The Nigeria Deposit Insurance Corporation (NDIC) has emphasised the need to partner with the judiciary in safeguarding the country’s financial system.
Acting Managing Director of the NDIC, Emily Osuji said this during her welcome address at the 2025 Sensitisation Seminar for Federal High Court Judges held in Lagos.

The seminar, organised by the NDIC in collaboration with the National Judicial Institute (NJI), was themed ‘Strengthening Adjudication and Depositor Confidence in the Banking System’.

Osuji explained that the programme aimed at strengthening collaboration with the judiciary and building the capacity of judges of the Federal High Court in recognition of their roles in in the adjudication of failed bank matters.

She noted that since the inception of the Deposit Insurance System (DIS) in 1988, now governed by the NDIC Act No. 33 of 2023, the Corporation has guaranteed depositors’ funds, supervised banks, resolved distressed institutions and liquidated failed banks with minimal disruption.

“All depositors’ funds in licensed deposit-taking financial institutions in Nigeria are guaranteed by the Corporation, with a current maximum coverage of N5 million per depositor for deposit money banks and 2 million for other institutions,” she emphasised.

Osuji cited the recent prompt closure of Heritage Bank as an example of the NDIC’s operational efficiency.

However, she acknowledged persistent legal challenges, including protracted court proceedings and enforcement actions against the NDIC, which sometimes are contrary to the law.

The NDIC boss urged the judiciary to align with the NDIC’s mandate under the NDIC Act 2023, particularly Section 69, which limits certain court actions during liquidation processes and called for the urgent gazetting of winding-up rules to enable the Corporation to fulfil its mandate efficiently.

The Chief Justice of Nigeria, Kudirat Kekere-Ekun, represented by John Okoro of the Supreme Court, described the financial sector as “the lifeblood of any nation’s economy”, emphasising that a robust deposit insurance framework was essential for economic prosperity.

“The courts serve as the final arbiters in financial disputes, and as such, our role in ensuring fair, timely, and legally sound resolutions cannot be compromised,” he said

Kekere-Ekun described deposit insurance as a cornerstone of economic stability and called for efficient, consistent adjudication of banking disputes.

“Financial cases are not just legal matters; they shape investor confidence and national development,” she said.