NDIC Empowered by Stronger Laws to Enforce Bank Liquidation Mandates
The Nigeria Deposit Insurance Corporation (NDIC) now has stronger legal backing to enforce bank liquidation mandates following the enactment of the NDIC Act No. 30 of 2023 and the Bank and Other Financial Institutions Act (BOFIA) 2020. NDIC's Managing Director, Thompson Oludare Sunday, highlighted the significance of these laws in prosecuting individuals responsible for bank failures and ensuring accountability.
The new legal framework aims to prevent individuals from evading liability and enhances NDIC's ability to recover assets for uninsured depositors. Bripan, represented by Chimezi Victor Ihekweazu, commended NDIC's progress in harmonizing insolvency laws and improving business recovery processes.
Plus234Feed summary based on reporting from Business Day. Read the original report below.
Read full article
Continue on Business Day
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
NDIC Empowered to Prosecute Those Behind Bank Collapses in Nigeria
NDIC Empowered to Prosecute Parties Responsible for Bank Failures, Says MD
NDIC Declares New Era of Accountability in Nigeria's Banking Sector
NDIC Takes Action to Address Customer Trust Crisis in Nigerian Banks
NDIC Reassures Nigerian Bank Customers on Savings Safety
NDIC and NIESV Strengthen Collaboration for Asset Valuation in Nigeria
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
