Caption: NDIC MD/CEO, Bello Hassan (middle), President World Federation of Female Judges, Justice Binta Nyako (left), and Chief Judge of Federal High Court, Hon. Justice John T. Tsoho (right), discussing at the 2023 Sensitization Seminar for Federal High Court Judges with the theme: Strengthening Depositors Confidence in Banks and Other Financial Institutions Through Speedy Dispensation of Justice in Uyo, Akwa-Ibom State.
The Nigeria Deposit Insurance Corporation (NDIC) says effective collaboration with the judiciary is critical for carrying out its mandate efficiently.
This, according to Bello Hassan, its Managing Director/Chief Executive, is in view of the corporation’s critical role in resolving disputes that often arise from revocation of banking licences, liquidation of failed banks and termination of liquidation activities.
In his welcome address at the 2023 Sensitization Seminar organized in partnership with the National Judicial Institute (NJI) for Judges of the Federal High Courts with the theme: “Strengthening Depositors Confidence in Banks and Other Financial Institutions through Speedy Dispensation of Justice”, in Uyo, Akwa-Ibom State, he commended the judiciary on its better understanding of the deposit insurance practice towards promoting the stability of the nation’s financial system.
Hassan, according to a statement by Bashir Nuhu, Director, Communication & Public Affairs, noted 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.
NDIC since inception, he lamented, has been confronted with many challenges such as misconception of its mandate and basic principles of Deposit Insurance, expressing gratitude that the seminar organized in collaboration with the NJI, has resulted in a better understanding of the Corporation’s distinct roles by members of the Bar and the Bench as well as speedy dispensation of cases involving banks in-liquidation for the sake of financial system stability in Nigeria.
To deepen knowledge of the Deposit Insurance practice and law, Hassan said papers presented at previous editions of the annual events have been published by the Corporation under the title: “Law and Practice of Deposit Insurance in Nigeria’’ in two volumes to serve as a veritable reference material, adding that the publications are being distributed free of charge to our stakeholders.