Managing Director/CE, Nigeria Deposit Insurance Corporation (NDIC), Thompson Oludare Sunday (right) presenting Deposit Insurance research publications to the President/Chairman of Council, Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), Chimezie Ihekweazu (SAN) during the latter’s courtesy visit to him the NDIC’s Head Office in Abuja.
The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has reaffirmed that the Corporation now operates under a much stronger and more effective legal framework that empowers it to prosecute individuals and entities responsible for bank failures in Nigeria.
Mr. Sunday made this known when he received the President and Chairman of the Council of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), Mr. Chimezie Victor Ihekweazu (SAN), and members of his council on a courtesy visit to the NDIC Headquarters in Abuja.
According to the NDIC boss, the enactment of the NDIC Act No. 30 of 2023, alongside the Banks and Other Financial Institutions Act (BOFIA) 2020, has significantly enhanced the Corporation’s powers in the liquidation of failed insured institutions. He explained that, in the past, weak legal provisions often allowed individuals involved in bank collapses to escape accountability, but the new laws have effectively closed those loopholes.
“Our laws are now stronger and more effective to prosecute parties at fault for bank failures,” Mr. Sunday stated. “With the NDIC Act 30 of 2023 and BOFIA 2020, individuals can no longer hide under the law to escape liability. Many now approach the Corporation to settle out of court, not necessarily because they have been caught, but because they can see that the noose is tightening around those responsible for failed banks.”
He expressed appreciation to the National Assembly for enacting robust legislation that addressed long-standing challenges of a weak legal framework that previously constrained the Corporation’s operations. Mr. Sunday also commended the judiciary for its growing expertise in deposit insurance law and for delivering judgments that have brought relief to depositors and strengthened confidence in the financial system.
Citing recent achievements, he attributed the Corporation’s ability to realise sufficient assets and declare a first round of liquidation dividends to uninsured depositors of the defunct Heritage Bank Limited—within just one year of its licence revocation—to the positive impact of the new legal framework.
Mr. Sunday assured that NDIC would continue to leverage its enhanced legal authority and deepen collaboration with BRIPAN and other stakeholders to strengthen Nigeria’s financial system and ensure the efficient discharge of its mandate.
In her remarks, Hawwau Gambo, Head of the Communication and Public Affairs Department at NDIC, underscored that the stronger legal backing under the NDIC Act No. 30 of 2023 and BOFIA 2020, combined with an improved understanding of the judiciary, has made it practically impossible for individuals culpable in bank failures to evade justice.
“The enhanced powers granted to the Corporation, and the judiciary’s deepening grasp of deposit insurance law, have closed the gaps that people once exploited to escape liability,” Gambo said. “Today, those responsible for failed banks are compelled to take responsibility, as NDIC continues to uphold transparency and accountability in the financial sector.”
She added that the Corporation’s strengthened enforcement capacity has not only improved liquidation outcomes but also boosted public confidence in Nigeria’s banking industry.
On his part, BRIPAN President, Mr. Chimezie Victor Ihekweazu (SAN), commended NDIC’s efforts in strengthening the country’s financial recovery framework. He noted that BRIPAN has harmonised all insolvency-related laws into a unified framework, which has improved efficiency in insolvency and business recovery practices in Nigeria.
He further called for closer collaboration between NDIC and BRIPAN, especially in capacity building, policy development, and stakeholder engagement, to sustain progress in the financial and insolvency ecosystem.
The courtesy visit highlighted a growing synergy between NDIC and BRIPAN in promoting stability, accountability, and professional excellence across Nigeria’s financial and economic landscape.
NDIC Managing Director Thompson Sunday announces stronger legal powers under the NDIC Act 2023 and BOFIA 2020, empowering the Corporation to prosecute culprits of bank failures. NDIC’s Communication Head, Hawwau Gambo, reaffirms that no individual can now evade accountability under the new law.
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