It is my pleasure to deliver this keynote address at this training organized by the Nigeria Deposit Insurance Corporation (NDIC) in collaboration with the Economic and Financial Crimes Commission (EFCC). As you are aware, the Corporation insures the deposit liabilities of licensed banks, gives assistance to insured institutions in the interest of depositors, guarantees payments to depositors, assists monetary authorities in the formulation and implementation of banking policies, while the Commission is empowered to fight and investigate economic and financial crimes as well as prosecute and penalise offenders within the provisions of the laws and regulations relating to economic and financial crimes in Nigeria. It is therefore, obvious that the two institutions have a common objective of ensuring a stable, sound, ethical and virile banking and financial system which is crime free. Achieving this laudable objective would no doubt be easier if the EFCC operatives are equipped with critical skills that would enable them function effectively and efficiently.
Ladies and gentlemen, financial crime is a global phenomenon, Nigeria and, the banking sector in particular, have suffered and continues to suffer huge financial losses due to financial crimes. In fact, the growing incidence of financial crimes constitutes a major threat to banks’ survival and economic growth. Financial crime had led to bank failures in Nigeria and other jurisdictions. Also, a number of companies, individuals and organisations have lost huge sums of money to fraudulent practices.
You are all aware of the present administration‘s commitment towards fighting/reducing corruption in the country, it is in this spirit that the Corporation and the Commission is embarking on a massive training of EFCC Operatives in order to develop competencies and enhance performance of the Commission in the investigation and fight against frauds and other economic and financial crimes.
Distinguished participants it is pertinent to state at this point that, NDIC’s continued quest to effectively promote safe and sound banking practice as well as contribute to financial system stability is part of its operational readiness strategy. In this vein, the Corporation is therefore collaborating with the Commission to impart technical knowledge in six (6) areas relating to the banking/financial industry namely; Accounting for Non-Accountants, Foreign Exchange Investigation, Tracing & Tracking of Suspicious Transactions, Financial & Banking Regulations in Nigeria, Auditing & Investigations and Financial Analysis. Adequate knowledge in these six (6) areas will aid in sharpening the skills of Operatives towards the discharge of their duties.
The Curricula were carefully designed with Subject Matter Experts drawn from within the Corporation and outside namely, Central Bank of Nigeria, Banking Industry and Consultancy Outfits in order to do justice to the various topics. While I urge all the participants to take good advantage of this opportunity, we assure you that the Corporation shall continue to collaborate with the Commission as it is presently doing with other Regulatory bodies under the auspices of the Financial Services Regulation Coordinating Committee (FSRCC) for the benefit of the financial system in particular and the national economy in general. Indeed, the NDIC has always placed great importance on collaborative effort. Let me therefore, assure you that the Corporation will always be willing at any time to collaborate with the Commission in the discharge of its duties.
Ladies and Gentlemen, this is the first of marathon training programmes to be jointly organized by the NDIC and the EFCC. It is my sincere hope that you will find the various papers to be presented worthwhile and enriching. I encourage the participants to make each session a productive encounter with the facilitators in order to make it an enriching learning experience. I hope at the end of the training, participants will be more equipped to conduct their investigative activities more professionally.
Thank you for your attention.