The Nigeria Deposit Insurance Corporation (NDIC) has intensified efforts to recover an estimated N1.5 trillion in outstanding debts and assets trapped in failed financial institutions by strengthening the capacity of debt recovery agents and deploying new legal tools under the NDIC Act 2023 to fast-track recoveries from about 150 banks currently in liquidation.
The move is part of a broader strategy by the Corporation to improve depositor’s reimbursement, enhance accountability within the banking system, and reinforce public confidence in Nigeria’s financial sector.
This revelation emerged yesterday at a sensitisation seminar organised by the NDIC legal and asset management departments for debt recovery agents and key stakeholders.
Director of the Legal Department, Kushimo Olufemi and Director of Asset Management, Patricia Okosun reiterated the Corporation’s commitment to improving performance and achieving measurable results.
According to the Corporation, the engagement was designed to equip recovery agents with a clearer understanding of the additional powers now available to them and how to deploy those tools more effectively.
“The objective of this seminar is simple. The NDIC Act has strengthened debt recovery. We now have more robust provisions than what existed previously. Today, we are sensitising our recovery agents on these new tools and how they can apply them to improve recoveries.”
