NDIC sensitizes solicitors to protect banks deposits, recovery

…Solicitors seek tighter cyber security

By Henry Uche

Nigeria Deposit Insurance Corporation (NDIC) has engaged its external solicitors for optimum protection of banks deposits including those of failed banks.

The Managing Director/CEO of NDIC, Mr. Bello Hassan, who spoke through the Head of Legal department of the Corporation, Mr. Henry Fomah made this commitment at the 2024 Sensitization Seminar for External Solicitors of NDIC in Lagos.

With the theme: ‘Consolidating The Collaborative Efforts In Mastering Deposit Insurance Scheme & Bank Resolution’, NDIC boss urge the Solicitors to increase their tempo for debt recovery and assets realization as they strengthen their relationship for a stable and stronger financial ecosystem.

“The realization of debts and assets recovery is crucial to achieving our corporate objectives. We firmly believe that a strong financial system depends not only on robust regulations and diligent supervision, but also on the informed participation of all stakeholders. You, as solicitors, are key players in this regard.

“You play a key role in the adjudication of cases involving the Corporation as a deposit insurer and your efforts and contributions help in promoting public confidence in the NDIC. Therefore, your understanding of the NDIC’s role, its powers, and its limitations is paramount”

Not minding the myriads of challenges like delayed adjudication of court cases involving NDIC, Bello assured that with such sensitization programs, the Corporation is better positioned to deliver its mandate optimally. He added that NDIC is mulling of extending the sensitization exercise to Appeal and supreme court.

Speaking on ‘Navigating Bank Failure, Debt Recovery and Systemic Stability’, Justice Ibrahim Buba (rtd), admonished his learned colleagues to study the NDIC Act painstakingly to understand its contents to be able to defend the Corporation.

The Learned silk who frowned at the delay tactics in adjudicating cases by some judges said, “You must keep studying, stand firm and make your case open. You are here to work and that work you must deliver” he stressed.

Aimed at tackling issues confronting the Corporation and further strengthen its relationship with external solicitors for the interests of bank depositors and the Nigerian financial system, the lawyers during an interactive session encouraged NIDC and CBN to tighten their noses on Cyber security against hackers other forms of Internet fraudsters.

Other subject areas discussed were: ‘Repercussions and Recovery Strategies for Debts Owed To Failed Banks’ delivered by Dr. Francis Chuka Agbu, SAN; and ‘Legal And Practical Considerations in Winding Up of Failed Banks’ conveyed by Chris Umar, SAN.