The Nigerian Deposit Insurance Corporation (NDIC) has stated that ongoing collaboration
among relevant agencies to combat insider fraud and other financial malpractices within the banking sector is yielding positive results, particularly in investigations and prosecutions.
This was revealed by the Acting Managing Director/Chief Executive of NDIC, Mrs. Emily
Osuji, during her keynote address at the opening ceremony of the 2025 Capacity-Building
Workshop for Law Enforcement Agencies. The workshop, themed ‘Investigating and
Prosecuting Financial Malpractices in Banks: A Critical Analysis of Strategies to Prevent
Bank Failures,’ aims to bolster the capacity of agencies responsible for addressing
fraudulent activities within financial institutions.
Osuji highlighted that the synergy between the NDIC and other agencies has been
instrumental in addressing systemic issues linked to insider abuses and malpractices that
have contributed to bank failures. She noted that such collaboration, especially through
investigative and prosecutorial efforts, continues to make significant strides.
She emphasized that the capacity-building workshop is one of several initiatives the NDIC
has undertaken to strengthen the accountability framework within Nigeria’s financial system.
Since its inception in 2012, the workshop has served as a platform to equip law enforcement operatives and officials from regulatory bodies with the necessary skills to detect, investigate, and prosecute banking fraud and misconduct effectively.
According to Osuji, the programme also supports the ongoing work of the Inter-Agency Task Force on the Implementation of the Failed Banks Act. The task force is responsible for
coordinating efforts among agencies to ensure that those responsible for the
mismanagement and collapse of financial institutions are held accountable.
“There is no gainsaying that this collaboration has yielded and is still yielding results,
particularly in the area of investigation and prosecution,” Osuji stated. She further expressed confidence that the continued partnership among stakeholder agencies would enhance the integrity and stability of the banking sector.
Osuji concluded by reiterating the NDIC’s commitment to promoting sound corporate
governance and regulatory compliance in Nigeria’s banking system. She also expressed
optimism that the workshop would further empower participants with actionable insights and tools to address financial crimes effectively.
The NDIC’s efforts reflect a broader strategy to prevent future bank failures by addressing
the root causes of institutional weaknesses through training, collaboration, and enforcement.
The Corporation, recognizing the positive outcomes of this collaboration, remains committed to strengthening synergy in law enforcement efforts focused on investigating and prosecuting financial malpractices. I would like to use this opportunity to urge members of the Task Force to remain steadfast and committed to diligently fulfilling their mandate in line with the objectives for which the Task Force was established.
