Photo caption : L-R: Head Legal Department NDIC, Mr. Henry Fomah; Director Legal Department CBN, Mr. Kofo S. Alada; Rep of Chairman EFCC and Ag.Zonal Commander, Mr. Michael Wetkas; Rep of MD/CEO (NDIC) and Director Communications & Public Affairs Dept, Mr. Bashir A. Nuhu; AIG. Force CID, Alagbon, Romokere God’s Gift Ibani; Commissioner of Police SFU, Ayotunde G.Omedeinde; Rep of; Director of Public Prosecution of the Federation, Mr. Emmanuel Kaswe; and Coordinator, FMIU, DCP Sirajo L. Salisu in a group photograph during the NDIC’s 2024 Capacity Building Workshop For Law Enforcement Agencies, with the theme: “Inter-Agency Collaboration in the Fight Against Financial Malpractices in Banks and Other Financial Institutions in Nigeria’ held in Lagos.
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The Nigeria Deposit Insurance Corporation (NDIC), said that for law enforcement agencies to face the challenges of fighting against banking malpractices, they must sharpen their skills, share ideas and be well-equipped.
The Managing Director /Chief Executive Office of NDIC, Bello Hassan said this at the capacity building workshop organized by NDIC for law enforcement agencies.
He said that the corporation as key participant in the financial safety-net, has over the years taken the fight against insider abuses and financial malpractices in banks very seriously and that a safe and sound banking environment is an essential ingredient of financial system stability which of course is the bedrock for economic development of every nation.
This the NDIC boss stated is in line with Article 12 of the Core Principles of Effective Deposit Insurance which provides for every deposit insurer to put in place the necessary mechanism of bringing to book parties found culpable in the failure of their bank or financial Institution.
He stated that it is for this reason that the NDIC has been consistent since 2012 in organising this workshop to sharpen the skills of law enforcement operatives and officers from regulatory that are involved in the investigation and prosecution of bank directors, managers and staff of banks involved in malpractices and insider abuses that might have led to the collapse of their banks or financial Institutions.
The workshop, he said is to provide an avenue for sharing of ideas and to work together as a team and synergise efforts towards achieving a common goal of ensuring financial stability.
The theme for this year’s Workshop, he said is “Effective Collaboration as a Strategy in the Fight Against Insider Abuses and Financial Malpractices in Banks and Other Financial Institutions in Nigeria’’ has been carefully crafted to re-echo the earlier resolve at previous workshops to unite in the fight against menace of insider abuses and financial malpractices which is a major cause of bank failure, and if not tackled is capable of eroding public confidence in our banking system.
According to him, “There is no gainsaying that this collaboration has yielded and is still yielding results particularly in the area of investigation and prosecution.”
He added that in line with similar initiatives by the NDIC, this workshop aims to complement the efforts of the Inter-Agency Task Force on the Implementation of Failed Banks Act, hoping that all the agencies involved as members of the Task Force are represented at this workshop.
He said that the positive impact of such collaboration will continue to strive at enhancing the synergy between all of us in the area of law enforcement relating to investigation and prosecution of financial malpractices.
“He informed that through the collaborative efforts, he is aware that 14 prosecution cases are on-going at various courts, 18 on-going investigations with FMIU, 8 with EFCC and 9 concluded investigations with Federal Ministry of Justice for advice and prosecution, adding that this is an indication that the collaboration is on the right course.
He pointed out that NDIC understands challenges of investigating and prosecuting financial malpractices and bank fraud cases, urging them not to relent on their efforts and be rest assured of the corporation’s unflinching support at all times.
“Banking systems are rapidly evolving with new innovations; it is clear that a new phase of financial technology driven economy is currently reshaping the global financial services space.
“With this development, the criminally minded users of the banking system including the notorious ‘’cyber criminals’’ are busy perfecting their misplaced skills.
“This is why workshops like this are necessary to enable law enforcement officers to understand the dynamic operating environment.
“The law enforcement officers must acquaint themselves with basic knowledge of the types of fraud prevalent in our banks,” he said
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