The Nigeria Deposit Insurance Corporation (NDIC) has urged judges to support efforts aimed at reducing court delays that hinder its work in safeguarding depositors and maintaining public confidence in the banking sector.
Acting Managing Director, Mrs Emily Osuji, made the appeal on Monday at a sensitisation seminar for Federal High Court judges in Ikeja, Lagos.
Organised in collaboration with the National Judicial Institute (NJI), the seminar focused on strengthening judicial processes and ensuring faster resolution of banking-related disputes.
Osuji explained that the seminar aimed to foster collaboration, enlighten, and build the capacity of judges, recognising them as critical stakeholders in adjudicating matters related to failed banks and ensuring financial system stability.
She added that the theme was particularly relevant, aligning with global standards for banking system stability and protecting depositors from significant losses due to bank failures.
She explained the corporation’s vision, mandate, and supervisory role, highlighting its achievements over the past 37 years, including the orderly and efficient closure of Heritage Bank.
“Notwithstanding the achievements recorded, the Corporation still faces some legal challenges which include long judicial proceedings and execution of judgment against assets of the Corporation for liability of banks in liquidation,” she said.
She cited example from the recent proceedings concerning the liquidation of Heritage Bank and some legal procedural interpretation of the NDIC Act of 2023 facing delays caused by Court Orders.
According to her, the corporation, in its bid to address some of the identified challenges, had improved public awareness initiatives and frequently engages and educates the judiciary as critical stakeholders.
Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, commended NDIC, noting that the seminar helps to keep the judicial officers abreast on new trends in the ever evolving banking sector for efficiency.
Kekere-Ekun, while declaring the seminar open, said complexities associated with banking litigation required judiciary that is well-versed in the nuances of financial laws and deposit insurance policies.
Represented by Justice John Okoro, she added that financial stability is a collective responsibility
that required synergy between the judiciary, regulators and policymakers.
She said the seminar highlighted the importance of a robust deposit insurance framework in safeguarding the integrity of the financial system.
According to her, the financial sector is the lifeblood of any nation’s economy and serves as the engine that drives investments, fosters development,
and sustains overall national growth.
She enumerated the benefits of synergy in building public trust in both the judiciary and the financial services and deposit insurance sector.
She added that the theme aptly captured the urgent need for judicial officers to be adequately equipped in adjudicating matters relating to deposit insurance.
The Administrator, National Judicial Institute (NJI), Justice Salisu Abdullahi, said the joint seminar was important in advancing a resilient, transparent, and well-regulated financial ecosystem anchored in sound legal principles.
He explained the NJI’s mandate of continuos judicial education and capacity enhancement for judicial officers across all cadres to sharpen their skills to navigate complex financial regulations, interpret emerging legal frameworks, and adjudicate disputes with precision.
He said the seminar will identify strategies to fortify deposit insurance mechanisms and streamline judicial responses to financial instability.
He said that judicial officers need to know both technicalities of financial laws and their far-reaching implications on economic stability while urging participants to proffer solutions to disruptions of revolution in the banking sector.
“Digital banking, cryptocurrency, and decentralised finance have introduced new dimensions to financial transactions, prompting regulators to adapt swiftly.
“These developments necessitate a Judiciary that is forward-thinking and adaptable to emerging financial realities,” he said.
The Chief Judge of Federal High Court, Justice John Tsoho, represented by Justice Binta Nyako, also enumerated some challenges and how the annual seminar is helping to bring knowledge and information gap.
