1. My Lord, the Honourable Chief Justice of Nigeria and Chairman of the Board of Governors of the National Judicial Institute-Hon. Justice Mahmud Mohammed GCON
2. Justices of the Supreme Court here present
3. Justices of the Court of Appeal here present
4. The Administrator of the National Judicial Institute – Hon Justice Roseline Patricia Bozimo OFR (Rtd)
5. Chief judges and justices of FCT and State High Courts here present
6. Ladies and Gentlemen!
I consider it a great privilege to address this esteemed assembly of the beacons of the Nigerian judiciary. We appreciate you for honouring our invitation and making diverse sacrifices to grace us with your presence. On the 27th of July, 2012 the Corporation took the bold step of organising the first Sensitization Seminar of this nature. Four years down the line, we can gladly recount the tremendous successes recorded.
First, the working relationship between the Corporation and the judiciary has been strengthened and further cemented. In our pursuit to fulfilling our vision of becoming one of the leading deposit insurers in the world, we recognise and appreciate the fact that the Judiciary is a major stakeholder. Deposit insurance is not just about finance, accounting, economics and banking. Its legal aspects are very critical to the achievement of the Corporation’s mandate which include deposit guarantee, bank supervision, distress resolution and bank liquidation.
Secondly, the series of Sensitization Seminars organized for judicial officers of State High Courts and FCT High Court, Federal High Court, Court of Appeal and the Supreme Court in the past four years afforded the Corporation the rare privilege of closely interfacing with the judiciary. One of the major challenges that the Corporation had encountered since its establishment in 1988 was gross misconception of the basic principles of Deposit Insurance System (DIS) among Nigerians generally. This phenomenon was responsible for unclaimed deposits after bank closure, the Corporation’s loss of many bank liquidation related cases, the attachment of the Corporation’s assets and the garnishee of its corporate accounts, among other unpleasant experiences. These Sensitization Seminars serves as an avenue for the Corporation to educate and enlighten relevant stakeholders, answer pertinent questions and address issues of concern.
Thirdly, we always welcome the opportunity to partner with the National Judicial Institute (NJI) and the Judiciary to enhance and contribute significantly to the building of capacity in Judicial Officers. The Corporation considers this a valuable contribution to the development of Nigeria’s financial system, especially in a time as this when we are collectively making efforts to bring about measures to overcome the recent economic recession and ensure that our great country is redirected and repositioned on the path of prosperity.
In the course of the deliberations at this Seminar, some of the challenges associated with Deposit Insurance Law and Practice in Nigeria will be highlighted. We are looking forward to learn from your vast knowledge and experience.
On behalf of the staff and Management of the Corporation, I once more thank all the participants and our invited guests for your participation in this Seminar despite your very busy schedules. Permit me to particularly thank the Hon. Chief Justice of Nigeria who personally was present to declare last year’s seminar open and has graciously honoured the invitation for today’s program. No word’s would possibly be sufficient to express my deep appreciation to you. I wish all participants an excellent and rewarding seminar.
Umaru Ibrahim, FCIB, mni
Managing Director/Chief Executive NDIC