DEPOSIT INSURANCE AND CONSUMER PROTECTION. BEING A PAPER DELIVERED BY THE ACTING MD/CEO OF NIGERIA DEPOSIT INSURANCE CORPORATION, U. IBRAHIM, AT THE WORLD CONSUMER RIGHTS DAY HELD ON 15 TH MARCH, 2010. Introduction. Definition
BEING A PAPER DELIVERED BY THE ACTING MD/CEO OF NIGERIA DEPOSIT INSURANCE CORPORATION, U. IBRAHIM, AT THE WORLD CONSUMER RIGHTS DAY HELD ON 15TH MARCH, 2010
Strong & Robust Banking System
FINANCIAL SAFETY NET
Prudential Regulation & Supervision
Lender-of-last resort facility
Deposit insurance enhances depositor confidence
Low-level Public Awareness of the Deposit Insurance System.
The Fiscal Responsibility Act which requires that 80% of the Corporation’s operating should be remitted to the Federation Account constrains rapid build-up of DIF
Long drawn-out litigation by erstwhile shareholders/directors of closed banks and cumbersome judicial process
Poor corporate governance of insured institutions.
Deposit insurance system is an integral part of an effective safety-net framework
A deposit insurance system is always designed to promote confidence and essentially protect depositors, among other stakeholders.
NDIC’s case presents a remarkable experience