According to the Nigerian Deposit Insurance Corporation (NDIC), measures are being made to increase depositor confidence in the nation’s banks and other financial institutions.
Speaking at the 2023 sensitization seminar for judges of the National Industrial Court of Nigeria (NICN) and members of the Investments and Securities Tribunal (IST), NDIC managing director Bello Hassan revealed this yesterday in Port Harcourt.
Represented by Mustapha Ibrahim, executive director of operations, Hassan stated that the company has had several difficulties since its founding, including misunderstandings about its purpose and the fundamentals of deposit insurance.
Among the difficulties he mentioned were the execution of a judgment against the company for bank liabilities that were in liquidation and the seizure of the company’s assets, including garnishees of its corporate accounts.
According to the head of the NDIC, there are additional hurdles in recovering payments owing to bankruptcies as well as in prosecuting directors, managers, and officials of bankruptcies who may have had a role in the failure of their institutions.
Justice Salisu Abdullahi, the administrator of the National Judicial Institute, stated during his remarks that the seminar would educate NICN judges and IST members on legal and social contexts related to banking and other matters, including the resolution of complaints about unfair labor practices, staff terminations, and other issues.
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.
