Failed Banks: We have special desk to investigate culprits at EFCC – NDIC

The Nigeria Deposit Insurance Corporation (NDIC), has disclosed the establishment of a special desk at the Economic and Financial Crimes Commission (EFCC) to facilitate the investigation and prosecution of parties responsible for bank failures.

The NDIC Managing Director, Bello Hassan, who disclosed this to journalists at a workshop in Owerri, said the Corporation has also enhanced its collaboration with the bar and the bench to ensure speedy dispensation of justice on failed bank cases.

While explaining that the e has enabled the NDIC resolve some hitherto protracted failed bank litigations, Hassan said the Corporation is also pursuing a framework on Alternative Dispute Resolution for out-of-court settlement.

Highlighting the recent activities of the Corporation, the NDIC boss revealed the introduction of the Single Customer View (SCV) framework to enhance the speedy payment of insured sums to depositors of closed banks.

He said the NDIC has reached an advanced stage in the review of the maximum deposit insurance coverage, to account for the impact of
macroeconomic developments in the system and reinforce depositors’ confidence in the deposit guarantee scheme.

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”We enhanced public awareness on the benefits of the deposit insurance system to reduce the rate at which small depositors are defrauded, we invigorated our liquidation activities and increased the debt recovery rate to 100 per cent

”The introduction of the Single Customer View (SCV) framework has enhanced speedy payment of insured sums to depositors of closed banks while the review of the Framework for Differential Premium Assessment System (DPAS) will make it more risk-sensitive and account for significant developments in the Nigerian banking sector.

Speaking on the workshop with the theme: “Stocktaking of Deposit Insurance Practice: Assessing the Past, Evaluating the Present and Forecasting the Future”, Bello said the technical session was organised to strengthen the media’s interface with the banks in the interest of the depositors and the larger financial system.