- Pix above: Mr Bello Hassan, MD/C#EO, NDIC
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The Nigeria Deposit Insurance Corporation (NDIC) has put functional mechanisms in place to collaborate with the nation’s anti-graft agency, EFCC to prosecute fraudulent people causing Nigeria’s bank failure. all these years
Following this, it has created a special desk at the Economic and Financial Crimes Commission (EFCC) to ensure that those responsible for bank failures are thoroughly investigated and prosecuted.
This much was revealed by the Corporation’s Managing Director/Chief Executive, Mr Bello Hassan, who bared his mind on Wednesday, November 29, during the 2023 NDIC workshop for Business Editors and members of the Finance Correspondents Association of Nigeria (FICAN) in Owerri, Imo State capital.
The special desk at the EFCC, according to Hassan, would make it easier for the two organisations to work together and coordinate, with the end result of improving the exchange of data, knowledge and resources, in such a way that is essential for thoroughly investigating bank collapse situations and ensuring that the responsible individuals are brought to justice.
He also said that the organization is working with the judiciary to ensure faster and more informed judgements on cases around failed banks.
Additionally, Hassan said:
- “We have also enhanced collaboration with the bar and the bench, leading to speedy dispensation of justice and more informed judgments on failed banks cases; we have equally put in place policy and framework on Alternative Dispute Resolution for out-of-court settlement, which has enabled us to resolve some hitherto protracted failed bank litigations; we have reviewed the Framework for Differential Premium Assessment System (DPAS) to make it more risk-sensitive and account for significant developments that have taken place in the Nigerian banking system since its adoption in 2008;
- “We have established a special desk at the Economic and Financial Crimes Commission (EFCC), which is energized investigation and prosecution of parties responsible for the failure of banks”
- He also noted that NDIC implemented the Single Customer View (SCV) framework to expedite the disbursement of insured funds to depositors of closed banks.
This initiative, he sid, has accelerated the process of identifying, validating, and compensating eligible depositors, guaranteeing prompt access to their insured funds following a bank closure.
Hassan also highlighted the organization’s efforts to enhance its systems, processes, and procedures to promote transparency and accountability in its operations. /SHARE THIS
- Tags: Mr. Bello Hassan, NDIC, EFCC, Business Editors and FICAN workshop
