Efcc Partners With Ndic To Promote Transparency In Banking Sector

The Economic and Financial Crimes Commission, (EFCC) and the Nigeria Deposit Insurance Corporation, (NDIC) have disclosed partnership to promote transparency in the banking sector.

While speaking during a courtesy visit by NDIC, the Executive Chairman of the EFCC, Ola Olukoyede, enjoined the corporation to keep closer watch on banks across the country to avoid failure and its attendant unsavoury effects on the economy.

According to him, “There is a nexus between criminal activities and liquidation of banks. When they don’t play by the rules, you discover that ultimately the banks will fold up.So, you have a very critical role to play to avoid bank failure. We are ready to support you, we are ready to collaborate with you in any capacity to achieve this."

He explained that the NDIC is a critical partner and vital agent in the fight against economic and financial crimes, pointing out that the corporation had considerable strength to deepen and strengthen growth of the economy.

While speaking on the mandate of NDIC, the Managing Director and Chief Executive Officer of the corporation, Bello Hassan, noted that the corporation is one of the safety nets in the financial services industry, stressing that the EFCC is one of its critical stakeholders in the attainment of its objectives.

He said, “The mandate of NDIC includes bank supervision, liquidation of licensed deposit -taking institutions.

"In addition to that, NDIC has the mandate to root out those responsible for failure of those institutions to account and that is why we recognize EFCC as one of our critical stakeholders in the journey towards the attainment of our objective."

He seeked to strengthen the collaboration with the EFCC, maintaining that the Commission has always been of tremendous help to the NDIC. He appealed that recoveries made by the EFCC for the NDIC should be directly returned to the Corporation and not into government’s covers.