NDIC commends Judiciary for support
By Patience Ikpeme
The Nigeria Deposit Insurance (NDIC) has applauded the understanding and effort of the Judiciary as regards deposit insurance practices geared at enhancing the financial system of the nation.
This commendation was given by the Managing Director/Chief Executive of NDIC, Mr. Bello Hassan at the 2023 Sensitization Seminar, organized by the Corporation in partnership with the National Judicial Institute (NJI) for Judges of the Federal High Courts with theme: “Strengthening Depositors Confidence in Banks and Other Financial Institutions through Speedy Dispensation of Justice”, held in Uyo, Akwa-Ibom State.
Mr Hassan stated that the main agenda 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 view of this, Mr. Hassan stated that the corporation needs constant collaboration with the judicial system because of it’s critical role in resolving disputes that often arise from revocation of banking licenses, liquidation of failed banks and termination of liquidation activities .
Mr Hassan also revealed that, since the inception of the corporation, there has been several misconceptions of it’s mandate and the basic principles of Deposit Insurance .
He further expressed joy that the Seminar organized in collaboration with the NJI has resulted in better understanding of the specific roles of the corporation by the members of the Bar and Bench.
Bello Hassan noted that in order to achieve the mandate of the scheme, the corporation requires effective collaboration with the Judiciary,
He also stated that previous papers presented at past editions the annual events have been published by the corporation under the title “Law and practice of Deposit Insurance in Nigeria”.
