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Don’t allow banks to fail – EFCC boss tasks NDIC

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The Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, has called on the Nigeria Deposit Insurance Corporation, NDIC, to keep closer watch on banks across the country to avoid failure and its attendant unsavory effects on the economy.

A statement by EFCC spokesperson, Dele Oyewale, said Olukoyede made the call when the Managing Director of NDIC, Bello Hassan and other top management staff of the corporation paid him a courtesy visit in Abuja.

Olukoyede linked bank failure to economic and financial crimes and cautioned the NDIC and the Central Bank of Nigeria (CBN) to continue to beam searchlights on banks to strengthen them against liquidation,

“There is a nexus between criminal activities and liquidation of banks. When they don’t play by the rules, you discover that ultimately, he banks will be folded up and that’s always the problem and so you have a very critical role to play to avoid bank failure.

“We are ready to support you, we are ready to collaborate with you in any capacity to achieve this,” he said.

He pledged deeper collaboration with the NDIC, maintaining that the two agencies have wider areas of relevance to the development of the nation.

Olukoyede also explained that courts usually determined the destination of recoveries made by the EFCC.

Earlier in his opening remarks, Hassan congratulated Olukoyede on his appointment and expressed confidence in his efforts toward repositioning the EFCC in the fight against economic and financial crimes.

“We believe you have all it takes to move this commission forward in the fight against economic and financial crimes, which will go a long way in helping Mr. President achieve his agenda of ‘Renewed Hope’ for Nigerians,” he said.

Speaking on the mandate of NDIC, Hassan said the corporation was one of the safety nets in the financial services industry.

He stressed that the EFCC was one of its critical stakeholders in the attainment of its objective.

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