The Nigeria Deposit Insurance Corporation (NDIC) has said the Corporation requires effective collaboration with the nation’s judiciary, to carry out its mandate efficiently.
The NDIC Managing Director, Bello Hassan made the assertion at the 2023 Sensitization seminar for judges of the Federal High Courts, organized in partnership with the National Judicial Institute (NJI), with the theme: “Strengthening Depositors Confidence in Banks and Other Financial Institutions through Speedy Dispensation of Justice”.
The NDIC boss said the collaboration and understanding of its activities was necessary for judges in view of its critical role in resolving disputes that often arise from revocation of banking licences, liquidation of failed banks and termination of liquidation activities.
He commended the judiciary on efforts to understand the deposit insurance practice towards promoting stability of the nation’s financial system.
Hassan said, ”the overarching objective of the Deposit Insurance Scheme in Nigeria, is to protect depositors in the event of failure of the insured institutions, thereby engendering confidence and curtailing the incidence of bank runs in the system.
”In carrying out its mandate efficiently, the Corporation requires an effective collaboration with the judiciary, in view of its critical role in resolving disputes that often arise from revocation of banking licences, liquidation of failed banks and termination of liquidation activities.
“The Corporation, since inception, has been confronted with many challenges such as misconception of its mandate and basic principles of Deposit Insurance, but the seminar organized in collaboration with the NJI has resulted in a better understanding of the Corporation’s distinct roles by members of the Bar and the Bench as well as speedy dispensation of cases involving banks in-liquidation for the sake of financial system stability in Nigeria.
To deepen knowledge of the Deposit Insurance practice and law, Hassan
disclosed that papers presented at previous editions of the annual events have been published by the Corporation under the title: “Law and Practice of Deposit Insurance in Nigeria’’ in two volumes to serve as veritable reference material, adding that the publications are being distributed free of charge to our stakeholders.
