Abuja – The Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Alh Umaru Ibrahim, on Monday said misconceived perception by the public had hindered the corporation from achieving its mandate.
Ibrahim said this while presenting a keynote address at the sensitisation seminar for stakeholders with the theme `Challenges to Deposit Insurance Law and Practice’ in Abuja.
He explained that the NDIC had invested valuable resources to ensure that the trend was reversed in line with the corporation’s strategy to enhance public awareness.
“One of the major challenges confronting the corporation in the discharge of its mandate is public awareness.
“We have observed with concern that most members of the Nigerian public have a misconceived perception of the corporation and its functions.
“This seminar is basically for lawyers to understand the fundamental differences in the roles of NDIC as a depositor, a liquidator and a corporate body.
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“I am glad to report that we have recorded considerable successes in this regard over the years, but more still needs to be done,’’ he said.
Ibrahim said the NDIC was collaborating with stakeholders and its external solicitors to promote the stability of the country’s financial system.
According to him, the country’s financial system would be promoted through better appreciation of the workings and dynamics of the Deposit Insurance Scheme.
He expressed satisfaction with the achievements being recorded in the annual sensitisation seminar for stakeholders programme.
He listed the achievements to include heightened diligence in the handling of the corporation’s cases, better informed judgments from the courts and increased awareness of the general public on the dynamics of deposit insurance.
He expressed optimism that the stakeholders would brainstorm on the various challenges still facing the corporation and come up with solutions.
He also anticipated that the stakeholders and partners would be better informed and positioned to surmount the challenges by the end of the seminar.
Earlier, Mr Belema Taribo, Acting Board Secretary, NDIC, said the external solicitor’s seminar was a way to sensitise stakeholders to the practice of deposit insurance.
“We are conscious of the fact that deposit insurance, even though in practice for two decades in Nigeria, is still a novel phenomenon for the public in general.
“Legal practitioners handling cases for the corporation require extensive briefing on the legal issues affecting deposit insurance practice to enable them to effectively conduct their cases,’’ he said. (NAN)
