The Nigeria Deposit Insurance Corporation (NDIC) has identified enhanced collaboration with the Judiciary as one of the factors responsible for the speedy resolution of dividend payments of closed banks by the Corporation.
Speaking in Lagos at the NDIC Editors Forum on the achievements of the NDIC, Mr Bello Hassan, Managing Director (MD) of the Corporation said, “We have introduced the Single Customer View (SCV) framework that has enhanced speedy payment of insured sums to depositors of closed banks; we have enhanced collaboration with the bar and bench, leading to speedy prosecution and more informed judgements on failed banks cases, including resolution of long-drawn cases of closed banks such as Fortune and Triumph Banks in-liquidation; we have equally put in place policy and framework for out-of-court settlement which had enabled us resolve some hitherto protracted failed bank litigations.
“In complimenting the consumer protection efforts of the CBN, we have enhanced public awareness on deposit insurance and financial literacy to reduce the rate at which small depositors are being defrauded, thereby enhancing confidence in the banking system; we have invigorated our liquidation activities, and greatly increased debt recovery rate leading to the declaration of 100 per cent liquidation dividends to uninsured depositors of over 20 deposit money banks in-liquidation as well as payments to other stakeholders such as creditors, ex-staff and shareholders; and we have also improved our system, process and procedures to promote transparency and accountability in our operations, amongst other humble achievements,” He listed.
The Forum themed, “Stocktaking of Deposit Insurance Practice: Assessing the Past, Evaluating the Present and Forecasting the Future,” explained that the forum has played a pivotal role in facilitating mutual understanding between the Corporation’s Management and Senior Editors representing major media organisations in the country.
“The establishment of this Forum is driven by the imperative of sustaining engagement and fostering a deeper understanding of the Corporation’s mandate, policies, and programs among the high echelons of the nation’s media industry.
“The ultimate objective is to facilitate robust collaboration, enhance public awareness, and strengthen public confidence in the Deposit Insurance System in Nigeria, contributing to the overall stability of the nation’s financial system,” he said.
Recognising the vital importance of regular engagement with the media, Hassan said the Editors Forum serves as a consolidation of the Corporation’s ongoing efforts to deepen its relationship with the leadership of the media industry ensuring that it continues to work as partners in progress for the successful implementation of the Deposit Insurance System in Nigeria, for the benefit of our people.