Nigeria: Failed Banks - NDLC Clamours Practice Direction for Court of Appeal

14 May 2024
Vanguard (Lagos)
By Babajide Komolafe

Nigeria Deposit Insurance Corporation, NDIC, has urged more collaboration and synergy with the judiciary and development Practice Direction for Court of Appeal on failed banks matters.

Managing Director/Chief Executive, NDIC, Bello Hassan, made this call while speaking at the sensitization seminar for Honourable Justices of the Appeal Court, with the theme, "Building Strong Depositor Confidence in Banks and Other Financial Institutions through Adjudication of Disputes"

While highlighting the benefits of collaboration with the judiciary, especially benefits of past sensitization seminars, Hassan said: "Despite the achievements recorded so far, the Corporation will not relent in soliciting for more synergy and collaboration with the Judiciary. It is on this note that we urge the appellate Court to consider having Practice Direction for Court of Appeal on failed banks matters. "This we believe, will provide for quick and effective dispensation of appeal matters relating to recovery of debts owed failed banks, as well as, prosecution of parties at fault that might have contributed to the failure of their banks."

Speaking at the event, the President of the Appeal Court, Hon. Justice Monica Bolna'an Dongban-Mensem, who was represented by Honourable Justice Jummy Olukayode Bada, commended NDIC for organising the seminar, stressed the need for collaboration between the judiciary and NDIC, President of the Appeal Court, in resolution of failed banks.

Speaking to journalists at the sidelines of the event, Bada, said, "The seminar is very important both to the judiciary and to our society at large, because in a society like ours, there must be confidence in commercial matters, and if we narrow that down to banks, when banks are sick or failing, it is a problem. And when there is a problem, everybody wants the judiciary and the judiciary; we have to set things right anddraw a straight line.

"So, that's how at the end of the day investors will have confidence in our banking system and in the long run in our commercial matters."

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