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The Nigerian Senate has urged the Nigeria Deposit Insurance Corporation (NDIC) to ensure the highest possible value is realized from the remaining assets of the defunct Heritage Bank. This directive was given by Senator Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, at the NDIC’s retreat for the committee in Lagos. The event, themed “Building Resilient Financial Systems through Effective Legislative Intervention,”focused on bolstering collaboration to strengthen Nigeria’s financial sector.
Senator Abiru commended the NDIC for its swift action in addressing depositors’ concerns following Heritage Bank’s closure, stating, “The NDIC’s commitment to restoring hope to affected depositors is commendable. Your efforts reflect the operational excellence we have come to expect.” However, he emphasized the importance of realizing maximum value from the bank’s assets, which would aid in settling outstanding claims of depositors and other creditors. He further expressed hope for the swift and efficient resolution of any remaining issues, including liquidation dividends for corporate clients.
NDIC’s Managing Director/Chief Executive, Bello Hassan, highlighted the retreat’s objective of fostering deeper collaboration with the Senate, especially amid evolving financial sector risks brought on by technological advancements, globalization, and industry consolidation. He noted, “The financial services sector has undergone rapid transformation, introducing new services and products alongside emerging players who are reshaping the industry with faster, more affordable, and reliable offerings.”
Hassan stressed that, while these developments present growth opportunities, they also introduce complex risks, necessitating a proactive approach to oversight. He called for enhanced legislative support to modernize the financial sector’s legal framework, emphasizing that collaboration between stakeholders is vital to balancing innovation with consumer protection.
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