NDIC MD Sunday says new legal framework enhances bank liquidation powers, citing Heritage Bank dividends paid within a year, while BRIPAN urges collaboration to strengthen financial system transparency.
— The Nigeria Deposit Insurance Corporation (NDIC) now operates under a stronger legal framework, enhancing its ability to liquidate failed banks efficiently, the Corporation’s Managing Director, Mr. Thompson Oludare Sunday, said.
Sunday made the announcement during a courtesy visit by the President of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), Mr. Chimezie Victor Ihekweazu (SAN), to NDIC Headquarters in Abuja.
“The enhanced powers granted to the Corporation under the NDIC Act 30 of 2023, the BOFIA 2020 and the improved understanding of the judiciary, have made it impossible for individuals to hide under the law to escape liability,” he said.
He cited the liquidation of Heritage Bank Limited, noting that uninsured depositors received dividends within a year of its licence revocation, demonstrating the practical benefits of the strengthened legal framework.
BRIPAN President Ihekweazu commended NDIC’s reforms, calling for continued collaboration to ensure a resilient and transparent financial ecosystem.