The Nigerian Senate has directed the Nigeria Deposit Insurance Corporation (NDIC) to maximize the value of remaining assets from the defunct Heritage Bank to enhance repayment to depositors and other creditors. Senator Adetokunbo Abiru, Chair of the Senate Committee on Banking, Insurance, and Other Financial Institutions, delivered this charge at an NDIC retreat in Lagos focused on creating resilient financial systems through legislative support. Abiru commended NDIC for its dedication to depositors impacted by Heritage Bank’s collapse, urging the Corporation to expedite the process of asset realization for outstanding stakeholder settlements.
In his address, NDIC Managing Director Bello Hassan underscored the importance of legislative collaboration in addressing new risks facing Nigeria’s financial sector. He noted that recent technological advancements, globalization, and industry consolidation have reshaped the financial landscape, introducing innovative but complex financial products and services. Hassan highlighted that while these changes present growth opportunities, they also bring additional risks to the financial ecosystem, warranting comprehensive oversight and legislative support.
The NDIC retreat emphasized the need for the legislative arm to proactively adapt legal frameworks to accommodate technological innovations while safeguarding consumer interests. Hassan emphasized the importance of a robust legal structure that balances financial innovation with stability, aiming to mitigate potential risks while fostering trust in the sector.
