“NDIC MD Urges Judiciary Collaboration for Strengthening Banking Sector”

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In his welcome address at the Sensitization Seminar for Honourable Justices of the Court of Appeal, held in Lagos, Mr. Bello Hassan, the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), emphasized the crucial role of collaboration in ensuring the stability and confidence in Nigeria’s banking sector.

Hassan began by acknowledging the esteemed presence of dignitaries including the President of the Court of Appeal, Honourable Justice M. B. Dongban Mensem, CFR, and other notable figures from the judiciary and legal fraternity.

He highlighted the theme of the seminar, “Building Strong Depositor Confidence in Banks and Other Financial Institutions through Adjudication of Disputes,” underscoring the importance of the NDIC’s role as a deposit insurer in safeguarding depositors’ funds and maintaining a secure financial system.

Hassan elucidated on the mandates of the NDIC, emphasizing deposit guarantee, bank supervision, failure resolution, and liquidation, all aimed at enhancing confidence and stability in the financial system.

He expressed the Corporation’s appreciation for the judiciary’s role in interpreting laws and adjudicating on matters, recognizing the need for a deep understanding of the legal framework surrounding deposit insurance.

The MD highlighted past benefits derived from similar seminars, including a reduction in liquidation-related litigations and a better understanding of the NDIC’s roles and responsibilities.

Hassan announced the upward review of the maximum deposit insurance coverage levels, demonstrating the NDIC’s commitment to promoting depositor confidence.

He concluded by soliciting for more synergy and collaboration with the judiciary, proposing the consideration of Practice Direction for the Court of Appeal on failed banks matters to expedite appeal processes and ensure accountability.

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