NDIC, EFCC deepen alliance on failed bank asset recovery, prosecution 

The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to strengthening collaboration with the Economic and Financial Crimes Commission (EFCC) to enhance the recovery of failed banks’ assets and debts as well as the investigation and prosecution of persons who contribute to the failure of banks.

Thompson Sunday, managing director and chief executive of the NDIC, made this known during a courtesy visit by the Management of the Corporation to Olanipekun Olukoyede, executive chairman of the EFCC, at the Commission’s headquarters in Abuja.

According to a statement signed by Hawwau Gambo, head, Communication & Public Affairs, the delegation included Emily Osuji, executive director, Corporate Services, Kabir Katata, executive director, operations, as well as other key Directors of the Corporation.

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Sunday explained that 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 noted that addressing cases of asset stripping and concealment of assets requires close partnership with the EFCC through enhanced asset tracing, recovery and enforcement actions. He also identified areas of collaboration in the Corporation’s efforts in addressing banking fraud and financial crimes in the banking system and the prosecution of individuals who contribute towards bank failure.

Sunday emphasised that, through the effective implementation of its four core mandates of Deposit Guarantee, Bank Supervision, Distress Resolution and Bank Liquidation, the NDIC contributes significantly to ensuring the stability of the financial system. He added that the ultimate objective of the Corporation is the protection of depositors’ funds, prompt payment of depositors in the event of bank failure and strengthening public confidence in the financial system. Noting that the NDIC and the EFCC share core values of integrity, professionalism and collaboration, he described the visit as a formal engagement towards strengthening institutional partnership, particularly in areas where EFCC’s investigative and prosecutorial capabilities are crucial to the achievement of NDIC’s mandates.

In his response, Olanipekun Olukoyede, executive chairman of the EFCC, reaffirmed the Commission’s strong working relationship with the NDIC in addressing financial crimes in the banking sector. He acknowledged the longstanding cooperation between both institutions, especially in investigations and capacity building on the intricacies of banking operations.

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Olukoyede informed the delegation about key departments within the Commission, including the Bank Fraud Section, which handles NDIC-related cases. He urged the Corporation to bring forward any pending cases for prompt review to ensure better traction and effective monitoring of progress. He also highlighted the role of the EFCC’s Fraud Risk Assessment and Control Department, which focuses on proactive monitoring of compliance, promotion of sound risk management processes, and internal controls within public and private sector institutions. He described this as part of the EFCC’s broader efforts to support and safeguard the Nigerian economy. The EFCC Chairman pledged the Commission’s continued commitment to deepening collaboration and strengthening synergy with the NDIC in combating financial crimes, enhancing asset recovery, and prosecuting those whose actions undermine the stability and integrity of Nigeria’s banking sector.

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.

She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.

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