NDIC Strengthens Legal Framework to Hold Bank Failure Culprits Accountable — Sunday Oludare
NDIC Strengthens Legal Framework to Hold Bank Failure Culprits Accountable — Sunday
The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Oludare Sunday, has disclosed that recent legal reforms have closed the loopholes that once allowed individuals responsible for bank failures to evade justice.
According to him, insufficient legal provisions in the past made it difficult to ensure accountability. However, with the new and strengthened laws, those who contributed to the collapse of financial institutions can no longer hide under technicalities to escape liability.
Sunday revealed that, in recent times, individuals have begun approaching the Corporation to negotiate out-of-court settlements — not merely because they have been caught, but because they now recognize that the legal system is closing in on offenders.
He reaffirmed NDIC’s commitment to fully utilizing these enhanced legal instruments while working in collaboration with the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) and other relevant stakeholders to improve the effectiveness of its mandate.
In his remarks, the President and Chairman of BRIPAN Council, Chimezie Victor Ihekweazu (SAN), emphasized the association’s continued efforts to harmonize insolvency-related laws across the country. He also called for stronger collaboration among stakeholders to further strengthen insolvency and business recovery practices in Nigeria.
