An Executive Director In the Nigerian Deposit Insurance Company(NDIC), Mr Aghatise Erediauwa, says the laws of the corporation will soon be reviewed to checkmate the delays in bank liquidation process.

Erediauwa, made this disclosure on Monday at the annual workshop organised by NDIC for financial journalists in Uyo, the Akwa Ibom State capital.

Erediauwa said that the NDIC Act would be reviewed to stop individuals and groups from delaying the liquidation process of banks by resorting to the court.

Erediauwa expressed regret that liquidation process of some banks had not been concluded long after their liquidation because some interest groups went to court to frustrate the process.

He stated that shareholders had no justification to delay a bank’s liquidation process because they possessed less than five per cent stake in any bank.

The NDIC executive said that the corporation was working seriously to be one of the top 10 deposit insurance agencies in the world and this feat required strict compliance with international benchmarks.

He said that the NDIC and the CBN were
working to promote financial inclusion through mobile banking, adding that the NDIC was taking initiatives to insure mobile banking transactions.

Erediauwa said that the role of NDIC was
evolving over-time and was essential to re-brand the organisation in line with current activities and strategic thrust.

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