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NDIC Act will be reviewed soon

03 December 2013, 06:59

Uyo - Aghatise Erediauwa, an Executive Director in the Nigerian Deposit Insurance Corporation (NDIC), says the laws of the corporation will soon be reviewed to check delays in bank liquidation process.

Erediauwa, disclosed this on Monday at the annual workshop organised by NDIC for financial journalists.

He said that the NDIC Act would be reviewed to stop individuals and groups from delaying the liquidation process of banks by resorting to the court.

Erediauwa expressed regrets that liquidation process of some banks had not been concluded long after their liquidation because some interest groups went to court to frustrate the process

He said that shareholders had no justification to delay a bank's liquidation process because they had less than five per cent stake in any bank.

The NDIC executive said that the corporation was working to be one of the top 10 deposit insurance agencies in the world and this required strict compliance with international benchmarks.

He said that the NDIC and the CBN were working to promote financial inclusion through mobile banking, adding that the  NDIC was taking initiatives to insure mobile banking transactions.

Erediauwa said that the role of NDIC was evolving over-time and was essential to re-brand the organisation in line with current activities and strategic thrust



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