The Nigeria Deposit Insurance Corporation (NDIC) has solicited the return of recoveries made by the Economic and Financial Crimes Commission (EFCC) on its behalf to the corporation's coffers to ensure timely disbursement to depositors.

The Managing Director and Chief Executive of NDIC, Mr Bello Hassan, made the call during a courtesy visit of the NDIC management to the Executive Chairman of EFCC, Mr Ola Olukoyede, at the EFCC headquarters in Abuja.

Mr Hassan explained that NDIC played a critical role in combating financial crime within the banking sector through its mandate which included banks' supervision and liquidation of licensed banks.

In a statement on Saturday, Bashir A. Nuhu, Director, Communication and Public Affairs of NDIC, said the MD "solicited for the return of recoveries made by the EFCC on behalf of the NDIC to the corporation's coffers in order to facilitate the timely reimbursement of depositors."

He commended the EFCC for its relentless effort in the fight against corruption and financial crime, emphasising the indispensable role it played as a key member of the task force on the implementation of the Failed Banks Act which was chaired by NDIC.

The EFCC Chairman, Mr Olukoyede, emphasised the interconnection between criminal activities and bank failures, urging NDIC and the Central Bank of Nigeria (CBN) to intensify oversight to prevent the risk of bank failure.

He pledged the EFCC's commitment to deepening collaboration and synergising efforts in combating financial crime thereby safeguarding the integrity of Nigeria's banking sector.