The Nigeria Deposit Insurance Corporation (NDIC) has renewed its call for stronger collaboration among law enforcement and financial regulators to tackle insider abuses and financial crimes threatening the nation’s banking sector.
Speaking at the 2025 Capacity Building Workshop for Law Enforcement Agencies in Lekki, Lagos, the Acting Managing Director/Chief Executive Officer of NDIC, Mrs. Emily Osuji, stressed the urgent need for coordinated action to protect depositors and maintain financial stability.
Delivering the keynote address at the three-day event themed, “Investigating and Prosecuting Financial Malpractices in Banks: A Critical Analysis of Strategies to Prevent Bank Failures,” Osuji warned that unchecked financial crimes could erode public confidence in Nigeria’s banking system.
“A safe and sound banking system is fundamental to our nation’s economic growth. That stability is threatened when insider abuses and cybercrimes go unchecked,” Osuji stated.
The workshop, which drew senior officials from key enforcement agencies—including the Director of Public Prosecutions of the Federation, Mr. M. B. Abubakar; Commissioner of Police, Special Fraud Unit (PSFU), CP Ronke N. Okunade; and Coordinator of the Financial Malpractices Investigation Unit (FMIU), DCP Sirajo M. Salisu—aimed to equip officers with advanced investigative and prosecutorial skills.
Heritage Bank Collapse in Focus
Osuji disclosed that the NDIC is currently collaborating with security agencies to investigate the recent failure of Heritage Bank Plc. The Central Bank of Nigeria (CBN) revoked the bank’s license in June, and investigations into the roles played by its directors, managers, and officers are ongoing.
She revealed that law enforcement efforts are already yielding results, with 11 cases of financial malpractice currently in court, 25 active investigations with the FMIU, eight cases with the EFCC, and nine concluded investigations awaiting legal advice at the Federal Ministry of Justice.
Financial Crimes Evolving with Technology
The NDIC boss warned that cybercriminals are exploiting new technologies to perpetrate crimes such as ATM fraud, internet banking scams, money laundering, and terrorism financing.
“Financial criminals are evolving rapidly, and law enforcement must evolve faster,” she cautioned, emphasizing that workshops like this are essential to keep operatives ahead of emerging threats.
She urged members of the Inter-Agency Task Force on the Failed Banks Act to intensify their efforts to investigate and prosecute financial crimes, adding, “Our collective resolve is what will safeguard the financial system and maintain public trust.”
Experts Call for Continuous Capacity Building
Also speaking at the event, Dr. Michael Oladele, former Director of NDIC’s Bank Examination Department, emphasized the growing global trends in financial fraud, warning that cybercriminals often stay a step ahead of regulators.
“Fraud is dynamic and constantly evolving. Our defenses must also evolve. The biggest room in the world is the room for improvement,” Oladele said, calling for continuous skills development and proactive fraud detection strategies.
Similarly, Mr. Olusegun Kushimo, Director of the NDIC Legal Department, reaffirmed the Corporation’s commitment to its annual capacity-building programs, describing them as critical to safeguarding Nigeria’s banking system.
“We must work together to build a robust financial system that restores depositor and investor confidence. Stronger prosecutions will serve as deterrents to future crimes,” Kushimo added.
Strengthening Nigeria’s Financial Future
The workshop emphasized that the fight against bank fraud is not just about protecting depositors but also about safeguarding the stability of Nigeria’s financial system—an essential pillar for economic growth.
Osuji closed the event by urging participants to translate their deliberations into actionable strategies.
“Financial stability is a collective responsibility. Let’s work together to strengthen our defenses and hold financial criminals accountable,” she concluded.
The NDIC pledged to sustain its commitment to capacity-building initiatives and inter-agency collaboration, reinforcing its mission to protect depositors and ensure the soundness of Nigeria’s banking system.
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