Lagos – The Nigeria Deposit Insurance Corporation (NDIC) says the judiciary was a critical institution toward achieving its core mandate of depositor protection and its contribution to financial system stability.
The Managing Director and Chief Executive of NDIC, Alhaji Umaru Ibrahim, made the assertion on Friday in a statement by the corporation’s Head of Communications and Public Affairs Department.
The statement quoted Ibrahim, as saying through the corporation’s Executive Director, Operations, Mr Aghatise Erediauwa, that in spite of NDIC’s extant laws, it needed legal support from the judiciary to achieve its mandate.
It also said that the corporation would continue to seek the cooperation and understanding of the judiciary.
The statement added that cooperation and understanding was important because the judiciary was constitutionally vested with the powers of interpretation of statutes and laws in the federation.
It said that it was intended to address the challenges being faced by the corporation in its bid to successfully discharge its mandate.
The statement enumerated some of the major challenges as the menace of protracted and complex bank liquidation related litigations and their attendant consequences.
It identified others as the execution of court judgments against the assets of the corporation as the liquidator of failed banks and lack of proper understanding of its proper legal status.
It said that its role as a deposit insurer was distinct from its status as a bank liquidator.
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The statement urged stakeholders to critically examine those challenges with a view to proffer a lasting solution to empower the corporation to effectively discharge its mandate. (NAN)