Fidelity bank card banner Camano banner
NDIC advocates effective judicial process to enhance financial stability

By News Express on 07/11/2015

Views: 2,277


The Nigeria Deposit Insurance Corporation (NDIC) has reiterated that the Nigerian judiciary is a critical institution towards achieving the NDIC core mandate of depositor protection and its contribution to financial system stability.

Managing Director and Chief Executive of the NDIC, Alhaji Umaru Ibrahim, stressed this at the opening ceremony of the Corporation’s 2015 Sensitization Seminar for Judges of States and Federal Capital Territory (FCT) High Courts in Abuja.

Alhaji Ibrahim was represented by the Corporation’s Executive Director Operations, Prince Aghatise Erediauwam at the seminar with the theme, “Challenges to Deposit Insurance Law and Practice in Nigeria”, attended by about 60 Judges of States and FCT High Courts.

The NDIC boss explained that the forum was intended to address the challenges being faced by the Corporation in its bid to successfullydischargeits mandate. He said that no matter how robust the NDIC’s extant laws, the Corporation needed the legal support from the judiciary to achieve its mandate. He added that the Corporation would continue to seek the cooperation and understanding of the judiciary, given that the judiciary is constitutionally vested with the powers of interpretation of statutes and laws in the Federation.

Alhaji Ibrahim enumerated some of the major challenges facing NDIC. These, he said, include the menace of protracted and complex bank liquidation related litigations as well as their attendant consequences, the execution of court judgments against the assets of the Corporation as the liquidator of failed banks and lack of proper understanding of its proper legal status on its role as a Deposit Insurer which is distinct from its status as a bank liquidator. He urged the participants to critically examine these challenges with a view to proffering a lasting solution in order to empower the Corporation to effectively discharge its mandate.

While declaring the seminar open, the Chief Justice of Nigeria and Chairman, Board of Governors of the National Judicial Institute, Hon. Justice Mahmud Mohammed, noted that some of the esoteric legal issues bordering on the established rights of creditors, shareholders and depositors of failed financial institutions were genuine matters before the courts. He, therefore, called for a clear and proper understanding of the concept and operation of bridge banks as well as the execution of assets of failed bankswithin the context of deposit insurance system (DIS). This, according to him, would facilitate better appreciation of the legal issues by the judiciary and eventually lead to more informed court judgments.

Hon. Justice Mohammed urged the participants to actively utilise the knowledge gained at the seminar in the course of their duties and also enjoined them to continue to uphold the highest standards of ethics and integrity.

•Photo shows NDIC MD/Chief Executive, Umaru Ibrahim.

Source News Express

Posted 07/11/2015 7:42:26 PM

 

 

CLASSIFIED ADS

 

You may also like...
Soldiers swoop on Biafra activists, arrest 44 IPOB...

Buhari, Atiku, other presidential candidates sign second Peace...

EU slams Google with $5b fine

Anambra Central: Jan 13th election sacrosanct — Umeh...

Abia 2019: Exploring Otti’s career and vision

DSS, a clog in the fight against corruption,...

6 things you didn’t know your smartphone could...

Super Eagles among favourites to win Nations Cup,...

Boko Haram attacks Bara in Yobe

Senator Nwaoboshi loses bid to reclaim property, as...

Etisalat: Banks may demand investigation of $1.2b loan...

Nigerian breaks 100-year old record at Indian university...

 

Latest News Herdsmen: Ohanaeze youths declare state of emergency in South-East •Task state governors 3 Nigerians, 4 others arrested for hacking into 2,000 accounts in India Soldier, 2 NSCDC personnel killed in Ogoni by cultists, illegal oil bunkerers Face-off: Bode George should shut up, leave PDP — Jimi Agbaje 6 suspected telecom mast vandals nabbed in Rivers Ikpeazu appoints Transition Chairmen, deputies for Abia councils NYSC to communicate payment of new N30,000 allowance to corps members Leadership failure Nigeria’s biggest problem — Obi Police begin investigation of abduction, attack in Enugu 20 per cent of teachers in Bauchi State payroll are ghost workers — Gov Project cost: FG to stop outsourcing foreign professionals Appeal Court upholds Ihedioha’s election as Imo Governor

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (494,245 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (425,376 views) Shameless Genevieve Nnaji exposes breasts in public (365,145 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (311,788 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (276,098 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (243,915 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (233,851 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (215,762 views) 10 cars more expensive than Jets (212,450 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (204,345 views) Lagos plane crash: Journalist releases victims’ names (184,442 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (183,783 views)

 

NNPC Financial reports February 2019

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (93) Business & Economy (4,308) Business Verdict (73) Columnists (1,051) Complaints & Requests (95) Enterprise & Opportunities (209) Entertainment (623) Features (761) Global Business Monitor (378) ICT Monitor (53) International (3,592) Interview (184) Live Commentary (30) Love Matters (162) Maggie's Blog (302) News (47,416) Opinion (1,260) Pidgin (17) Politics (11,023) Religion (1,022) Sports (2,043) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera