Nigeria’s Financial industry insurer and watchdog, Deposit Insurance Corporation (NDIC), has gone tough on banks in the country, criminalising their age-long practice of insider loans and stating readiness for persecution of various offences and negligent directors of failed banks. The imposition of penalties and persecution of various offences, the NDIC said, is 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. The corporation also proposed the express prohibition of insider loans/criminalising insider loans by…
Read MoreNDIC criminalises Nigeria banks’ age-long Insider loans, goes tough on ‘negligent’ Directors
