NDIC Sensitises Lawyers and other Stakeholders on the Challenges of Deposit Insurance Law and Practice in Nigeria
Stakeholders in the Insurance sector, including lawyers were sensitised on the challenges of Deposit Insurance Law and the Practice in Nigeria at a one-day seminar last week.
The seminar, which held in Lagos was organised by the Nigeria Deposit Insurance Corporation (NDIC) for its external solicitors to strengthen its relationship with them in the interest of bank depositors and the Nigerian financial system as a whole and to enlighten the general public on the mandate of NDIC.
NDIC's Managing Director/ CEO, Alhaji Umaru Ibrahim in his keynote address, explained that the Corporation can achieve its mandate with the support, cooperation and understanding of the law by lawyers who handle NDIC cases.
Ibrahim, who was represented at the Annual Seminar, which started in 2012, by NDIC’s Executive Director, Operations, Prince Aghatise Erediauwa stated that one of the major challenges confronting the Corporation in the discharge of its mandate is public awareness.
"We have observed with concern that most of the Nigerian public have a misconceived perception of the Corporation and its functions. In order to curb this misconception, the Corporation has invested valuable resources in ensuring that this negative trend is reversed in line with its strategy of enhancing public awareness", he explained.
Erediauwa added that the NDIC Act which was last amended in 2006 will soon be reviewed to further protect depositors.
According to him, one area the Corporation is looking at is strengthening the protection of depositors.
"We want to shorten the timespan within which depositors get paid if a bank should fail. We also want banks to be more responsible generally.
“NDIC has a very critical role to play, but to achieve this, there are a set of prescriptions which have been laid down by the International Association of Deposit Insurers. We want to amend the Act to bring it in line with international best practices”, he noted.
In his remarks, the President of the Nigerian Bar Association (NBA), Mr. Augustine Alegeh SAN commended NDIC for organising such a seminar to sensitise stakeholders especially lawyers.
Alegeh mentioned that such seminars qualified as continuous legal education for lawyers, which is a major focus of his administration as NBA President.
He added that NBA has set up a committee to monitor the activities of judges and to report corrupt and lazy ones to the National Judicial Council (NJC).
According to Alegeh, the setting up of the committee will help to put not just corrupt but lazy judges on their toes to brace up for speedy trial and discharge of cases before them.
Alegeh affirmed that apart from corruption, the greatest challenge facing justice delivery is ignorance of the law by some judges, some of whom he said belong to an old school of thought and give judgments according to their beliefs rather than according to law.
NBA President explained that the committee will liaise with local NBA branches through which lawyers can submit their complaints where they have evidence that a judge has been compromised, has delivered a judgment that has no basis in law, or exhibits laziness by always sitting late, among others.
He stated that the association will then send a formal petition to the NJC after reviewing the complaint or questionable judgment.
Other papers presented at the seminar include 'Efficacy of Garnishee Proceedings against Closed Banks/NDIC' by Professor Konyinsola Ajayi SAN, 'Speedy Trial of NDIC Cases: Practice Direction' by Mr. Emmanuel Aremu (Secretary EFCC), 'Debt Recovery under the Failed Banks and Financial Malpractices in Banks Act, Cap F2, Volume 6, LFN, 2010' by Mr. B.A Taribo (Acting Board Secretary/Director, Legal, NDIC) and 'Proper Parties in an Action against a Bank in Liquidation' by Mr. Alheri B. Nyako (CEO, Alheri Legal & Allied Services Consulting, Abuja).