Abuja (WorldStage Newsonline)-- The Chief Justice of the Federation, Hon. Justice Dahiru Musdapher, has admonished judges and other stakeholders to consider and cross-fertilise ideas on pertinent issues relating to the law and practice of Deposit Insurance with a view to strengthening the law for its improved operations in the country.
Giving the advice in Abuja on Wednesday at a one-day sensitisation seminar organised by the Nigeria Deposit Insurance Corporation for stakeholders, the Chief Justice who was represented by Hon. Justice Maryam Aloma Muktar, noted that despite the remarkable achievements of the Corporation in deposit insurance management over the years, there was the need for judges to offer it the needed support so that desired improvement in the machinery of justice in Deposit Insurance system is achieved.
He described the seminar as a timely initiative and a welcome development to the drive towards improved judicial system in the country, particularly at a time of the ongoing judicial reforms.
“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.
“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”, Justice Musdapher noted.
On how the judiciary could help in tackling the challenges, the Chief Justice stated that there was 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 the role is played.
“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 concluded.
In his keynote address at the seminar with the theme: ‘Challenges to Deposit Insurance Law and Practice in Nigeria’, Managing Director of the NDIC, Alhaji Umaru Ibrahim, identified inadequate legal framework , the menace of liquidation-related litigations; execution of court judgements 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.