No plan to liquidate insurance companies in Nigeria – NDIC

“…the liquidation of insurance companies does not fall under the purview of the corporation.”

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The Nigeria Deposit Insurance Corporation, NDIC, said in Abuja on Saturday that it had no plan to liquidate insurance companies or terminate their licenses.

This is contained in a statement signed by Hadi Birchi, Head of Communication and Public Affairs of the corporation, made available to the News agency of Nigeria.

It said although it was within its purview to supervise insured deposits-taking financial institutions, but the liquidation of insurance companies does not fall under the powers of the corporation.

“As a deposit insurer and liquidator of insured deposit taking financial institutions, the liquidation of insurance companies does not fall under the purview of the corporation,” the spokesperson said.

The corporation said its proposed amendment Bill before the National assembly does not seek the powers to liquidate insurance companies or terminate their firms’ licenses.

NDIC was established in 1989 through the NDIC Act of 1988 with powers among others to supervise insured institutions.

It was also empowered to resolve bank distress conditions and to act as liquidator of closed insured financial institutions whose licenses had been revoked.

(NAN)


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