The Nigeria Deposit Insurance Corporation (NDIC) now has stronger legal powers to prosecute individuals responsible for bank failures, according to its Managing Director, Mr. Thompson Oludare Sunday.
Speaking during a courtesy visit by the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) to NDIC Headquarters in Abuja, Mr. Sunday highlighted that the NDIC Act No. 30 of 2023 and the Banks and Other Financial Institutions Act (BOFIA) 2020 have significantly enhanced the Corporation’s authority in liquidating failed insured institutions.
He praised the National Assembly for addressing gaps in the legal framework and commended the judiciary for developing growing expertise in deposit insurance law.
The NDIC has already recorded positive outcomes under the new legal framework, including declaring a first round of liquidation dividends to uninsured depositors of the defunct Heritage Bank Limited within a year of its licence revocation. Mr. Sunday noted that the new laws make it harder for individuals to evade accountability.
BRIPAN President, Mr. Chimezie Victor Ihekweazu (SAN), highlighted the association’s work in harmonising insolvency-related laws and called for closer collaboration among stakeholders to strengthen insolvency and business recovery practices in Nigeria.
