The Nigeria Deposit Insurance Corporation (NDIC) has commended the judiciary on its better understanding of the deposit insurance practice towards promoting stability of the nation’s financial system.
NDIC Managing Director/Chief Executive, Mr. Bello Hassan gave the commendation in his welcome address 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 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.
He however noted 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 arise from revocation of banking licences, liquidation of failed banks and termination