Depositors must come first in failed bank liquidation – Justice Kanyip

By Lukman Olabiyi
President of the National Industrial Court of Nigeria, Benedict Kanyip, has directed judges handling failed bank liquidation cases to strictly uphold the statutory order of priority, insisting that depositors must take precedence over all other claimants, including employees, shareholders and unsecured creditors.
Justice Kanyip also questioned the constitutionality of provisions in the Nigeria Deposit Insurance Corporation (NDIC) Act that shield the corporation from garnishee orders and injunctions, arguing that such protections may conflict with Section 287 of the 1999 Constitution, which mandates obedience to court judgments.
The jurist made the remarks in Lag...