THE Nigeria Deposit Insurance Corporation (NDIC) is partnering with the Inter-Agency Task Force on the Implementation of Failed Banks Act and other law enforcement agencies in the fight against financial malpractices in Banks and Other Financial Institutions.
To this end, the corporation said the collaboration has yielded and is still yielding results, particularly in the area of investigation and prosecution.
Managing Director/Chief Executive, NDIC, Bello Hassan, disclosed this in Lagos at a workshop organised by the corporation for law enforcement agencies.
Hassan, who was represented by the Head, Legal Department of NDIC, Henry Fomah, noted that banks and banking operations are becoming more vulnerable.
The workshop, like similar initiatives by the corporation, aims to compliment the efforts of the Inter-Agency Task Force on the Implementation of Failed Banks Act and all the agencies involved as members of the task force, especially desk officers at the Economic and Financial Crimes Commission (EFCC).
He said the corporation, whilst bearing in mind the positive impact of such collaboration, will continue to strive at enhancing the synergy in the areas of law enforcement relating to investigation and prosecution of financial malpractices.
“I want to use this forum to appeal to the members of the task force not to relent on their oars but to execute the given mandate diligently, thereby achieving the objectives of establishing the task force.
“Through your collaborative efforts, I am aware that 12 prosecution cases are on-going at various courts, 25 ongoing investigation with FMIU, 11 with EFCC and five concluded investigations with Federal Ministry of Justice for advice and prosecution. This is an indication that we are on the right course,” Hassan stated.
According to Hassan, the theme for the year, ‘Effective Collaboration in the Fight Against Fraud and Financial Malpractices in Banks and Other Financial Institutions in Nigeria,’ is not only apt but to re-echo and emphasise the need for collaboration by all in order to eliminate or drastically reduce financial malpractices and insider abuses in banks.
According to him, a safe and sound banking environment is an essential ingredient of financial system stability which is the bedrock for economic development of every nation.
“It is for this reason that the NDIC has been consistent since 2012 in organising this workshop to sharpen the skills of law enforcement operatives and officers from regulatory agencies that are involved in the investigation and prosecution of bank directors, officials and staff of banks involved in malpractices and insider abuses that might lead to the collapse of their banks or financial institutions,” he emphasised.
Speaking further, Hassan, said that the workshop is a demonstration of NDIC’s commitment to collaborating with other agencies against financial malpractices and insider abuses in banks,, adding that, “The corporation, whilst bearing in mind the positive impact of such collaboration will continue to strive at enhancing the synergy between all of us in the areas of law enforcement relating to investigation and prosecution of financial malpractices,” he assured.
Also speaking on the sideline of the workshop, the Director, Legal Services Department, CBN, Kofo Salam-Alada, commended the NDIC for sustaining the capacity building and sensitising law enforcement agents about goings on in the financial system.
“We cannot have an innocent person get jailed by reason of the fact that the investigator does not know what he had to look out for in a particular situation. This underscores the need for continued training of the officers.
“For us at CBN, we cannot stop collaborating with the NDIC or any other agency in the fight against financial malpractices. The law requires information sharing and how those information are being used. We cannot afford to be playing catchup,” Salam-Alada stated.
He further said that as players in the most regulated industry in the world, collaboration and continuous development of human resources are important especially to gain insight into regulatory requirements
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