The Nigeria Deposit Insurance Corporation (NDIC) is now operating under stronger, more effective laws to execute its mandate to liquidate banks, according to its managing director and chief executive, Thompson Oludare Sunday.
Sunday stated this when he received the President/Chairman of the Council of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), Chimezie Victor Ihekweazu, and members of his council during a courtesy visit to the NDIC headquarters in Abuja.
He said the corporation’s powers in liquidating failed insured institutions had been significantly strengthened through the enactment of the NDIC Act No. 30 of 2023 and the Banks and Other Financial Institutions Act (BOFIA) 2020. These laws, he noted, now enable the NDIC to prosecute individuals responsible for bank failures — a shift from the past, when weak legal provisions allowed many to evade accountability.