NDIC partners EFCC to prevent bank failures

The Nigeria Deposit Insurance Corporation (NDIC) has established a dedicated desk at the Economic and Financial Crimes Commission (EFCC) to ensure the investigation and punishment of those responsible for bank failures.

Mr Bello Hassan, Managing Director/Chief Executive Officer of the NDIC, disclosed this on Wednesday in Owerri at the 2023 NDIC workshop for business editors and members of the Finance Correspondents Association of Nigeria (FICAN).

The conference has the theme, ‘Stocktaking of Deposit Insurance Practice: Assessing the Now, Evaluating the Challenges and Forecasting the Future’.

The dedicated desk at the EFCC, according to Hassan, will allow for tighter collaboration and coordination between the two agencies, facilitating the flow of information, knowledge, and resources.

This collaboration, he added, was critical for ensuring that bank failure cases were thoroughly examined and that those involved were brought to justice.

He also stated that the organisation has implemented the Single Customer View (SCV) framework to improve the pace with which insured monies were paid to depositors of closed banks.

“This initiative sped up the process of finding, validating, and rewarding qualified depositors, ensuring that they received their insured funds as soon as the bank closed.

“We have also improved our systems, processes and procedures to promote transparency and accountability in our operations, amongst other humble achievements,” he said.