The Nigeria Deposit Insurance Corporation (NDIC) has called for enhanced collaboration with the Economic and Financial Crimes Commission (EFCC) to strengthen efforts at safeguarding the country’s financial system.
The appeal was made on Friday, when the Managing Director and Chief Executive of the NDIC, Mr Thompson Oludare Sunday, led a management team on a courtesy visit to the Executive Chairman of the EFCC, Mr Ola Olukoyede.
Sunday said the visit provided an opportunity to formally engage the anti-graft agency and explore ways of deepening institutional synergy between both organisations. He noted that the NDIC was keen on strengthening existing cooperation and identifying new areas of mutual support in pursuit of financial system stability.
According to him, the EFCC has remained a key partner of the NDIC, particularly in addressing financial crimes within the banking sector, and the corporation is seeking an expanded and more impactful partnership.
He explained that the NDIC intends to leverage the EFCC’s technical expertise in asset tracing, recovery and management, especially in cases involving debtors of banks in liquidation. Sunday added that closer collaboration was also needed in the prosecution of individuals whose actions contribute to bank failures.
In his response, Olukoyede described the relationship between the NDIC and the EFCC as longstanding and mutually beneficial, pledging to further strengthen the partnership. He said both agencies have worked closely over the years, with the EFCC supporting the NDIC in investigations and the NDIC assisting the commission through training programmes.
The EFCC chairman reaffirmed the commission’s commitment to sustaining and expanding the collaboration, noting that his leadership prioritises using the anti-corruption mandate to stimulate economic growth and strengthen productive institutions.
Olukoyede said the EFCC had established a Fraud Risk Assessment and Control department to help prevent financial crimes rather than merely reacting after funds have been stolen. He stressed the importance of working with key stakeholders, including the NDIC, to strengthen systems and sanitise Nigeria’s financial ecosystem.
