My Brothers, Honourable Justices of the Supreme Court of Nigeria;
The President of the Court of Appeal;
Honourable Justices of the Court of Appeal;
Chief Judge of the Federal High Court;
Chief Judges of States of the Federation here present;
Honourable Judges of the Federal and State High Courts;
The Managing Director/Chief Executive, NDIC;
The Administrator, National Judicial Institute;
The Director of Studies, National Judicial Institute;
The Director General, Nigerian Law School;
The Members of the Board of NDIC;
Distinguished Invited Guests;
Ladies and Gentlemen!
I welcome each and every one of you to this Sensitization Seminar for Stakeholders on the Challenges to Deposit Insurance Law and Practice, which is being organized by the Nigeria Deposit Insurance Corporation (NDIC) in collaboration with the National Judicial Institute.
The Sensitization seminar is welcome at this period of judicial reforms as it is designed to create an opportunity for members of the Bench, the Bar and other stakeholders to cross-fertilize ideas on pertinent issues relating to the law and practice of Deposit Insurance in Nigeria.
The Deposit insurance scheme is a policy measure implemented in many countries to protect bank depositors, in particular the small, uninformed and unsophisticated ones, from losses caused by the failure of banks thereby promoting public confidence in the banking system. Taking a cue from the global trend, Nigeria by virtue of Decree No. 22 of 1988, (now the NDIC Act, 2006) established the Nigeria Deposit Insurance Corporation (NDIC) to implement the Deposit Insurance Scheme in Nigeria. For more than twenty years, we have witnessed the evolution and steady development of this area of the law and the achievement accorded by the NDIC.
However, the achievements recorded by the NDIC over the years in implementing the Deposit Insurance Scheme though quite laudable, have not been without some significant challenges. It is part of the efforts to address some of these challenges that necessitated the need for this very important seminar.
There is no doubt that the judiciary has an important role to play in strengthening Deposit Insurance Law and Practice in Nigeria. I therefore urge you all to be open minded towards the issues that will be raised here, as the various contributions, ideas and comments would provide resource materials for effective learning. The ultimate objective is the improvement in the machinery of justice in general and Deposit Insurance System in particular.
It is therefore a great pleasure for me to declare this very important Sensitization Seminar open and I wish you fruitful deliberations.
Thank you for your attention.