The Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has said that the newly enacted NDIC Act marks the end of impunity in the country’s banking sector, as it strengthens the corporation’s powers to ensure accountability and safeguard depositors’ funds.
Speaking at a media briefing in Abuja, Hassan noted that the revised legislation grants the NDIC broader authority to prosecute bank officials and directors found culpable in cases of financial mismanagement or insider abuse. “This new law has effectively drawn the curtain on years of weak enforcement and lack of deterrence within the financial system,” he said.
According to Hassan, the NDIC Act 2023 enhances the corporation’s supervisory capacity, allowing for early detection of risks and prompt intervention in troubled banks. He emphasized that this would help prevent future bank failures and maintain confidence in the nation’s financial system.
Industry experts have also lauded the reform, saying it aligns Nigeria’s regulatory framework with global best practices. As reported by BusinessDay, the law provides greater legal backing for deposit insurance operations and inter-agency collaboration with the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC).
Hassan reaffirmed NDIC’s commitment to protecting depositors and ensuring that errant bank executives are held accountable. “No one will be above the law anymore. The NDIC now has the tools to act swiftly and decisively,” he concluded.
