The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Thompson Oludare Sunday, has stated that the Corporation now operates under stronger and more effective laws to carry out its bank liquidation mandate.
This was disclosed during a courtesy visit by the President/Chairman of Council of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), Chimezie Victor Ihekweazu (SAN), and members of his council to the NDIC Headquarters in Abuja.
The NDIC Chief Executive attributed the strengthened laws to the enactment of the NDIC Act No. 30 of 2023 and the Banks and Other Financial Institutions Act (BOFIA) 2020.
These laws have significantly enhanced the Corporation’s powers to prosecute parties at fault for bank failures, unlike in the past when insufficient legal provisions allowed such individuals to evade accountability.
Sunday noted that the new laws have made it impossible for individuals to hide under the law to escape liability.
He disclosed that individuals now approach the Corporation to settle out of court, not necessarily because the law has caught up with them, but because they can see that the noose is tightening around those responsible for bank failures.
The NDIC Boss reiterated the Corporation’s commitment to leveraging the strengthened laws while collaborating with BRIPAN and other stakeholders to enhance the effective discharge of its mandate.
The BRIPAN President/Chairman of Council, Chimezie Victor Ihekweazu (SAN), highlighted the association’s efforts in harmonising insolvency-related laws in the country and called for closer collaboration among stakeholders to strengthen insolvency and business recovery practices in Nigeria.
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