Directors Of Failed 183 Micro-Finance Banks, Primary Mortgage Banks Soon To Face Investigation, NDIC

In no distant time, security agencies may be deployed to investigate the the directors of failed Micro-Finance Banks (MFBs) and Primary Mortgage Banks (PMBs) over their respective roles leading to the collapse of the Institutions.

OPTIMUM TIMES recalls that of recent, the Central Bank of Nigeria (CBN) revoked banking licences of at least 183 MFBs and PMBs.

Speaking on Thursday in Lagos, the Managing Director/ Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan disclosed the impending investigation at a workshop organised by the Corporation for law enforcement agencies. 

According to Vanguard reports, Hassan 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.”

Addressing  the participants at the workshop, including members of the Inter-Agency Task Force on the Implementation of Failed Banks Act,
Hassan explained that the workshop is a demonstration of NDIC’s commitment  to collaborating  with other agencies against financial malpractices and insider abuses in banks, adding, “There is no gainsaying that, this collaboration has yielded and is still yielding results particularly in the area of investigation and prosecution.”

According to Hassan 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.”