The Nigeria Deposit Insurance Corporation, NDIC, as well as the judiciary have said they are well prepared for the events that would unfold during the mergers and acquisitions by banks in the country to meet the 2026 deadline for a new capital base.
This is as the managing director of the NDIC, Bello Hassan said he is optimistic that no bank in the country will need to close shop considering all the options which the Central Bank of Nigeria (CBN).
Speaking at the Sensitisation Seminar for Judges of the Federal High Court, organised by the National Judicial Institute in collaboration with the NDIC with the theme “Building Strong Depositors Confidence in Banks and Other Financial Institutions through Adjudication”, Justice Faji, representing the Chief Judge of the Federal High Court, expressed the readiness of the judiciary ahead of the recapitalisation phase.
He noted that the functions of the courts particularly when it comes to matters of economy, and financial stability cannot be overemphasised. “We are going into yet another period of banking consolidation, so it is very imperative that judges are on top of their game and the role of the judges cannot be underestimated.
“There would be quite a lot of activities in the courts, there would be issues of banking, capitalisation, there would be issues of restructuring, acquisitions, mergers, and all that and of course, some banks may also want to stop business because they may not be able to meet all the requirements.
“I am sure that the courts are going to be very busy and I want to assure you that the judges are adequately equipped for this. We have had quite a lot of experience in this area and I’m sure that at the end of the day, we’ll be able to add value to the process.”