The Nigeria Deposit Insurance Corporation (NDIC) has obtained winding up orders for 96 out of 183 microfinance and primary mortgage banks whose licenses were revoked by the Central Bank of Nigeria (CBN) in May 2023.
This was disclosed by NDIC’s Managing Director, Mr. Bello Hassan, during a recent sensitisation seminar for Federal High Court judges in Lagos.
He emphasised the NDIC’s commitment to protecting depositors through effective bank supervision, failure resolution, and liquidation, which are essential to maintaining confidence in the financial system.
Highlighting the role of the judiciary, He noted its critical importance in the NDIC’s mandate. He stressed that collaboration with the judiciary ensures accelerated hearing and timely justice in cases involving bank liquidation, thus enhancing the efficiency of the resolution process.
Additionally, Mr. Hassan pointed out that previous seminars had successfully reduced delays in liquidation-related litigations, showcasing the positive impact of educating the judiciary on the banking industry’s complexities. The seminar aimed to deepen this understanding and further streamline legal processes involving financial institutions.
