The Nigeria Deposit Insurance Corporation (NDIC) has called for continuous collaboration with law enforcement agencies to tackle financial crimes, protect depositors’ funds, and maintain public confidence in the banking system.
Acting Managing Director, Mrs Emily Osuji, made the call during the 2025 capacity-building workshop for law enforcement agencies held in Lagos.
Themed “Investigating and Prosecuting Financial Malpractices in Banks: A Critical Analysis of Strategies to Prevent Bank Failures,” the workshop aimed to strengthen skills and inter-agency cooperation in addressing financial malpractices.
Osuji noted that since 2012, the NDIC has consistently organised the workshop to enhance the capacity of law enforcement stakeholders in combating insider abuse and other forms of financial misconduct in banks.
She emphasised that a stable and trustworthy banking sector is vital for economic development and financial system stability.
“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,” she said.
Osuji said the workshop also serves as a platform for fostering collaboration among relevant agencies to ensure sustained progress toward financial stability.
She described the theme as timely, given the persistent threat of insider abuse and fraud, which are major contributors to bank failure and erosion of public trust in the financial system.
“The NDIC will continue to strive to enhance synergy in the area of law enforcement relating to the investigation and prosecution of financial malpractices,” she added.
Commending the achievements recorded so far, Osuji said that:
“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 acknowledged the difficulties in investigating and prosecuting financial crimes but urged law enforcement to embrace innovation and technology to stay ahead of increasingly sophisticated fraudsters.
She praised the proactive efforts of regulatory and supervisory bodies in curbing fraudulent activity, which she said is essential to preserving depositor trust.
Also speaking, Mr Olusegun Kushimo, Director of the Legal Department at NDIC, stressed the importance of a resilient and secure financial system in achieving President Bola Tinubu’s goal of a trillion-dollar economy by 2030.
He said the workshop offered a critical opportunity to refine strategies and deepen inter-agency collaboration to safeguard the financial sector.
(NAN)