2 days ago
25
The Nigeria Deposit Insurance Corporation NDIC has urged its external solicitors to continue their diligent efforts in assisting the corporation with debt recovery and assets realization during bank litigation.
Managing Director, Chief Executive Officer of the NDIC, Hassan Bello, who made this remark during the 2025 sensitisation seminar for external solicitors of the NDIC acknowledged the challenges some solicitors have encountered during litigation.
Hassan who was represented by Head, Legal Department of the NDIC, Henry Fomah said that partnership with external solicitors has contributed to increased diligence in handling NDIC cases, more informed judicial decisions, encouraging feedback from both the bar and the bench, and a broader public awareness of deposit insurance practices in Nigeria.
Speaking further, he said, “We actively seek your continued collaboration and support in promoting financial system stability through a deeper understanding of the dynamics of the Deposit Insurance System in Nigeria”.
He stated that the recent failure of Heritage Bank, highlighted the intricate nature of bank liquidation and the vital role of collaboration with external solicitors, adding that liquidation, by its nature, is intertwined with litigation.
He explained that the NDIC, in fulfilling its responsibilities, engages in legal proceedings both as plaintiff and defendant, representing the interests of depositors and creditors while also pursuing debt recovery from debtors of closed banks.
He said that the recovery of these debts and the realisation of assets are crucial to achieving its corporate objectives.
In his welcome address Fomah said the workshop will help to identify the challenges the corporation faces, the strategies it employs, and the successes it achieved in the process of handling banks litigations.
He said that participants at the workshop will also discuss the evolving landscape of the financial sector and how the NDIC is adapting to new risks and opportunities.
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