The Nigeria Deposit Insurance Corporation (NDIC) has urged law enforcement agencies to strengthen their collaboration to curb financial crimes like banking fraud in the country.
Bello Hassan, managing director/chief executive of NDIC represented by Bashir Nuhu, director of communications and public affairs at NDIC disclosed this on Thursday at the annual capacity-building workshop for law-enforcement agents in Lagos.
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“We are not unaware of the challenges of investigating and prosecuting financial malpractices and bank fraud cases but wish to urge you not to relent on your efforts and be rest assured of our unflinching support at all times,” he said.
He added that the banking system is evolving with innovations and a new phase of the financial technology-driven economy is currently reshaping the global financial services space.
“With this development, the criminally minded users of the banking system, including the notorious ‘cyber criminals’, are busy perfecting their misplaced skills. The measures put in place by regulatory/supervisory agencies to curb the activities of fraudsters in the system were starting to yield results,” he said.
Henry Fomah, head of the NDIC Legal Department called for improved collaboration to fight financial crimes, especially as it relates to insider fraud.
“It is worthy of note that the corporation, as part of its bank liquidation activities, has been in the vanguard of the investigation and prosecution of those found culpable in a bank failure. The corporation is, therefore, committed to building the capacity of law enforcement agencies.”
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He added that the fight against insider abuses and financial malpractices in banks is not the task the corporation can carry out all alone, and the theme of the event, ‘Effective Collaboration as a Strategy in the Fight Against Insider Abuses and Financial Malpractices in Banks and Other Financial Institutions in Nigeria’ is apt to emphasise the need for collaboration.
