The Economic and Financial Crimes Commission (EFCC) and the Nigeria Deposit Insurance Corporation (NDIC) have reaffirmed their commitment to tackling financial crimes within Nigeria’s banking sector through enhanced collaboration.

This was the focus of discussions when the Ilorin Zonal Director of the EFCC, Harry Erin, paid a courtesy visit to the NDIC’s Ilorin Zonal Controller, Hamza Umar Kangiwa, on Tuesday, February 18, 2025.

Speaking during the visit, Erin stressed the need for stronger inter-agency cooperation to safeguard the financial system. “Strengthening collaboration between these agencies is essential for enhancing financial integrity and minimizing systemic risks,” he said.

He noted that while the EFCC investigates and prosecutes financial crimes, the NDIC ensures deposit insurance and banking sector stability. According to him, financial institutions, including microfinance banks, often violate regulations in ways that require both administrative sanctions and criminal prosecution.

“We urge you to alert us whenever you uncover financial crimes during your regulatory activities,” Erin stated, emphasizing the devastating effects of fraud on individuals. “Many people have lost their entire savings, leading to financial ruin. Some have even taken extreme measures due to these infractions. Our role is to bring financial criminals to justice and restore public confidence in the system.”

The NDIC’s Zonal Controller, Kangiwa, who previously served at the EFCC on secondment, commended the Commission’s anti-corruption efforts and pledged to deepen cooperation. “Fighting financial crimes is a collective responsibility, and we are committed to working closely with the EFCC to achieve this objective,” he affirmed.

The renewed collaboration between both agencies is expected to enhance regulatory oversight and improve Nigeria’s fight against financial crimes in the banking sector.