Art and Culture

NDIC Urge Banks to Malpractices to Avoid Failure

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Nume Ekeghe

The Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Mr.Bello Hassan, has called for more vigilance by law enforcement and internal control officials in banks to avoid having a failed bank.

He said this yesterday on the sidelines of the capacity-building workshop for law enforcement agencies, bankers, and other stakeholders in Lagos.

The theme of the workshop is, “Effective Investigation and Prosecution of Banking Malpractices That Led to The Failure of Banks.”

He said: “It is important that we create a synergy among ourselves on the issue of this investigation of malpractices in failed banks and that’s why we find it necessary to organise this workshop on an annual basis so that we can sharpen the skills of our staff to be able to do their work efficiently and diligently.”

He added: “Since inception NDIC has paid depositors both insured and uninsured for the Deposit Money Banks more than N109 billion which represented recoveries that the corporation made from risk assets that is loans and advances that were granted as well as physical assets of those banks in liquidation that were sold off thank.

Responding to a question on speculations about the soundness of some banks, he stated that all banks in Nigeria are healthy citing that the corporation, as well as the Central Bank of Nigeria, frequently carry out stress tests.

He said: “All banks that are operating within the country are sound and in as much as their license has not been revoked, the regulator that issued will revoke if there is any problem. You are free to continue to bank with those institutions they are safe.”

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