Legal Challenges towards revocation, non amendment of NDIC Sections threatening Service delivery 

By Matthew Denis

The Director of Communication and Public Affairs, Nigerian Deposit Insurance Corporation (NDIC), Mr. Bashir Nuhu has revealed that legal Challenges towards revocation and liquidation activities, Non Amendment of relevant sections of NDIC acts that further empower the Corporation as liquidator and other Deposit Insurance system (DIS) are setback to efficient Service delivery.

He made the disclosure while presenting a paper titled ‘ Deposit Insurance in Nigeria: Beyond deposit insurance ‘ at the 2022 NDIC workshop for financial Correspondent Association of Nigeria held in Portharcourt on Tuesday.

The Director who was Represented by the Director of Research, Dr. A Katata said “ because banks do fail and can fail many countries have put in place an explicit DIS being administered by NDIC as part of safety net measures.

“The public policy of objectives of the Corporation includes protecting small depositors in the event of banks failure, contribute to financial system and macroeconomics stability to provide mechanism for failure resolution.

“Beyond the core responsibilities the Corporation continues to engage other activities with direct and indirect impacts in actualizing it PPO. These includes promotion of financial inclusion, consumer education and protection, strengthening cyber crime among others.

“In a bid to mitigate and reduce the impact of Cyber crime in the Financial Sector, the Corporation in compliance with section 36 of NDIC Act has manadeted the banks to submit a monthly information on fraud as well as cyber crime related issues.”

He noted that the NDIC has been collaborating with the CBN in various capacities to enhance financial inclusion in the country.