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NDIC denies seeking power to liquidate insurance firms

14 July 2014, 13:48

Abuja - The Nigeria Deposit Insurance Corporation (NDIC) has said it had no plan to liquidate insurance companies or terminate their licenses.

This is contained in a statement signed by Hadi Birchi, Head of Communication and Public Affairs of the corporation.

He said although it was within its purview to supervise insured deposits-taking financial institutions, but the liquidation of insurance companies does not fall under the powers of the corporation.

“As a deposit insurer and liquidator of insured deposit taking financial institutions, the liquidation of insurance companies does not fall under the purview of the corporation.

He made it clear that the proposed NDIC amendment Bill before the National assembly does not seek the powers to liquidate insurance companies or terminate their firms’ licenses.

NDIC was established in 1989 through the NDIC Act of 1988 with powers among others to supervise insured institutions.

-    NAN

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