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NDIC
The Nigeria Deposit Insurance Corporation (NDIC) has declared strict zero tolerance for any diversion of funds realised from the sale or recovery of assets belonging to failed banks.
Mr. Oluyinka Ogungbemi, Director of the NDIC’s Asset Management Department (AMD), gave the assurance on Monday during a Stakeholders Seminar and Public Relations Workshop organized by the department in Abuja.
Addressing participants, Ogungbemi clarified that NDIC staff do not have access to asset funds. He noted that asset realization remains the most challenging aspect of bank liquidation, with loan recovery being the most difficult component of that process.
“A loan that is not paid when the bank was in existence will not be easy when the bank is closed,” Ogungbemi explained. “We are expected to recover assets timely as delay erodes value, because a loan not pursued becomes difficult to recover.”
He emphasized that the workshop was designed as a strategic initiative to boost loan and asset recovery rates, ultimately reinforcing public confidence in the nation’s financial system.
Urging stakeholders to maintain high professional standards in executing their duties, Ogungbemi underscored that the corporation will not condone any form of fund diversion.
“This seminar is not a routine gathering; it is a deliberate one,” he stated. “It is part of the strategic initiative of the Asset Management Department to improve asset realization, and the first thing we aim to do is strengthen our relationship with stakeholders.”
