33 cases of financial malpractice under probe – NDIC

The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that it is currently investigating 33 cases of alleged financial malpractices in collaboration with key law enforcement and regulatory agencies.

This was revealed by the Acting Managing Director and Chief Executive Officer of the NDIC, Mrs. Emily Osuji, during the opening ceremony of the 2025 Capacity Building Workshop for Law Enforcement Agencies, held in Lekki, Lagos.

According to Osuji, the investigations form part of a broader strategy to safeguard the integrity of Nigeria’s financial system and bring those responsible for bank failures to justice.

She provided a breakdown of the cases: 11 are already in court, 25 are under active investigation by the Financial Malpractices Investigation Unit (FMIU), 8 are being handled by the Economic and Financial Crimes Commission (EFCC), and 9 completed cases have been forwarded to the Federal Ministry of Justice for legal advice and possible prosecution.

“Like other initiatives of the Corporation, this workshop aims to complement the efforts of the Inter-Agency Task Force on the Implementation of the Failed Banks Act,” Osuji said. “This collaboration is already yielding tangible results in investigations and prosecutions.”

The three-day event, running from July 7 to 9, brought together top officials from across Nigeria’s financial crime enforcement sector. Attendees included the Director of Public Prosecutions of the Federation, Mr. M. B. Abubakar; the Commissioner of Police, Special Fraud Unit, CP Ronke N. Okunade; and the Coordinator of the FMIU, DCP Sirajo M.

ALSO READ: Residents apprehensive as flood wreaks havoc across Ondo communities

In her remarks, Osuji emphasized the NDIC’s unwavering commitment to tackling insider abuses and financial crimes, which she described as leading causes of bank failures. She stressed that a safe and stable banking system is crucial to Nigeria’s economic development and must be protected through strict regulatory enforcement.

“This workshop has become an annual platform for reviewing our collective efforts and deepening our commitment to ensuring a sound banking environment,” she stated.

This year’s theme, “Investigating and Prosecuting Financial Malpractices in Banks: A Critical Analysis of Strategies to Prevent Bank Failures,” underscores the urgent need for stronger collaboration in the face of increasingly complex threats.

Osuji also referenced the recent revocation of Heritage Bank’s licence by the Central Bank of Nigeria, confirming that investigations into the roles of its directors and officers are ongoing. She affirmed that those found culpable would face the full weight of the law.

While acknowledging the challenges in prosecuting financial crimes—especially those involving sophisticated digital tools—she encouraged law enforcement agencies not to relent, assuring them of the NDIC’s continued support.

She noted that financial fraud is evolving rapidly, citing common schemes such as ATM card fraud, unauthorized withdrawals, internet banking scams, money laundering, and cybercrime. “Workshops like this are essential to help law enforcement stay one step ahead of fraudsters,” she added.

Given the growing threats posed by financial technology abuse, Osuji underscored the need for continuous training and the acquisition of modern investigative tools. She called for deeper institutional synergy and urged participants to actively engage in discussions and contribute actionable recommendations.

The NDIC reaffirmed its commitment to supporting law enforcement and regulatory bodies in the fight against financial malpractice. Since 2012, the Corporation has organized this annual workshop to enhance inter-agency cooperation, sharpen investigative skills, and ensure that those responsible for financial institution failures are held accountable.

NIGERIAN TRIBUNE