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Reps order NDIC to give details on 13 failed banks

By Tordue Salem
The Public Accounts Committee of the House of Representatives has ordered the Nigerian Deposit Insurance Corporation (NDIC), to furnish it with details on the liabilities of 13 banks that were liquidated in 2006 in the wake of the recapitalisation by the Central Bank of Nigeria (CBN).

NDIC is statutorily empowered to take over liabilities (depositors’ funds) recovered from crumbled banks.

The Deputy Chairman of the Public Accounts Committee, Mr. Uche Ekwunife (PDP, Njikoka/Dunukofia/AnambraState), said this yesterday in an exclusive interview with Vanguard.

The lawmaker said the committee was worried that after three years, the country was yet to be availed of details on people’s money trapped in those banks.

“We want NDIC to give us details on the 13 banks that were liquidated in 2006 after the re-capitalisation. NDIC has been too quiet on it. We cannot continue to be quiet about depositors’ hard-earned money.

“We are also of the view that NDIC is not doing enough in protecting peoples’ resources invested in this banks, that is why we are asking for details on every penny that was trapped in those failed banks,” she said.

Mr. Ganiyu Ogunleye, NDIC, MD, who promised to make the details available to the committee on the failed banks in two weeks, however, stressed that NDIC was not mandated by law to publish details of bank weaknesses.

Ogunleye had on Wednesday disagreed with CBN on the N400 billion liquidity injection into the five banks whose managing directors, board of directors and chairmen were sacked by the apex bank.

NDIC had also gone ahead to give credit to the CBN Governor, Mr. Sanusi Lamido, for sacking the ex-bank chiefs telling the committee that the exercise was long over-due.


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