Directors Of 183 Failed Banks Won’t Go Unpunished -NDIC

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Mohammed Shosanya

The Nigeria Deposit Insurance Corporation, NDIC,has said that directors of closed 183 microfinance banks, MfBs and Primary Mortgage Banks, PMBs, will soon be investigated for their roles in the collapse of their institutions.

Managing Director/ Chief Executive, NDIC, Bello Hassan,gave the hint recently at a workshop organised by the Corporation for law enforcement agencies.

He spoke while addressing participants at the workshop, including members of the Inter-Agency Task Force on the Implementation of Failed Banks Act.

He said: “As you are all aware, the Central Bank of Nigeria recently revoked banking licences of 183 MFBs and PMBs which may require you to be’ called upon to investigate some of the directors and officers of these institutions with a view to bring to book those found culpable in the collapse of these institutions.”

Hassan explained that workshop is a demonstration of NDIC’s commitment to collaborating with other agencies against financial malpractices and insider abuses in banks.

He said,the collaboration has yielded and is still yielding results particularly in the area of investigation and prosecution.”

He said: “This workshop, like similar initiatives by the Corporation aims to compliment the efforts of the Inter-Agency Task Force on the Implementation of Failed Banks Act.

“The Corporation, whilst bearing in mind the positive impact of such collaboration will continue to strive at enhancing the synergy between all of us in the areas of law enforcement relating to investigation and prosecution of financial malpractices.

“I want to use this forum to appeal to the members of the Task Force not to relent on your oars but to execute the given mandate diligently thereby achieving the objectives of establishing the Task Force.

“Through your collaborative efforts, I am aware that twelve (12) prosecution cases are on-going at various courts, twenty-five (25) on-going investigations with FMIU, eleven (11) with EFCC and five (5) concluded investigations with the Federal Ministry of Justice for advice and prosecution. This is an indication that we are on the right course.”

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