The Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, yesterday declared that the recent failure of Heritage Bank has further buttressed the intricate nature of bank liquidation, and the vital role of collaboration with its external solicitors.
Hassan pointed out that of the four core mandates enshrined in the Nigeria Deposit Insurance Act 2023, including deposit guarantee, bank supervision, resolution of failing financial institutions, and the orderly liquidation of banks whose licenses have been revoked by the Central Bank of Nigeria (CBN), the latter remained a critical function in which the corporation required the support of external solicitors your support to efficiently discharge the mandate and maintain financial stability.
Speaking at the opening of the corporation’s annual sensitisation seminar for external solicitors with the theme, “Consolidating Collaborative Efforts in Mastering the Deposit Insurance Scheme and Bank Resolution” in Abuja, Hassan noted that liquidation by its nature is often intertwined with litigation.