NDIC seeks closer collaboration with judiciary on financial system stability

From Ngozi Onyeakusi, Lagos

The Nigeria Deposit Insurance Corporation (NDIC) said it will continue to collaborate with the Judiciary to ensure the effective discharge of its mandate and contribute to financial system stability in the country.

A statement by the Head, Communication & Public Affairs, NDIC, H. S. Birchi quoted the NDIC’s Managing Director/Chief Executive, Alh. Umaru Ibrahim to have made this known in his keynote address at a sensitization seminar for Federal High Court Judges with the theme: “The Challenge to Deposit Insurance Law and Practice” held in Abuja. Ibrahim said the NDIC observed with concern that a large segment of the Nigerian public had a wrong perception about the Corporation and its statutory mandate, hence time and valuable resources were invested to reverse the trend through effective and continuous public awareness and close collaboration with key stakeholders.

The NDIC CEO recalled the NDIC’s sponsorship of a similar seminar in 2013 where about fifty-three (53) Judges of the Federal High Courts actively participated.

He however said the Corporation was not oblivious of the fact that some of the Judges that benefitted from the last seminar had been elevated to the Court of Appeal or had retired and new judges who did

not benefit from the earlier seminar had been appointed to fill the vacancies.

Ibrahim therefore said that the second run of the sensitization seminar was organised by the Corporation to consolidate on the gains of the previous edition and to strengthen its relationship with the courts in the interest of bank depositors and Nigeria’s financial system.

He commended the overwhelming support of the courts through informed judgements from the various courts, encouraging feedback from both the bar and the bench and increased public awareness on the dynamics of deposit insurance.

In his remarks, the Chief Judge of the Federal High Court, Hon. Justice I. N. Auta said judges had been exclusively designated to handle NDIC cases. Justice Auta pointed out that the sensitization seminar had enlightened the bench on the mandate and activities of the Corporation which, according to him, had resulted to more proactive and accurate adjudication of insolvency disputes.

He added that the exclusive designation of judges to handle the NDIC cases had resulted in timely dispensation of judgements and sustained the competence and specialisation of designated courts.