Abuja, Oct. 27, 2023 – The Nigeria Deposit Insurance Corporation (NDIC) has commended the judiciary for its better understanding of the deposit insurance practice toward promoting stability of the nation’s financial system.
Bello Hassan, NDIC Managing Director, mave the commendation in his welcome address at the 2023 Sensitisation Seminar organised by the Corporation in partnership with the National Judicial Institute (NJI) for judges of the Federal High Courts with the theme: “Strengthening Depositors Confidence in Banks and Other Financial Institutions through Speedy Dispensation of Justice” held in Uyo, Akwa-Ibom State.
He said the overarching objective of the deposit insurance scheme in Nigeria was 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.
Hassan, however, said that in carrying out its mandate efficiently, the Corporation required an effective collaboration with the judiciary in view of its critical role in resolving disputes that often arose from revocation of banking licences, liquidation of failed banks and termination of liquidation activities.
He said that the Corporation, since inception, had been confronted by many challenges such as misconception of its mandate and basic principles of deposit insurance.
The NDIC boss expressed gratitude that the seminar, organised in collaboration with the NJI, had 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 had been published by the Corporation under the title: “Law and Practice of Deposit Insurance in Nigeria’’ in two volumes to serve as veritable reference materials.
Hassan said the publications were being distributed free of charge to stakeholders. (GBN)
