The Nigeria Deposit Insurance Corporation (NDIC) has renewed its call for deeper collaboration between law enforcement and regulatory bodies in safeguarding the nation’s financial system against fraud and insider abuse.
Speaking at the 2025 Capacity Building Workshop for Law Enforcement Agencies, held from July 7 to 9 at the Vintano Hotel, Lekki, Lagos, Mr. Olusegun Kushimo, Director, Legal Department, NDIC, underscored the critical need for enhanced capacity among law enforcement officers to investigate and prosecute financial crimes effectively.
This year’s workshop, themed “Investigating and Prosecuting Financial Malpractices in Banks: Analysis of Strategies to Prevent Bank Failure,” brought together security agencies, regulators, and financial industry experts to address rising threats in the banking sector.
Kushimo acknowledged the rapid growth of financial technology, warning that it has also fueled a surge in cybercrime and financial fraud. “The importance of this workshop cannot be overemphasized. Beyond capacity building, it affirms our collective commitment to protecting the financial system from emerging risks,” he said.
He noted that the NDIC has remained consistent in organizing this annual engagement as part of its broader mandate to work with other agencies in the fight against financial malpractices in banks and other financial institutions.
“This is a partnership aimed at building a resilient financial system. We all share the vision of a strong economy, as projected by the President, and this can only be achieved through a safe and stable banking sector,” Kushimo stated.
He emphasized the need to restore public and investor confidence in the financial system. According to him, effective prosecution of financial crimes is critical in deterring misconduct and reassuring both domestic depositors and the international community.
“As we continue with this year’s workshop, let us keep in mind the importance of strengthening our internal control systems, preventing insider fraud, and improving prosecution outcomes. The essence of criminal justice is deterrence, and that is what we must achieve to keep our financial system safe,” Kushimo added.
He welcomed participants and expressed optimism that the workshop would equip them with practical tools to enhance fraud prevention and crisis management in banks.
The NDIC’s capacity-building initiative remains a key part of its strategy to foster inter-agency cooperation, tackle emerging financial crimes, and protect the stability of Nigeria’s banking sector.
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