The Nigeria Deposit Insurance Corporation (NDIC) has renewed its call for deeper collaboration with law enforcement and regulatory agencies to tackle the growing threat of insider abuses, cybercrime and financial malpractices in the country’s banking sector.
Speaking at the 2025 Capacity Building Workshop for Law Enforcement Agencies in Lagos, themed ‘Investigating and Prosecuting Financial Malpractices in Banks: A Critical Analysis of Strategies to Prevent Bank Failures’, the Acting Managing Director of the NDIC, Emily Osuji, noted that the initiative was part of ongoing efforts to strengthen financial system stability to avert avoidable bank failures.
Osuji highlighted the Corporation’s relentless efforts to ensure a safe and sound banking environment while noting that financial system stability is the bedrock of economic development.
“Through inter-agency collaboration, we currently have 11 cases in court, 25 ongoing investigations with the Financial Malpractices Investigation Unit (FMIU), eight with the Economic and Financial Crimes Commission (EFCC) and nine concluded investigations with the Federal Ministry of Justice for advice and prosecution.” she disclosed. She reiterated the importance of bringing to book all individuals found culpable in the collapse of banks and financial institutions.
“Since 2012, NDIC has consistently hosted the annual workshop to sharpen the investigative and prosecutorial skills of law enforcement operatives and regulatory officials, particularly in cases of insider abuse and corporate fraud. This year’s theme was carefully chosen to reflect the urgency and importance of tackling the systemic failures that erode public confidence in banks”, she noted.
The NDIC boss cited the recent revocation of Heritage Bank’s licence by the Central Bank of Nigeria (CBN), stating that investigations into the roles of the bank’s directors, managers and officers were ongoing and aimed at ensuring accountability.
Acknowledging the rising threats posed by technological advancement, she called for adaptability among law enforcement agencies, urging participants to equip themselves with knowledge of prevalent fraud types such as ATM card fraud, fraudulent transfers and withdrawals, cybercrime, unauthorized crediting, money laundering and terrorism financing.
“As the banking system evolves with financial technology, so do the criminals. Workshops like this are necessary to help officers to adapt and respond effectively,” she said.
Echoing similar sentiments, the Director of the NDIC Legal Department, Olufemi Kushimo, stressed the urgency of restoring public and international confidence in Nigeria’s financial system.
“Cybercrime and financial fraud have risen sharply due to the growth of financial technology. This workshop not only affirms our collective resolve to sanitise the system but also offers a strategic platform to strengthen inter-agency relationships”, he noted.
