The Nigeria Deposit Insurance Corporation (NDIC) has stressed the need for law enforcement agencies to collaborate to address financial malpractices across banks and other financial institutions in the country.
The Managing Director/Chief Executive of NDIC, Bello Hassan, said this at the 2024 edition of its capacity-building workshop with the theme ‘Inter-Agency Collaboration in the Fight Against Financial Malpractices in Banks and Other Financial Institutions in Nigeria’, organised for the law-enforcement agents in Lagos.
Hassan, who was represented by the NDIC Director of Communication and Public Affairs, Bashir Nuhu, said the challenges of investigating and prosecuting financial malpractices and bank deception cases called for more partnerships with law enforcement agencies.
“These days, banks are fast evolving with innovations and a new stage 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.
“This is why workshops like this are necessary to enable law enforcement officers to understand the dynamic operating environment. For the law enforcement officers must acquaint themselves with basic knowledge of the types of fraud prevalent in our banks,” Hassan said.
He reiterated that effective collaboration is crucial in combating insider abuses and financial malpractices, which are major causes of bank failures and threats to public confidence in the banking system.
Recall that since 2012, the NDIC has organised workshops to enhance the skills of law enforcement and regulatory agency officers involved in investigating and prosecuting bank fraud.
Hassan stressed the importance of adapting to the rapidly evolving banking system, driven by financial technology innovations, to stay ahead of cybercriminals and other financial fraudsters.
The workshop aimed to reinforce the resolve to unite with law enforcement agencies in the fight against financial malpractices, ensuring a stable and trustworthy banking environment in Nigeria.
Assistant Inspector General of Police, Alagbon, Romokere Ibani, in a goodwill message, challenged bank management to scrutinise internal practices to prevent financial crimes.
“Evidence has proven that those who defrauded the banks succeeded with the support of insiders,” Ibani stated.The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, represented by Lagos Zonal Commander, Michael Wetkas, also urged banks to screen their staff thoroughly to identify those colluding with criminals.
