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The Nigeria Deposit Insurance Corporation (NDIC) has called for enhanced collaboration with enforcement agencies to address insider abuses and financial malpractices within financial institutions.
Bello Hassan, the Managing Director and Chief Executive Officer of NDIC, emphasized this need during a capacity-building workshop for law enforcement agencies in Lagos. The workshop, themed “Effective Collaboration as a Strategy in the Fight Against Insider Abuses and Financial Malpractices in Banks and Other Financial Institutions in Nigeria,” highlighted the critical role of cooperation in tackling these issues.
Hassan underscored that insider abuses and financial malpractices are significant causes of bank failures, which, if not addressed, could undermine public confidence in the banking system.
“The aim of this workshop is to build on our current collaborative efforts to combat insider abuse and financial malpractices,” Hassan stated. “This initiative complements the efforts of the Inter-Agency Task Force on the Implementation of the Failed Banks Act, and I believe all agencies involved as members of the Task Force are represented here. The NDIC will continue to enhance synergy among us in law enforcement related to investigating and prosecuting financial malpractices.”
He further appealed to the members of the Task Force to diligently execute their mandate to achieve the Task Force’s objectives. Hassan highlighted ongoing collaborative efforts, noting that there are currently fourteen prosecution cases in various courts, eighteen ongoing investigations with the Financial Malpractices Investigation Unit (FMIU), eight with the Economic and Financial Crimes Commission (EFCC), and nine concluded investigations with the Federal Ministry of Justice for advice and prosecution.
“This is an indication that we are on the right course,” Hassan remarked.
He urged law enforcement agencies to persist in their efforts, acknowledging the challenges of investigating and prosecuting financial malpractices and bank fraud cases. Hassan assured that the NDIC would provide unwavering support at all times.
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