NDIC Boss Identifies Public Misconception As Key Challenge Of Deposit Insurance

Public misconception of the basic principles of Deposit Insurance System (DIS) remains one of the major challenges confronting the Nigeria Deposit Insurance Corporation (NDIC), the corporation’s MD/CEO, Alhaji Umaru Ibrahim, has said.

Speaking yesterday at the 2018 sensitisation seminar for FCT and state High Court Judges at the National Judicial Institute (NJI) in Abuja, Alhaji Ibrahim said the misconception was “responsible for other challenges such as unclaimed deposits following banks’ closure, judgments being obtained against NDIC for the liabilities of closed banks and attachment of the corporation’s assets.”

He, however, said series of sensitisation seminars mounted by the corporation, such as the one for the judges, had served as “an avenue to enlighten relevant stakeholders, answer pertinent questions and address issues of concern”.

He added that the theme of the seminar: “Challenges to Deposit Insurance Law and Practice in Nigeria”, was aptly selected because the corporation “considers the collaboration with the judiciary as a valuable investment in the development of Nigeria’s financial system, especially in these challenging times.”

The Chief Justice of Nigeria, Justice Walter Samuel Onnoghen, while declaring the seminar open, said the theme of the seminar was relevant with the ongoing reforms in the Nigerian financial sector.

“The efficiency, satisfaction and success of the sector can be measured by the level of public confidence and assurance that deposits and investments are safe. The judiciary as an arbiter has an important role to play by ensuring speedy resolution of disputes which is an economic development catalyst,” he said.