The Nigeria Deposit Insurance Corporation (NDIC) has called for continued collaboration with law enforcement agencies to curb financial crimes, prevent loss of funds, and retain depositors’ confidence in the banking system.
The agency’s acting Managing Director, Mrs Emily Osuji, made this call at the 2025 capacity-building workshop for law enforcement agencies in Lagos themed Investigating and Prosecuting Financial Malpractices in Banks: A Critical Analysis of Strategies to Prevent Bank Failures on Monday.
Mrs Osuji stated that the NDIC had consistently held the workshop since 2012 to enable law enforcement stakeholders to sharpen their skills in the fight against financial malpractices in banks and other financial institutions.
According to her, the corporation, as a key participant in the financial safety-net, has over the years taken the fight against insider abuses and financial malpractices in banks very seriously.
Mrs Osuji emphasised that a safe and sound banking environment is an essential part of financial system stability and the bedrock for the economic development of every nation.
She explained the role of the NDIC, adding that the workshop also provided an opportunity for discussions to synergise efforts toward achieving the common goal of ensuring financial stability, noting that the theme was apt for ensuring collaboration against the menace of insider abuses and financial malpractices, which are major causes of bank failure capable of eroding public confidence in the banking system.
The NDIC chief noted that her organisation would continue to strive to enhance synergy in the area of law enforcement relating to the investigation and prosecution of financial malpractices.
She commended the progress recorded so far, saying, “Through your collaborative efforts, I am aware that 11 cases are currently being prosecuted at various courts, 25 investigations are ongoing with the FMIU, eight with the EFCC, and nine concluded investigations are with the Federal Ministry of Justice for advice and prosecution.
“This is an indication that we are on the right course,” she added, acknowledging the challenges of investigating and prosecuting financial malpractices and bank fraud cases and urged law enforcement officers not to relent but to adopt technology to stay ahead of criminals.
She noted that fraudsters and cybercriminals were constantly perfecting their skills, hence the need for such workshops to enable law enforcement officers to understand, accept, and adapt to the dynamic operating environment.
She praised the proactive efforts of the Regulatory/Supervisory Agencies to curb the activities of fraudsters to prevent loss of funds and maintain depositors’ confidence in the banking system.
On his part, the Director for Legal Department at NDIC, Mr Olusegun Kushimo, stated that the financial system must be strengthened and kept safe to achieve President Bola Tinubu’s vision of a trillion-dollar economy by 2030, saying the workshop was important to strategize, collaborate, and strengthen inter-agency relationships in the fight against financial fraud to keep the financial system safe.