Nigeria Deposit Insurance Corporation, NDIC, has said it is now armed with stronger and more effective laws that significantly enhance its ability to liquidate failed banks and prosecute individuals responsible for their collapse.
Managing Director of NDIC, Mr. Thompson Sunday, disclosed this while receiving the President and Chairman of Council of the Business Recovery and Insolvency Practitioners Association of Nigeria, BRIPA, Mr. Chimezie Victor Ihekweazu, SAN, on a visit to the Corporation’s headquarters in Abuja.
Sunday said the Corporation’s powers in the area of the liquidation of failed insured institutions have been significantly enhanced with the enactment of the NDIC Act No. 30 of 2023, together with the Banks and Other Financial Institutions Act, BOFIA, 2020.