NDIC To Boost Depositors’ Confidence In Banks, Others

Nigerian Deposit Insurance Corporation (NDIC), has said it is making efforts towards strengthening the confidence depositors have in banks and other financial institutions in the country.

NDIC managing director, Bello Hassan, disclosed this yesterday in Port Harcourt, while speaking at the 2023 sensitisation seminar for judges of the National Industrial Court of Nigeria (NICN) and members of the Investments and Securities Tribunal (IST).

Hassan, who was represented by the executive director, operations, Mustapha Ibrahim said the corporation, has since inception, been confronted with lots of challenges, which include the misconception of its mandate and basic principles of deposit insurance.

He listed some of the challenges to include execution of judgement against the corporation for liabilities of banks in-liquidation and attachment of the corporation’s including garnishee of its corporate accounts.

Other challenges, the NDIC boss said was difficulties in recovery of debts owed the failed banks as well as difficulties in bringing to book (criminal prosecution) directors, managers and officers of failed banks that might have contributed to the collapse of their banks.

In his remarks, administrator of the National Judicial Institute, Justice Salisu Abdullahi, said the seminar would create legal, social context awareness for the NICN judges and IST members in relation to banking and other matters such as adjudication of complaints of unfair labour practices, wrongful termination of  staff and others.

Abdullahi, who was represented by the director of Research, Dr. Victor Tor, said the seminar was also relevant in light of the need to reinforce the complementary roles between the IST and NDIC.