The Senate has charged the Nigeria Deposit Insurance Corporation, NDIC to realise maximum value from the remaining assets of the defunct Heritage Bank.

Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Adetokunbo Abiru, gave this charge at the NDIC retreat for for the Committee, in Lagos with the theme ‘Building Resilient Financial Systems through Effective Legislative Intervention,’

Noting the prompt response of the NDIC to depositors of the defunct bank, Abiru said: “I applaud the NDIC for its diligence and commitment to restoring hope to those affected. The process of settling depositors is never easy, particularly in cases involving significant financial distress, but your dedication to resolving this matter demonstrates the high standard of operational efficiency that we, as stakeholders, have come to expect from the NDIC.

“Nevertheless, I urge the Corporation to ensure that maximum value is realized from the bank’s remaining assets, which will ultimately contribute to the settlement of outstanding depositors and other creditors. It is my hope that all the challenges associated with settlement of the Bank’s stakeholders including those to do with liquidation dividends for corporate customers are resolved speedily, effectively, and efficiently.”

Earlier in his welcome address, Managing Director/Chief Executive, NDIC, Bello Hassan, said that the purpose of the retreat is to deepen collaboration with the Senate to concerns on additional risks to the financial sector from new products and services emerging advances in technology, globalisation and consolidation.

Hassan said: “In recent years, the financial services sector has experienced significant transformation, largely driven by advances in technology, globalisation and consolidation.

"New services and products have emerged, while new players and financial technologies have been challenging traditional service providers through faster, cheaper and reliable services.

“While this development presents opportunities for growth, we must, however, be conscious of the additional risks and complexities that the system may be further exposed to.

“To address this concern, stakeholders, particularly charged with oversight functions, must collaborate more than ever before.

“In this collaborative effort, the legislature must be consciously determined to redesign the legal framework that will support the current financial advancement while promoting innovation and consumer protection.”