NDIC Enhances Debt Recovery to Expedite Depositor Payments

The Nigeria Deposit Insurance Corporation (NDIC) has initiated a renewed effort to strengthen its debt recovery processes to accelerate payments to depositors. This initiative was highlighted during a sensitization seminar for debt recovery agents in Lagos, where Mr. Thompson Oludar, Managing Director and Chief Executive of NDIC, emphasized the need to address structural bottlenecks that slow down recovery efforts.

The NDIC Act 2023 introduces provisions aimed at improving the efficiency of these processes. Mr. Olufemi Oladepo Kushimo, Director of Legal Services, noted that the success of depositor payouts is closely linked to effective recovery efforts.

The NDIC is also looking to enhance its legal framework to pursue outstanding obligations more vigorously, including measures targeting recalcitrant debtors involved in criminal infractions. Ms. Patricia Okosun, Director of Asset Management, expressed optimism about recovery prospects despite external factors such as litigation timelines affecting the ability to set definitive payout schedules.