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From TONY JOHN, Port Harcourt
The Nigeria Deposit Insurance Corporation (NDIC) has called on various judicial bodies for synergy, with a view to strengthening depositors ‘ confidence in banks and other financial institutions to effectively build the nation’s economy.
Managing Director/Chief Executive
Nigeria Deposit Insurance Corporation, Bello Hassan, made the call at the 2023 sensitization seminar for Judges of National Industrial Court of Nigeria (NICN) and Members of Investment and Securities Tribunal (IST), held in Port Harcourt, Rivers State, on Tuesday.
The programme was organized by NDIC in collaboration with National Judicial Institute (NJI) with theme: ‘Strengthening Depositors’ Confidence in Banks and Other Financial Institutions through Speedy Dispensation of Justice’.
Hassan, who spoke through the Executive Director, Operations, NDIC, Mustapha Ibrahim, said the relationship between the corporation and the judiciary was predicated on the desire to ensure continuous interaction
with the judiciary because it is recognized as a major stakeholder.
The corporation performs this oversight role to ensure the safety and soundness of the banking system and promote financial system stability.
According to the MD/CEO, the corporation over the years, had successfully liquidated many financial institutions whose licenses were revoked by the Central Bank of Nigeria (CBN), and their depositors as well as other claimants paid, with some of them fully settled from debts
recovered and the assets realized.
Hassan said: “We are also glad to report that, the series of sensitization seminars organized by the Corporation over the years, have served as an avenue for the Corporation to interface with its stakeholders and privileged to share ideas with the judicial officers. This has resulted in a better understanding by our stakeholders (the Bar and the Bench) of the principles of Deposit Insurance.
“Furthermore, the Corporation in addressing some of the above
challenges, had pursued vigorously the amendment of its Act, which
resulted in the repeal, and re-enactment of Nigeria Deposit Insurance Act 2023.
“The absence of Winding-Up Rules for deposit taking institutions inliquidation, has created a gap in procedures, we would soon approach the Chief Judge of the Federal High Court, for the issuance of the WindingUp Rules for failed deposit taking institutions, pursuant to Section 56 of the NDIC Act 2023.
“The theme of this year seminar “Strengthening Depositors’
Confidence in Banks and Other Financial Institutions through
Speedy Dispensation of Justice’’ is anchored on the need for strategic
partnering and collaboration with the judiciary for the promotion of
financial system stability in Nigeria.”
He, however, expressed optimism that, the deliberations and suggestions to be proffered at the seminar, would be part of guiding principles in their quest for the maintenance of stable banking
system in Nigeria.
In his keynote address, President of National Industrial Court of Nigeria (NICN), Justice Bakwaph Kanyip, said they have always been guided by the mantra: “It is better to get a bad judgement quickly than a good one too late.”
He said: “This may sound like heresy. But, to the world of work, the dispensation of labour justice is one where time is of utmost essence. And since most of the rights dealt with in a typical labour dispute are rights in personam, it pays no one to delay the adjudicatory process.
“In the face of our thankless job, we have to contend with judicial bashing that seems to be the order of the day.”
Also, the Chairman, Investment and Securities Tribunal, Amos Azi, said NDIC has lived up to expectations by protecting depositors and stabilizing the financial system in the country.
He, however, added that the judiciary is important in every aspect of life including financial transactions.
Ends.
