Katsina Times
The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has reaffirmed the Corporation’s commitment to strengthening Nigeria’s insolvency resolution and bank liquidation processes.
He made this known when he received the President and Chairman of Council of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), Mr. Chimezie Ihekaizu (SAN), and his delegation on a courtesy visit to the NDIC headquarters in Abuja.
Discussions during the visit centred on enhancing financial system stability, promoting best practices in bank recovery, and exploring collaboration between both institutions in the area of insolvency management.
Mr. Sunday noted that with the enactment of the NDIC Act No. 33 of 2023 and the Banks and Other Financial Institutions Act (BOFIA) 2020, the Corporation now operates under a stronger and more enforceable legal framework.
He said the laws empower the NDIC to prosecute individuals responsible for bank failures — a development he described as a major milestone in strengthening the country’s financial regulatory system.
