NDIC Meets EFCC, Seeks Return Of Funds Recovered From Failed Bank Directors

  • MD/CE of the Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan receives a commemorative plaque from the Chairman of the Economic & Finance Crimes Commission (EFCC), Ola Olukoyede during the NDIC management’s visit to the EFCC Headquarters in Abuja.

Executive management of the Nigeria Deposit Insurance Corporation (NDIC) at the weekend held a meeting with their counterparts in the Economic & Financial Crimes Commission (EFCC) at its headquarters in Abuja, where they pledged greater collaboration between both organisations.

Speaking on behalf of the NDIC, the Managing Director and Chief Executive, Bello Hassan, who was received along with his management team by the EFCC’s Executive Chairman, Ola Olukoyede, said the partnership will enhance the recovery of depositors’ funds from failed bank directors, recalling that as a result of the partnership 10 high profile cases already referred to the commission are currently under investigation.

Bello, according to a statement by Bashir Nuhu, Director, Communication & Public Affairs at the NDIC, also used the opportunity to solicit the return of funds recovered by the EFCC on behalf of the NDIC to the Corporation’s coffers so as to facilitate the timely reimbursement of depositors.

Such, Bello continued, will ensure that liquidation dividends are paid to depositors whose monies were lost as a result of bank failures in the country in the past.

He restated that the partnership is part of the corporation’s commitment to ensuring that those who contribute to the failure of banks are properly investigated and prosecuted.

The NDIC, he told his host, plays a critical role in combating financial crimes within the banking sector through its mandate which includes bank supervision and liquidation of licensed banks.

The ultimate objective, he added, is to protect depositors’ funds while ensuring the stability of the financial system, commending the EFCC for its relentless efforts in the fight against corruption and financial crimes emphasising the indispensable role it plays as a key member of the Task force on Implementation of the Failed Banks Act which is chaired by the NDIC.

  • A delegation of the Nigeria Deposit Insurance Corporation (NDIC) led by the MD/CE, Bello Hassan, including the Executive Director/Operations, Mustapha M. Ibrahim, ED/Corporate Services, Mrs. Emily C. Osuji; Head Legal Department, Henry Fomah; and Director Communication & Public Affairs, Bashir A. Nuhu pose for a group photograph with the Chairman, Economic & Finance Crimes Commission (EFCC), Ola Olukoyede and EFCC management staff at the commission’s Headquarters in Abuja.


Hassan, the statement added, elaborated on the existing partnership between the two organisations which led to the establishment of the NDIC Help Desk in the EFCC in August 2022.

Responding, The EFCC Chairman emphasised the interconnection between criminal activities and bank failures, urging the corporation and the Central Bank of Nigeria (CBN) to intensify oversight capable of preventing the risk of bank failure.

He pledged the EFCC’s commitment to deepening collaboration and synergising efforts in combating financial crimes, thereby safeguarding the integrity of Nigeria’s banking sector.