The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has declared that a new era of accountability has begun in Nigeria’s banking industry, following the enactment of stronger laws empowering the Corporation to prosecute individuals responsible for bank failures.
Mr. Sunday made this known while addressing stakeholders in Abuja, where he emphasized that the new legal framework had significantly strengthened the NDIC’s capacity to ensure transparency, good governance, and financial discipline within the banking system.
According to him, the revised NDIC Act now provides the Corporation with the authority not only to investigate but also to directly prosecute bank executives and directors whose actions or negligence lead to the collapse of financial institutions.
“For too long, cases of bank failures were treated with leniency, leaving innocent depositors to bear the brunt. With these enhanced powers, the era of impunity in the banking sector is over,” he stated.
The NDIC boss noted that the reforms would deepen public confidence in the financial system, protect depositors, and deter potential misconduct within the sector. He further stressed that accountability and integrity remain central to Nigeria’s ongoing financial reforms and economic stability efforts.
Mr. Sunday also reiterated the Corporation’s commitment to working closely with the Central Bank of Nigeria (CBN), law enforcement agencies, and the judiciary to ensure prompt prosecution of offenders and the recovery of depositors’ funds where possible.
He urged bank operators to uphold the highest standards of corporate governance, adding that the NDIC would continue to promote sound risk management practices and safeguard the stability of the nation’s banking system.
