The Nigeria Deposit Insurance Corporation (NDIC) says the corporation has zero tolerance for diversion of funds realised from sale or recovery of failed banks’ assets.
Mr Oluyinka Ogungbemi, Director, Asset Management Department, NDIC, said this at the Stakeholders Seminar and Public Relations Workshop organised by the Asset Management Department (AMD) in Abuja on Monday. Ogungbemi said that staff of the corporation do not have access to the assets funds.
The director added that asset realisation was the hardest part of banks’ liquidation, and that loan recovery was the most difficult of asset recovery. ”A loan that is not paid when the bank was in existence will not be easy when the bank is closed.
”We are are expected to recover assets timely as delay erodes value because a loan not pursued becomes difficult to recover,” he said. He said the workshop was aimed at ensuring higher loan and assets recovery thereby strengthening public confidence.
Ogungbemi urged the stakeholders to uphold their professional conduct in the discharge of their duties, stressing that the corporation had zero tolerance for funds diversion in banks’ assets recovery. ”This seminar is not a routine gathering, it is a deliberate one.
”It is part of the strategic initiative of the asset management department to improve asset realisation, and the first thing we aim to do is strengthen our relationship with you (stakeholders),” he said.
