The Nigeria Deposit Insurance Corporation (NDIC) has organized a workshop to train law enforcement operatives and officers responsible for investigating directors and officers of 183 Microfinance Banks (MfBs) and Primary Mortgage Banks (PMBs) whose licenses were revoked by the Central Bank of Nigeria (CBN).
During the workshop held in Lagos, NDIC’s Managing Director/Chief Executive Officer, Bello Hassan, emphasized the necessity to train and equip officers involved in investigating and prosecuting bank directors, officials, and staff engaged in malpractices and insider abuses that could result in the collapse of their banks or financial institutions.
Hassan highlighted the importance of collaboration and strategic partnerships in uncovering and prosecuting financial malpractices for a secure and sound banking system. The workshop’s theme, “Effective Collaboration in the fight against fraud and Financial Malpractices in Banks and Other Financial Institutions in Nigeria,” aligns with the Corporation’s Strategic Plan, which prioritizes collaboration and partnering.
He acknowledged the positive outcomes of collaboration, particularly in the realms of investigation and prosecution, and stressed that the workshop aimed to complement the efforts of the Inter-Agency Task Force on the Implementation of Failed Banks Act. Hassan encouraged all agencies involved, including the EFCC’s desk officers, to participate actively in the workshop.
Hassan urged members of the Task Force to diligently execute their mandate to achieve its objectives. He revealed that due to collaborative efforts, 12 ongoing prosecution cases, 25 ongoing investigations with the Financial Malpractices Investigation Unit (FMIU), 11 with the EFCC, and five concluded investigations with the Federal Ministry of Justice for advice and prosecution are evidence that progress is being made.
Opinion: The NDIC’s initiative to train law enforcement operatives for the investigation and prosecution of financial malpractices is a commendable step in upholding the integrity of Nigeria’s banking system. Ensuring accountability and pursuing legal action against those engaged in fraudulent activities or insider abuses is crucial for maintaining public trust in the financial sector. Collaboration among regulatory agencies and law enforcement is essential in addressing complex financial crimes effectively. By providing training and emphasizing collaboration, the NDIC is not only sending a message of deterrence to potential wrongdoers but also reinforcing the commitment to a transparent and secure banking environment.