banks

Nigeria on Tuesday said it would remain focused and committed to the protection of depositors and promotion of safe, sound and stable banking system in the country.

Umaru Ibrahim, managing director of the Nigeria Deposit Insurance Corporation (NDIC), said in a statement in Lagos that the corporation will also continue to strive for excellence in the discharge of its mandate.

Ibrahim said depositors in the country would be effectively served with the speedy passage of the corporation’s amendment Act 2006 that is currently before the National Assembly.

The delay in the passage of the Act posed a great challenge to the corporation as it impairs NDIC’s ability to effectively perform some of its mandate, he added.

According to him, the proposed amendments were in harmony with international best practices and provisions of the revised International Association of Deposit Insurers Core principles for Effective Deposit Insurance System.

He said the wrongful execution of judgment against NDIC’s assets for liabilities of banks in-liquidation and the slow recovery of debts owed to failed insured institutions were among the major challenges of the corporation. Enditem

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