Lagos Managing director and chief executive of the Nigeria Deposit Insurance Corporation, NDIC, Umaru Ibrahim says the corporation through its different resolution mechanism in resolving bank failures has so far closed 281 financial institutions.
Speaking at the 2018 International Association of Deposit Insurers, Africa Regional Committee workshop in Lagos, last week, Ibrahim said the absence of investment options other than government instruments pose a challenge to the corporation.
The NDIC boss said the corporation also faces challenges in fulfilling its statutory function failure resolution and liquidation saying, it has traced them to some inadequacies in the extant laws establishing the corporation.
