By Babatunde Ibrahim
The Nigeria Deposit Insurance Corporation NDIC has called external solicitors to assist the corporation with debt recovery and assets realisation during bank litigation.
The Managing Director/Chief Executive Officer NDIC, Hassan Bello, who made this remark yesterday at the 2025 sensitisation seminar for external solicitors of the NDIC, stressed the challenges some solicitors have encountered during litigation.
The NDIC, who was represented by the Head of the Legal Department of the NDIC, Henry Fomah, said that partnership with external solicitors has contributed to increased diligence in handling NDIC cases, more informed judicial decisions, encouraging feedback from both the bar and the bench, and a broader public awareness of deposit insurance practices in Nigeria.
He said, “We actively seek partnership to support in promoting financial system stability through a deeper understanding of the dynamics of the Deposit Insurance System in Nigeria.”
He noted that the recent failure of Heritage Bank stressed the involved nature of bank liquidation and the vital role of collaboration with external solicitors, adding that liquidation, by its nature, is intertwined with litigation.
He explained that the NDIC, in fulfilling its responsibilities, engages in legal proceedings both as plaintiff and defendant, representing the interests of depositors and creditors while also pursuing debt recovery from debtors of closed banks.
He said that the recovery of these debts and the realisation of assets are crucial to achieving its corporate objectives.
In his welcome address, Fomah said the workshop will help to identify the challenges the corporation faces, the strategies it employs, and the successes it achieved in the process of handling bank litigations.
He said that participants at the workshop will also discuss the evolving landscape of the financial sector and how the NDIC is adapting to new risks and opportunities.
