The Nigeria Deposit Insurance Corporation (NDIC) says its legal and regulatory framework has been significantly strengthened to enhance its capacity to liquidate failed banks and hold those responsible for financial institution collapses accountable.
In a statement released on Sunday by Hawwau Gambo, Head of Communication and Public Affairs at NDIC, the Corporation’s Managing Director, Mr. Thompson Sunday, said the enactment of the NDIC Act No. 30 of 2023 had fortified the Corporation’s powers in bank liquidation and resolution processes.
According to him, the recent legal reforms, alongside provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020, have empowered the NDIC to effectively prosecute parties found culpable in bank failures.
Source: Nairametrics
