‘Judiciary, NDIC, key Partners in Financial Stability’ – Bulkachuwa

The president of the court of Appeal, Justice Zainab Adamu Bulkachuwa, has said that the judiciary and Nigerian Deposit Insurance Corporation (NDIC) are crucial partners in ensuring financial system stability in the country.

Speaking while declaring open the 2019 sensitization seminar organised for judges of the Court of Appeal by the NDIC in Abuja, on Wednesday, Justice Bulkachuwa said that the regular interaction was in recognition of the fact that bank supervisors in the financial services sector and the judiciary play important role in the promotion of financial system stability.

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While stressing that the seminar will widen the knowledge of the workings of the financial service industry, Justice Bulkachuwa urged participants to participate actively and utilize the knowledge gained at the seminar in the course of their duties.

‘’ The objective of this year’s seminar has always been, is to sensitize participants on the nature of Deposit Insurance Law, bring to the fore the challenges to the law and practice of   Deposit Insurance in Nigeria as well as to pontificate on the solutions to these challenges.

‘’This is particularly necessary as the financial system in general and deposit insurance in particular operate within the context of the legal system which the judiciary is a major stakeholder.

‘’My lords, for us to discharge this onerous task placed on us, an in-depth knowledge of the workings and innovations in the financial system in needed, which underscores the importance of this year’s seminar.‘’

”In this regard, I wish to observe with great pleasure that the NDIC has always introduced new topics and able resource persons every year. This has helped in broadening our perspectives on a variety of contemporary issues as it relates to the financial service industry and deposit insurance in particular.

‘’I urged all the participants to participate actively and utilize the knowledge gained in the course of discharging your duties’’, Justice Bulkachuwa said.

On his part, the NDIC Managing Director Umaru Ibrahim in his keynote address said that the series of sensitization seminars organized by the cooperation in recent times have served as an avenue to enlighten relevant stakeholders including the judiciary.

Represented by the Executive Director, Operations, Prince Aghatise Erediauwa, Ibrahim said that the cooperation had achieved its goals through better-informed court judgments, encouraging feedback from the Bar and Bench, and increased awareness on deposit insurance dynamics.

‘’The management of the NDIC is pleased to note that the series of sensitization seminars organized for judicial officers of the state courts and FCT high courts, the federal high court and court of Appeal in the past seven years have afforded the cooperation the privilege of closely interfacing with the judiciary.

‘’The cooperation considers this collaboration a valuable investment in the development of Nigeria’s financial system.  

Consequently, in the course of deliberations at this seminar, some of the challenges associated with Deposit Insurance Law and Practice in Nigeria will be highlighted and we shall be looking forward to drawing as much as we can from your rich knowledge and experience’’, Ibrahim added.

The seminar, which had in attendance Justices of the Court of Appeal and other relevant stakeholders, has the theme: ‘’The Role of Deposit Insurance in Promoting Financial System Stability’’.