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Nigeria Deposit Insurance Corporation (NDIC)

NDIC proposes stiff penalties for administrators of failed banks

From Moses Emorinken, Abuja

 

The Nigeria Deposit Insurance coverage Company (NDIC) yesterday proposed stiff penalties for negligent administrators of failed banks.

It stated this may function a deterrent to officers and administrators of banks, and be certain that the banking business ensures compliance with legal guidelines and regulation.

The company additionally proposed the specific prohibition of insider loans/criminalising insider loans by making it an offence punishable with imprisonment and wonderful for administrators of licensed banks to acquire credit score amenities from their very own banks, whether or not such credit score amenities are secured or not.

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It noticed that there’s a must make clearer the authorized frameworks and clarification of roles of the NDIC and the Central Financial institution of Nigeria (CBN), at the same time as they perform their supervisory mandates.

 

The NDIC Managing Director/CE, Umaru Ibrahim, spoke throughout the Public Listening to for the Modification of the BOFIA Act 2004 in the direction of the Repeal and Re-enactment of the Invoice to BOFIA 2020 organised by the Senate Committee on Banking, Insurance coverage and Different Monetary Establishments on the Nationwide Meeting in Abuja.

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In response to an announcement by the Director, Communication and Public Affairs Division, Sunday Oluyemi, “Administrators of banks ought to be held for they’re personally liable with none limitation for the causes of the failure of their banks the place they’ve been discovered to be negligent in managing the financial institution.

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“The imposition of penalties and persecution of varied offences to function a deterrent to officers and administrators of banks and can be certain that the banking business ensures compliance with accessible legal guidelines and regulation with the intention to keep away from paying stiff penalties.”

 

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