Wrong perception of NDIC worries Corporation’s boss

Umaru Ibrahim, managing director of NDIC

The Nigeria Deposit Insurance Corporation (NDIC) is worried that   a large segment of the Nigerian public has a wrong perception about the Corporation and its statutory mandate.

Umaru Ibrahim, managing director of NDIC, said that “one of the major challenges confronting the corporation in the discharge of its mandate is public awareness. We have observed with concern that the Nigerian public has a misconceived perception of the corporation and its functions.”

He said that NDIC has “invested valuable resources in ensuring that this negative trend is reversed in line with its strategy of enhancing public awareness.”

He said the seminar with the theme, ‘Challenges to Deposit Insurance Law and Practice in Nigeria,’ was part of its efforts to sensitise stakeholders on the practice of deposit insurance.

Umaru noted that NDIC would continue to collaborate with the Judiciary to ensure the effective discharge of its mandate and its continued contribution to financial system stability in the country.

According to him, “matters of litigation have always been problematic generally, and it’s the entire judicial process that made it so and not peculiar to the NDIC and having gone through this programme, the judges and the lawyers, I believe will better understand the issues involved.”

Umaru said the NDIC “requires speedy dispensation and requires a lot of understanding on the part of the judges as well as the lawyers and what we tried to do is to use the alternative Dispute Resolution mechanism instead of having a prolonged litigation process.”

By Dike Onwuamaeze

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