The Nigeria Deposit Insurance Corporation (NDIC) has warned against the diversion of funds recovered from the sale of assets belonging to failed banks, declaring zero tolerance for financial misconduct in the liquidation process.
The corporation said its staff had no access to funds realised from the recovery or sale of failed banks’ assets, stressing that the process was subject to strict accountability measures.
The Director of Asset Management Department, NDIC, Oluyinka Ogungbemi, stated this on Monday at the Stakeholders Seminar and Public Relations Workshop organised by the department in Abuja.
Ogungbemi described asset realisation as the most challenging aspect of bank liquidation, noting that recovering loans owed to failed banks was particularly difficult.
He said the difficulty was compounded by the fact that loans which borrowers failed to repay while the banks were operational often became harder to recover after their closure.
“A loan that is not paid when the bank was in existence will not be easy when the bank is closed.
“We are expected to recover assets timely, as delay erodes value because a loan not pursued becomes difficult to recover,” he said.
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He explained that the workshop was designed to improve loan and asset recovery while strengthening public confidence in the bank liquidation process.
Ogungbemi urged stakeholders involved in asset recovery to maintain high professional standards, reiterating that the corporation would not tolerate diversion of recovered funds.
Describing the seminar as a strategic initiative rather than a routine gathering, he said it was also aimed at strengthening the NDIC’s relationship with stakeholders to improve asset realisation.
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