NDIC Enlists External Solicitors for Debt Recovery
By Patience Ikpeme
The Nigeria Deposit Insurance Corporation (NDIC) has intensified its efforts to recover debts and realize assets, particularly in the wake of the recent failure of Heritage Bank, by appealing to its external solicitors for enhanced collaboration.
Managing Director of the NDIC, Mr. Bello Hassan, made this call during a sensitization seminar organized for external solicitors, emphasizing the critical role they play in maintaining financial stability.
Mr. Hassan disclosed that following the collapse of Heritage Bank, the corporation had engaged new external solicitors and deemed it necessary to conduct a comprehensive sensitization seminar. “I urge you external solicitors to continue your diligent efforts in assisting the Corporation with debt recovery and asset realization,” he stated, underscoring the importance of their contribution to the NDIC’s mandate.
The seminar, designed to address the needs of both new and existing external solicitors, aims to strengthen the relationship between the NDIC and its legal partners. “We deemed it essential to convene this workshop,” Mr. Hassan explained, adding that many participants may not have benefited from previous seminars.
This initiative aligns with the NDIC’s strategic objectives and reinforces its role in safeguarding the Nigerian financial system.
“This year’s seminar aims to further strengthen our relationship with our external solicitors, ultimately serving the interests of bank depositors and the Nigerian financial system,” he added. The NDIC actively seeks the continued collaboration and support of its external solicitors to promote financial system stability through a deeper understanding of the Deposit Insurance System in Nigeria.
The recent failure of Heritage Bank, Mr. Hassan noted, has underscored the complex nature of bank liquidation and the indispensable role of external solicitors. “The recent failure of Heritage Bank has highlighted the intricate nature of bank liquidation and the vital role of collaboration with our external solicitors,” he said. This event has served as a stark reminder of the challenges involved in resolving bank failures and the necessity for robust legal support.
Mr. Hassan expressed satisfaction with the positive outcomes of previous engagements with external solicitors. “We are gratified to observe the positive outcomes of these engagements, including increased diligence in handling NDIC cases, more informed judicial decisions, encouraging feedback from both the bar and the bench, and a broader public awareness of deposit insurance practices in Nigeria,” he stated. These outcomes reflect the effectiveness of the NDIC’s collaborative approach and the commitment of its external solicitors.
The sensitization seminar is expected to enhance the solicitors’ understanding of the NDIC’s operational framework, legal requirements, and best practices in debt recovery and asset realization. By improving their knowledge and skills, the NDIC aims to expedite the resolution of bank failures and ensure that depositors are adequately protected.
