BREAKING NEWS: NDIC solicits return of depositors’ funds recovered by EFCC

NDIC solicits return of depositors’ funds recovered by EFCC

NDIC solicits return of depositors' recovered by

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The Deposit Insurance Corporation, NDIC, has restated its commitment to ensuring that those who contribute to the failure of banks are properly investigated and prosecuted.

The Managing Director of the NDIC, Bello Hassan, who gave the assurance during a courtesy visit to the Economic and Financial Crimes , EFCC, Chairman, also tasked the anti-graft agency to facilitate the return of funds recovered on behalf of the NDIC to enable reimbursement to depositors.

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

He noted, ”the ultimate objective is to protect depositors' funds and ensure the stability of the financial system”.

The NDIC also noted the indispensable role the EFCC plays as a key member of the Taskforce on the Implementation of the Failed Banks Act.

He said ”the existing partnership between the two organisations
which led to the establishment of the NDIC Help Desk at the EFCC in August 2022, has resulted in the investigation of 10 high-profile cases referred to the Commission”.

The NDIC Director called for enhanced in the recovery of Depositors' funds to ensure that liquidation dividends are paid to depositors whose monies were lost as a of bank failures.

He, therefore, solicited the return of recoveries made by the EFCC on behalf of the NDIC to the Corporation's coffers to facilitate timely reimbursement to Depositors.

Meanwhile, the EFCC Chairman Mr Ola Olukoyede emphasised the interconnection between criminal activities and bank failures, urging the NDIC and the Central Bank of Nigeria, , to intensify oversight to prevent the risk of bank failure.

He pledged the EFCC's commitment to deepening collaboration and synergy in combating financial crimes and safeguarding the integrity of the banking sector.

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