EFCC Chairman Calls for Vigilance Against Bank Failures
The chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, recently made a connection between the collapse of banks and economic and financial crimes, highlighting the urgent need for enhanced monitoring of the banking sector. This clarion call was made during a meeting in Abuja, where Olukoyede played host to Bello Hassan, the Managing Director and CEO of the Nigeria Deposit Insurance Corporation (NDIC), along with the Corporation’s senior management team.
Olukoyede’s observations point to a troubling link between the misdeeds within the financial sector and the potential for bank failures, suggesting that stricter regulation and oversight could prevent such outcomes. He underscored the pivotal roles of both the NDIC and the Central Bank of Nigeria (CBN) in this regard, stressing the importance of their vigilance in safeguarding the banking industry from liquidation threats.
By drawing attention to the interplay between criminal activities and the stability of banks, Olukoyede emphasised the critical responsibility resting on the shoulders of the NDIC and related regulatory bodies. He asserted the EFCC’s readiness to offer its support and collaboration to ensure the financial industry remains robust and secure. This partnership, he suggested, is vital not only for the health of the banking sector but also for the broader economic prosperity of the nation.
Moreover, the EFCC chairman lauded the NDIC’s significant contributions to the nation’s economic landscape, recognising the Corporation as an essential ally in the fight against economic and financial crimes. Olukoyede’s pledge to deepen the cooperation between the EFCC and NDIC underscores a shared commitment to leveraging anti-corruption measures as tools for economic development.
This conversation comes at a crucial time when the banking sector faces various challenges, from technological disruptions to evolving financial crimes. The commitment to a joint effort in combating these issues reflects an acknowledgment of the complex nature of ensuring financial stability and integrity in today’s economic environment.
Bello Hassan, in his remarks, praised Olukoyede’s leadership and expressed confidence in his ability to steer the EFCC towards greater achievements in combating economic and financial crimes. This, Hassan noted, is integral to supporting the Nigerian government’s agenda of instilling a renewed sense of hope among the populace.
Hassan also outlined the NDIC’s mandate, which spans from bank supervision to the liquidation of licensed deposit-taking institutions. He pointed out the necessity of rooting out the causes behind the failure of these institutions, a task that positions the EFCC as a key partner in achieving the NDIC’s objectives.
The call for enhanced collaboration between the NDIC and the EFCC has been met with optimism, building on existing synergies between the two entities. Such cooperation has already borne fruit, as evidenced by the establishment of dedicated EFCC desks in Abuja and Lagos to assist the NDIC.
However, a point of contention arose regarding the direct return of recoveries made by the EFCC to the NDIC, rather than their deposit into general government coffers. Olukoyede clarified that the allocation of recoveries is typically determined by the courts, though he acknowledged the NDIC’s capacity to request specific recoveries from the government.
PM News
