The Chief Justice of Nigeria, Dahiru Musdapher, has advocated a robust cooperation between judges and other stakeholders in the judiciary on issues relating to deposit insurance law and practice with a view to strengthening the Nigeria Deposit Insurance Corporation (NDIC) operations in the country.
The CJN, who was speaking at a one-day sensitisation seminar organised by the NDIC for stakeholders on Wednesday in Abuja, noted that despite the remarkable achievements of the Corporation in deposit insurance management over the years, there is the need for judges to offer it the needed support necessary for the improvement in the machinery of justice in Deposit Insurance system.
The Chief Justice, represented by Justice Maryam Aloma Muktar, described the seminar as a timely initiative and a welcome development towards the improvement of the judicial system in the country; particularly at a time of the ongoing judicial reforms.
According to Mr. Musdapher, “the Deposit Insurance scheme is a policy measure implemented in many countries to protect bank depositors, in particular the small, uniformed and unsophisticated ones, from losses caused by the failure of banks thereby promoting public confidence in the banking system”.
“Taking a cue from the global trend, Nigeria, by virtue of Decree No 22 of 1988, (now the NDIC Act, 2006), established the Nigeria Deposit Insurance Corporation (NDIC) to implement the Deposit Insurance Scheme in Nigeria. For more than twenty years, we have witnessed the evolution and steady development of this area of the law and the achievements recorded by the NDIC,” the CJN said.
“However, the achievements recorded by the NDIC over the years in implementing the Deposit Insurance Scheme though quite laudable, have not been without some significant challenges. It is part of the efforts to address some of these challenges that necessitated the need for this important seminar”, Mr. Musdapher noted.
The Chief Justice stated that there are no doubt that the judiciary has an important role to play in strengthening Deposit Insurance Law and Practice in Nigeria and urged the stakeholders to ensure that they discharge the role accordingly.
“I therefore urge you all to be open minded towards the issues that will be raised here, as the various contributions, ideas and comments would provide resource materials for effective learning. The ultimate objective is the improvement in the machinery of justice in general and Deposit Insurance system in particular”, he said.
Speaking on the theme: ‘Challenges to Deposit Insurance Law and Practice in Nigeria’, NDIC Managing Director, Umaru Ibrahim, identified the inadequate legal framework , the menace of liquidation-related litigations; execution of court judgments against the assets of the Corporation and lack of proper understanding of its legal status as Liquidator/Deposit Insurer by legal practitioners, amongst others as major challenges being faced by the NDIC it its efforts to fulfil its core mandate.