Ola Olukoyede, the Chairman of the Economic and Financial Crimes Commission (EFCC), has called upon the Nigeria Deposit Insurance Corporation (NDIC) to maintain a vigilant watch over banks nationwide to prevent failures and the adverse effects they have on the economy.

During a courtesy visit by Bello Hassan, the Managing Director of NDIC, and other senior officials in Abuja, Olukoyede emphasized the connection between bank failures and economic and financial crimes. He urged the NDIC and the Central Bank of Nigeria (CBN) to closely monitor banks to strengthen them against liquidation.

Olukoyede stated, “There is a nexus between criminal activities and the liquidation of banks. When they deviate from the rules, banks eventually collapse, which becomes a major problem. Therefore, you have a crucial role to play in averting bank failures. We are prepared to support and collaborate with you in any capacity to achieve this.”

He pledged to deepen collaboration between the EFCC and the NDIC, recognizing their mutual relevance in the nation’s development.

Olukoyede also clarified that the courts typically determine the allocation of recoveries made by the EFCC.

In his opening remarks, Hassan congratulated Olukoyede on his appointment and expressed confidence in his efforts to reposition the EFCC in combating economic and financial crimes. He believed that Olukoyede possessed the necessary qualities to propel the commission forward and contribute to President’s agenda of “Renewed Hope” for Nigerians.

Highlighting the mandate of the NDIC, Hassan emphasized that the corporation served as a safety net in the financial services industry. He underscored the EFCC’s significance as a critical stakeholder in achieving the NDIC’s objectives.