Failed banks: NDIC warns debtors against hiding assets, delaying recovery

The Nigeria Deposit Insurance Corporation (NDIC) has warned debtors of failed banks against concealing assets, frustrating legal proceedings and deploying intimidation tactics to evade repayment of outstanding loans.
The corporation said such practices were undermining efforts to recover funds belonging to depositors and delaying the payment of outstanding claims to customers of liquidated financial institutions.
The Director of the Asset Management Department of NDIC, Ogungbemi Theophilus, raised the concerns on Monday at the Stakeholders’ Seminar and Public Relations Workshop in Abuja.
Speaking on the challenges confronting the corporation in recovering assets of failed banks, The...