The Nigeria Deposit Insurance Corporation (NDIC) has applauded the judiciary for its enhanced comprehension of deposit insurance practices, a development that is expected to bolster the stability of the nation’s financial system.

Mr. Bello Hassan, the Managing Director/Chief Executive of NDIC, extended this commendation during his opening address at the 2023 Sensitization Seminar, a collaborative effort between the Corporation and the National Judicial Institute (NJI).

The seminar was specifically tailored for Judges of the Federal High Courts and revolved around the theme: “Strengthening Depositors Confidence in Banks and Other Financial Institutions through Speedy Dispensation of Justice.”

Hassan underscored the overarching goal of the Deposit Insurance Scheme in Nigeria, emphasizing that its primary mission is to safeguard depositors in the event of insured institutions’ failure. This, in turn, aims to instill confidence among depositors and curtail the occurrence of bank runs within the financial system.

The NDIC’s top executive recognized the indispensable role of the judiciary in the Corporation’s efficient execution of its mandate. He pointed out that the judiciary plays a critical role in resolving disputes that frequently arise from processes like the revocation of banking licenses, liquidation of failed banks, and the termination of liquidation activities.

While acknowledging that the NDIC has grappled with various challenges since its inception, including misconceptions regarding its mandate and the fundamental principles of Deposit Insurance, Mr. Hassan expressed gratitude that the seminar organized in conjunction with the NJI has yielded a better understanding of the Corporation’s distinct roles among members of the legal community and the judiciary.

This newfound comprehension, he asserted, will lead to the expedited resolution of cases involving banks in liquidation, ultimately contributing to the stability of Nigeria’s financial system.

To further enhance awareness of Deposit Insurance practices and related laws, Hassan disclosed that previous editions of this annual seminar have resulted in the publication of papers compiled by the Corporation.

These papers have been consolidated into two volumes, entitled “Law and Practice of Deposit Insurance in Nigeria,” and are meant to serve as a valuable reference for stakeholders. Importantly, these publications are being disseminated free of charge to stakeholders within the financial industry.

The collaborative efforts of the NDIC and the National Judicial Institute underscore the importance of a well-informed judiciary in upholding the stability of Nigeria’s financial system and safeguarding the interests of depositors. As the legal community gains a deeper understanding of deposit insurance practices, it is anticipated that the financial landscape in Nigeria will become more resilient and secure.

In a significant move aimed at enhancing building safety across Nigeria, the National Insurance Commission (NAICOM) inaugurated a 10-member committee tasked with overseeing the insurance of public buildings and structures under construction.

The Commissioner for Insurance (CFI), Sunday Thomas, who presided over the inauguration at the end of the 2-day ‘National Insurance Conference 2023’ in Abuja on Tuesday, expressed optimism about the transformative impact this move would have on the insurance industry and the safety of public buildings.

In his statement, he said, “The insurance industry will never remain the same, and the safety of public buildings will be redefined.”

The committee’s responsibilities will encompass data collection, continuous monitoring, comprehensive reporting, and the organization of regular meetings to assess the state of insurance coverage within the sector.

The committee will play a pivotal role in bolstering building safety and minimizing risks associated with construction and occupancy.

One of the primary objectives of this initiative is to effectively mitigate the unfortunate instances of building collapses that have plagued Nigeria in recent years.

Such incidents have not only resulted in loss of life but also in significant property damage.

These incidents have raised concerns about the need for improved safety measures and better insurance coverage within the construction and real estate sector.

By overseeing this critical area, the committee aims to address these concerns and bring about a positive change.

Building collapses in Nigeria have been a longstanding issue that has affected both urban and rural areas, leading to tragic consequences for individuals and communities.

These incidents have been attributed to various factors, including poor construction practices, inadequate building inspections, and a lack of comprehensive insurance coverage.

The committee’s activities will provide a solution to these issues by promoting the adoption of rigorous building standards, continuous monitoring, and an improved insurance framework for builders and property owners.

It will focus on developing an integrated approach to enhance building safety and ensure that insurance coverage aligns with the dynamic needs of the construction industry.

The committee is committed to transparency, accountability, and regular reporting to NAICOM, thereby creating a mechanism for identifying and addressing challenges that may arise in the course of its activities.

Any issues or obstacles encountered will be escalated to the government for prompt resolution, further strengthening the partnership between regulatory bodies and the construction industry.

The launch of this committee represents a positive step toward building safety in Nigeria, as it seeks to safeguard lives, property, and investments by promoting responsible construction practices and comprehensive insurance coverage.

By addressing the recurring issue of building collapses, this initiative has the potential to significantly enhance public safety, instill confidence in the construction sector, and promote a more robust insurance industry.

It is a clear demonstration of the commitment of NAICOM and the entire insurance sector to improving building safety standards and protecting the interests of the Nigerian people.

The Gender Strategy Advancement International (GSAI), in collaboration with the Open Society Initiative for West Africa (OSIWA), and other partners, is advocating for the complete enforcement of the Disability Discrimination Act 2019.

This call was made during a training workshop for journalists and editors on Inclusive Investigation Training on Accountability in Governance.

The groups expressed concern over the persistent abuse, stigmatization, and discrimination against People with Disabilities (PWDs) in the country.

Mrs. Adaora Onyechere Jack, the Executive Director of GSAI, pointed out that despite the enactment of the Discrimination Against Persons with Disabilities (Prohibition) Act in 2019, which aimed to integrate persons with disabilities fully into society, marginalization remains a significant issue.

The training workshop sought to raise awareness about the Act, particularly as its trial period concludes in January 2024.

Jack stressed the importance of changing the narrative around people with disabilities, noting that many of their engagements and stories are framed negatively.

“The goal is to empower reporters to provide inclusive coverage and to remind the media that inclusive reporting is essential for a thriving democracy”. She said

Mrs Jack also highlighted the significance of data-driven research, advocacy, partnership, and gender justice in advancing the cause of inclusivity for persons with disabilities.

She encouraged the media to engage with and empower reporters to ensure they have a thorough understanding of the rights and issues concerning persons with disabilities.

Bilikisu Yakubu, the National Coordinator of Advocacy for Women with Disabilities Initiative (AWWDI), highlighted the challenges faced by persons with disabilities, especially women.

She emphasized the need for greater involvement of women with disabilities in decision-making processes to address their specific needs.

Yakubu also called for prioritizing the 35 percent affirmative action to provide women with opportunities in government and other aspects of life.

Despite the struggles against stigmatization and discrimination, she remains optimistic about progress in the recognition and inclusion of women with disabilities.

The Discrimination Against Persons Prohibition Act, which was signed into law in 2019, is aimed at eliminating discrimination and ensuring equal opportunities for persons with disabilities.

It is designed to empower individuals with disabilities and protect them from being treated as objects of charity.

The Act is seen as a landmark in the ongoing efforts to promote inclusivity and equality for the disabled community in Nigeria.

Advocates emphasize that while progress has been made since the enactment of the Act, there is still much work to be done.

They acknowledge that there has been improvement in the treatment and inclusion of persons with disabilities, but more efforts are required to achieve a fully accessible and inclusive society.

One of the key aspects that the Act addresses is the need for accessible facilities, infrastructures, and institutions to accommodate the needs of individuals with disabilities.

The Act includes a provision for a five-year transition period, which is set to end in January 2024.

During this time, the government is expected to have made significant strides in providing inclusive transportation, schools, and employment opportunities for persons with disabilities.

This transition period is a critical phase in the journey toward full inclusivity, and advocates are calling for a swift and comprehensive implementation of the Act to meet the set goals.