The Nigeria Deposit Insurance Corporation on Thursday proposed stiff penalties for negligent Directors of failed banks.It said this will serve as deterrence and ensure the banking industry secures compliance with available laws and regulation.
It further observed that there is a need to make clearer the legal frameworks and clarification of roles of the NDIC and the Central Bank of Nigeria in their supervisory mandates. “The imposition of penalties and persecution of various offences to serve as a deterrent to officers and directors of banks and will ensure that the banking industry ensures compliance with available laws and regulation in order to avoid paying stiff penalties.”
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