By Michael Eboh
Following the rising spate of crimes and sharp practices in banks and financial institutions in the country, the Nigerian Deposit Insurance Corporation (NDIC) has announced plans to revive the financial crimes and malpractices task force.

Speaking in a joint meeting with officials from the Financial Malpractice Investigation Unit of the Nigerian Police, Acting Managing Director of the NDIC, Mr. Umaru Ibrahim said that the task force which would comprise the Central Bank of Nigeria (CBN), the Nigerian Police and other security and regulatory agencies, would tackle the issue of rising crimes, malfeasance and sharp practices in the financial sector.

Ibrahim noted that the task force when set up, will bring about sanity in the financial system, as it will ensure the speedy investigation and prosecution of financial malpractice and offenders.

He further stated that the NDIC is committed to cooperating with the Police and other security agencies to ensure that the myriad of financial crimes currently before the security agencies are speedily resolved, through accelerated investigation and prosecution.

He said, “The NDIC, in conjunction with the CBN is committed to ensuring sanity in the country’s financial system, through an effective collaboration with other regulators and security agencies, to ensure the speedy investigation and prosecution of frauds in financial institutions

“To this end, we intend to bring back the task force on financial crimes. This will be similar to the task force set up during the failed bank era to prosecute officials of various financial institutions found wanting.

“The task force will ensure the speedy investigation and prosecution of fraud cases, and also address the delays and challenges facing investigation of crimes in financial institutions.”

Ibrahim explained that the NDIC is committed to the removal of obstacles militating against the effective investigation of fraud cases and promised to partner with other security and regulatory agencies to ensure that the law takes its full course with regards to frauds and financial malpractice in financial institutions.

“New cases of frauds are coming up in the financial system,” he said, “hence the need to give more impetus and encouragement to ensure that the issue of sharp practices in the sector is addressed.”

Also speaking, Mrs. Funsho Saheeb, an Assistant Commissioner of Police from the Special Fraud Unit, called for support from regulatory agencies in the financial sector, to ensure that perpetrators of frauds are made to face the wrath of the law without delay and undue interference.