EFCC seeks NDIC’s collaboration against wonder banks, others Updated for 2021

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Updated: March 2, 2021


The Acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu has called on the Nigerian Deposit Insurance Corporation (NDIC), to collaborate with the Commission in the elimination of fraudulent investment opportunities and ponzi schemes which have ripped Nigerians of millions of naira, especially in the South-east zone.

Magu gave the call through the South-east Zonal Head of the Commission, Usman Imam on Tuesday, April 2, 2019 while receiving Vera Igho-Ikwue, the Zonal Controller of the NDIC in his Enugu office.

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Magu noted that the two organisations have had a robust relationship and that he has personally benefited from trainings on financial analysis organised by NDIC.

“You have really impacted positively on what we do and we appreciate you for that. We have from time to time relied on expert opinions from NDIC on some of our cases because we actually conduct lots of financial crimes investigations, which requires financial analyses”, he stated.

While calling on NDIC to assist EFCC in halting the preponderance of fake financial institutions, Magu decried the high rate of investment by Nigerians in fake investment companies.

“It surprises me that Nigerians easily believe these people who say you can invest say N1,000 and obtain double the amount in just some few days. Such promises in its face value are unbelievable but still people fall for it,” Magu stated.

In her response, Igho-Ikwue assured the EFCC of her Corporation’s readiness for working partnership towards protecting the nation’s economy and citizens from criminal elements.

“NDIC and EFCC have always collaborated such that we exchange staff on secondment where expertise are shared and we believe that here in the zone, that partnership will not only continue but has to be improved”, she said.

Igho-Ikwue who gave insight on the workings of her organisation, said both EFCC and NDIC were vested with the onerous task of protecting government and private investments and that NDIC was ready to partner with the EFCC in the elimination of fake investment and financial institutions in the South-east.

She was accompanied in the visit by some senior staff of the corporation which include Mr. Chima Onyechere, Wowo Yahaya, David Dibia, Jonathan Omale and Tracy Nwadije.  

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Tony Orilade
Tony Orilade
Tony Orilade, a Nigerian journalist, is Acting Head, Media and Publicity of the Economic and Financial Crimes Commission (EFCC) in Abuja, Nigeria. This is an official statement from him. The headline might have been slightly modified.

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