The Nigeria Deposit Insurance Corporation has charged its external solicitors to be diligent in aiding the corporation to achieve its mandate of debt recovery and asset realisation.
This was disclosed by the Managing Director/Chief Executive, NDIC, Bello Hassan, on Thursday in Lagos at the 2024 Sensitisation Seminar for External Solicitors of NDIC under the theme, ‘Consolidating the Collaborative Efforts in Mastering Deposit Insurance Scheme & Bank Resolution.’
The NDIC is mandated to supervise banks to protect depositors’ funds, foster monetary stability, and ensure that failing and failed institutions are resolved in a timely and efficient manner.
Speaking at the event, Hassan, who was represented by the head of the legal department, Henry Fomah, added that NDIC had appointed new external solicitors following the failure of Heritage Bank in June 2024.
He said, “The recent failure of Heritage Bank, highlighted the intricate nature of bank liquidation and the vital role of collaboration with our external solicitors. Liquidation, by its nature, is intertwined with litigation.
“The NDIC, in fulfilling its responsibilities, engages in legal proceedings both as plaintiff and defendant, representing the interests of depositors and creditors while also pursuing debt recovery from debtors of closed banks.”
