NDIC Empowered to Prosecute Those Behind Bank Collapses in Nigeria

The Nigerian Deposit Insurance Corporation (NDIC) has been granted the authority to prosecute those accountable for bank failures in Nigeria, as revealed by the Managing Director of NDIC, Thompson Sundai. This move comes following the enactment of new laws that empower the agency to take legal action against individuals behind collapsed banks.

The NDIC's power to liquidate failed financial institutions has been bolstered by the enactment of the NDIC Act No. 30 of 2023 and the Bank and Other Financial Institutions Act (BOFIA) 2020. The recent revocation of Heritage Bank's license by the Central Bank of Nigeria (CBN) has also been highlighted in this context.