The Nigeria Deposit Insurance Corporation (NDIC) is part of the financial safety net in Nigeria. The Corporation was established by Decree No. 22 of 1988, now the NDIC Act, 2006 to operate the Deposit Insurance Scheme in Nigeria. A Deposit Insurance Scheme is a financial guarantee to protect depositors in the event of a bank failure and also to offer a measure of safety for the banking system. A proper financial safety net is necessary to reduce the risk of severe financial crises. Without an appropriate financial safety net, even simple rumours of problems regarding solvency or liquidity of a financial institution have the potential to become self-fulfilling and turning into a full-blown financial crisis. With an appropriate financial safety net in place, depositor confidence tends to be greater and the likelihood of financial crises is reduced to the barest minimum. NDIC was set up as a risk minimiser and its mandate goes beyond operating a ‘pay box’ institution in the Nigerian financial system. The statutory mandate of NDIC include: deposit guarantee, banking supervision, bank failure resolution and bank liquidation. In more than twenty years of making giant strides toward ensuring the development of a formidable Deposit Insurance System in Nigeria, NDIC has faced numerous challenges such as: The menace of liquidation–related litigations which make it difficult for the Corporation to completely wind up failed banks in accordance with the law and settle depositors and other creditors within a reasonable time. This is further compounded by the complex and often slow pace of litigation in our esteemed courts. Execution of court judgements against the assets of the Corporation for the liability of failed banks. Lack of proper understanding of the legal status of NDIC as Liquidator/Deposit Insurer by legal practitioners, the court and the public at large. Difficulty on the part of the Corporation in recovering debts owed to failed banks due to inability to trace the debtors, lack of collateral documents and other related challenges. Vulnerable funding base of the Corporation which, if not protected and systematically boosted, will gravely affect the Deposit Insurance Fund and will, in the long run, affect depositors confidence in the Nigerian banking sector. Poor public awareness on the vision, mandates and the functions of the NDIC. Most members of the public assume the NDIC is a conventional insurance company. Inadequate Legal framework. The Corporation is making concerted efforts in conjunction with the Legislature for the amendment of the NDIC Act, 2006 in order to provide the Corporation with supervisory and enforcement powers and comply with the Core Principles of Effective Deposit Insurance and other international best practices. We recognize that no matter how robust the legal framework operated by NDIC is, the Corporation cannot achieve much without the cooperation and vital input from the Nigerian Judiciary, bearing in mind the fact that the Judiciary is constitutionally vested with the powers of interpretation of statutes. This sensitization seminar is one of the steps being taken by the Corporation in involving important stakeholders in its strides towards achieving greater efficiency. You would recall that the first run of this programme was held in June 2012 with participants drawn from the Federal and State High Courts. However, this run is focused primarily on the Federal High Court where most of the NDIC related cases are pending. For the Corporation to achieve its mandates in a more efficient and effective manner and for the Nigerian economy to thrive on the gains of a stable financial system evidenced by increased depositor confidence in Nigerian banking system, the challenges highlighted above must be addressed. The Nigerian judiciary, legal practitioners and other esteemed stakeholders have important roles to play in ensuring that the mandate of the Corporation are realised. As our partners and stakeholders, I urge you to use your good offices and privileged positions to ensure that the Corporation is empowered and rightly positioned to discharge its mandate in the interest of the Nigerian banking system as a whole.