NDIC TASKS APPELLATE COURT ON FAILED BANKS’ MATTERS
The Appellate Court has
been urged to consider having Practice Direction for Court of Appeal on failed banks’ matters for quick and effective dispensation of Appeal matters relating to recovery of debts owed failed banks’ and prosecution of parties at fault that might have contributed to the failure of their banks.
The Managing Director/ Chief Executive Officer of Nigeria Deposit Insurance Corporation (NDIC),Mr Bello Hassan, gave the advice while speaking at the sensitization seminar for Honourable Justices of the Court of Appeal which took place in Lagos o Monday May 13, 2024.
With the theme,” Building strong depositors confidence in banks and other financial institutions through adjudication”, Hassan noted that it is one of the corportion’s initiatives to engage the judiciary as an important arm of government towards achieving it’s mandate.
He, however, solicited for more synergy and collaboration between the corportion and the judiciary even with the considerable achievements so far recorded with such partnership over the years.
According to him,the effectiveness of the Deposit.Insursnce System (DIS) requires a deep understanding of the unique roles of the corporation in the country’s financial eco- system hence the annual event with the National Judicial Institute ( NJ I) to share knowledge ultimately meant to restore confidence to the nation’s economy
” It is our belief that a proper understanding of the concept and practice of deposit insurance would enable my Lord’s to appreciate the legal issues involved in determining the cases expeditiously ‘ , the NDIC Boss added.
