BY BABJIDE KOMOLAFE
Nigeria Deposit Insurance Corporation (NDIC) has appealed for the support of the judiciary to tackle the challenge of legal bottlenecks in the performance of its mandate.
The Managing Director and Chief Executive Officer of the Corporation, Alhaji Umaru Ibrahim, made this call in Abuja at the opening ceremony of the NDIC sensitization seminar for Appeal Court Justices. He said excessive litigations and lack of proper understanding of the distinction between the legal status of the Nigeria Deposit Insurance Corporation (NDIC) as a corporate entity and its role as liquidator are critical challenges confronting the Corporation in discharging its mandate.
He said the Corporation had been experiencing the execution of court judgements against its assets over the liabilities of banks in-liquidation, adding that the Corporation had also faced difficulties associated with the recovery of debts owed to failed banks.
Ibrahim therefore appealed to the judiciary to address these legal challenges to enable the Corporation achieve its mandate of depositor protection and stability of the Nigerian banking sector. “We recognise that no matter how robust the legal framework operated by the NDIC is, the Corporation cannot achieve much without the cooperation and vital input from the Nigerian Judiciary”, he said.
The NDIC Chief Executive also described the role of the Court of Appeal as a critical arm of the judiciary, given its constitutional appellate jurisdiction over decisions of the State and Federal High Courts where most of the failed banks related cases were being handled. He urged the judiciary and legal practitioners to play their respective roles effectively, which would thereby empower the Corporation to discharge its mandate in the interest of depositors and the Nigerian banking system.
The seminar for the Court of Appeal Justices with the theme: “The Challenges to Deposit Insurance Law and Practice” was the fourth in the series of the capacity building programme embarked upon by the NDIC to sensitize the judiciary and other stakeholders on their roles in the discharge of the deposit insurance law and practice in the country. The first run of the seminar was jointly organised by the Corporation and National Judicial Institute (NJI) for Judges of the Federal and State High Courts while the second run was organised in collaboration with the Federal High Court for all Judges of the Federal High Courts and the third run was organised for External Solicitors of the Corporation.