The Nigeria Deposit Insurance Corporation (NDIC) has announced that it is initiating a wide-ranging process of debt recovery in order to reaffirm the realization of financial stability in the country. The Managing Director/Chief Executive Officer of the NDIC, Bello Hassan, made this announcement during a recent press briefing.
Hassan emphasized the importance of debt recovery in ensuring the stability of the financial sector and protecting depositors’ funds. He stated that the NDIC has been working diligently to recover outstanding debts owed to failed banks in order to strengthen the banking system and enhance public confidence.
The NDIC is working closely with relevant stakeholders and agencies to recover these debts, including the Economic and Financial Crimes Commission (EFCC), the Central Bank of Nigeria (CBN), and the Asset Management Corporation of Nigeria (AMCON). The corporation is also collaborating with foreign counterparts to ensure the repatriation of stolen assets hidden abroad.
Hassan reiterated the NDIC’s commitment to achieving financial stability and protecting depositors’ funds, stating that the corporation will not relent in its efforts to recover debts and prosecute those responsible for financial crimes. He urged the public to continue supporting the NDIC in its mandate to safeguard the financial system and promote economic growth.
Hassan expressed confidence that the NDIC’s debt recovery efforts will yield positive results and contribute to the overall stability of the Nigerian financial sector. He urged all stakeholders to work together towards a sustainable and resilient banking system that benefits all Nigerians.