Be Hard On Bank Fraudsters, NDIC Urges Judges

The Nigeria Deposit Insurance Corporation (NDIC) on Monday urged judges of the Federal High Court to be `hard on Bank fraudsters', so as to restore depositors' confidence.

Alhaji Umaru Ibrahim, the Managing Director of the Corporation, made the call at a sensitisation seminar on “The Challenges to Deposit Insurance Law and Practice’’, for judges.

Ibrahim said that the judges' understanding was needed to abate the fraud in the banking system.

He said that deliberate efforts should be geared towards quick dispensation of all pending liquidation-related cases.

Ibrahim said the corporation was faced with difficulties in the execution of court judgments.

He said the corporation had a vulnerable funding base, as well as difficulties in recovering debt owed to failed banks by debtors.

According to Ibrahim, most of the problems stem from poor public awareness and inadequate legal framework.

“The Nigerian judiciary, legal practitioners and other esteemed stakeholders have important roles to play in ensuring that the mandate of the Corporation is realised.

“As our partners and stakeholders, I urge you to use your good offices and privileged positions to ensure that the corporation is empowered to safeguard the Nigeria banking system.

In his opening address, Justice Ibrahim Auta, the Chief Judge of the Federal High Court, said the seminar was necessary to keep judges abreast with the operations of the NDIC, and the sustenance of the country’s economy.

“Acquiring such technical capacity will certainly enable us to make efficient, effective and informed decisions based on law for the interest of the nation’s economy,’’ Auta said.

The News Agency of Nigeria (NAN) reports that the court, which has exclusive jurisdiction over NDIC cases, handles the prosecution of directors and officers of banks suspected of banking malpractices.

0