Judicial Process Stalls Prosecution Of Failed Banks’ Culprits – NDIC | Independent Newspapers Limited
Newsletter subscribe

Business, Money Market

Judicial Process Stalls Prosecution Of Failed Banks’ Culprits – NDIC

Posted: May 27, 2015 at 12:00 am   /   by   /   comments (0)

By Akinwunmi King –  Lagos


The Nigeria Deposit Insurance Corporation (NDIC) has blamed the delay in its efforts to prosecute those involved in failed banks in the country to the nature of the nation’s judicial process.

This was disclosed by Head, Corporate and Public Affairs Unit, NDIC, Hadi Sule Birchi, while speaking to newsmen on the sideline of Deposit Insurance Service (DIS) sensitisation seminar for Batch A 2015 Corps members, held at the National Youth Service Corps (NYSC) Orientation Camp, Nonwa in Tai local government area of Rivers State.

According to Birchi, it is not the fault of the judiciary but to so many other factors.  “You can get somebody who is a debtor, a criminal debtor, because the bank was even acquired illegally. But the day you take him to the Court, he pleads not guilty. Next time the case is adjourned, they will tell you that he did not come to Court because he is in the hospital. The person may be abroad or somewhere in one hotel”.

“This is the issue; this is the nature of the country and I believe that if you remember the failed banks tribunal, when once you are arraigned before the Court, even if you did plead guilty or not, before you can get bail, you have to pay half of the money.

“Then, NDIC was able to recover a lot of money from those arraigned. So, this is the issue we are talking about,” he lamented.

While emphasising that the deposit insurance is relatively new to Nigerians; he pointed out that the corporation decided to take the sensitisation campaign to youth corpers, so that Nigerians can begin to appreciate the essence of insurance and banking.