Business Briefings
NDIC Strengthens Debt Recovery Efforts from Failed Banks
The Nigeria Deposit Insurance Corporation (NDIC) has vowed to fully utilise its expanded powers under the NDIC Act 2023 to recover outstanding loans from defaulters linked to failed banks.
The corporation’s Managing Director, Thompson Oludare, disclosed this during a sensitisation seminar for debt recovery agents in Lagos. He stated that the new legal provisions allow the NDIC to take temporary control of property belonging to defaulters and freeze accounts with insured institutions.
Oludare warned that delays in repayment through litigation or avoidance tactics would no longer be tolerated. The NDIC aims to ensure accountability for parties responsible for bank failures and accelerate the payment of liquidation dividends to depositors.
Patricia Okosun, Director of the Asset Management Department, explained that the seminar was intended to familiarise agents with the new legal tools and promote faster recovery, ultimately restoring public confidence in the banking system.
