The Nigeria Deposit Insurance Corporation (NDIC) Task Force on the Implementation of the Failed Bank Act has given notice of re-arrest for prosecution to directors and officers of licensed banks who committed banking malpractices and absconded.
The task force had at its 38th meeting held on March 13 reviewed some pending investigations by the Police Financial Malpractices investigation Unit (FMIU) under the Failed Banks Act.
These comprise 17 cases involving 10 closed Microfinance Banks (MFBs) in which 15 former directors of the MFBs were involved.
A statement issued by NDIC Director of Legal Department, B. A. Taribo, said the task force reviewed two cases of closed Deposit Money Banks (DMBs) involving their former directors.
One of the DMBs cases currently under prosecution was FRN vs. Prince Adekunle Adeyeba & Ors where the accused persons being erstwhile directors of the defunct Gulf Bank of Nigeria Plc were standing trial for banking malpractices involving N15.1 billion depositors funds in that bank.
The task force also reviewed the police investigation of suspects and the prosecution of accused persons by state counsel and private legal practitioners issued with the Fiat of the Hon. Attorney General of the Federation under the Failed Banks Act.
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