which includes bank supervision and liquidation of licensed banks.

The NDIC boss stated that the ultimate objective of the corporation was to protect depositors’ funds and ensure the stability of the financial system.

Hassan commended the EFCC for its relentless efforts in the fight against corruption and financial crimes and its role as a key member of the task force on the Implementation of the Failed Banks Act chaired by the NDIC.

Hassan said the existing partnership between the two organisations, which led to 10 high-profile cases referred to the Commission currently under investigation, should be strengthened.

In his remarks, the EFCC Chairman, Ola Olukoyede, stressed the interconnection between criminal activities and bank failures, urging NDIC and the Central Bank of Nigeria, CBN, to intensify oversight to prevent the risk of bank failure.

He pledged the EFCC’s commitment to deepening collaboration and synergizing efforts in combating financial crimes, thereby safeguarding the integrity of Nigeria’s banking sector.