The assets, liabilities and general management of a distressed bank may be taken over by?
Answer Details
When a bank is in distress, its assets, liabilities, and general management can be taken over by an organization that has the capacity to manage them effectively. In Nigeria, the organization responsible for this is the Nigeria Deposit Insurance Corporation (NDIC).
The NDIC is a government agency that provides insurance coverage to depositors of banks and other financial institutions in Nigeria. In the event of a bank failure, the NDIC steps in to protect depositors and ensure that the bank's assets and liabilities are managed properly.
The International Bank for Reconstruction and Development (IBRD) is not involved in the takeover of distressed banks in Nigeria. It is a specialized agency of the World Bank Group that provides financial and technical assistance to developing countries for the purpose of economic development.
The Nigeria Industrial Development Bank (NIDB) and Nigeria Bank for Commerce and Industry (NBCI) are development finance institutions in Nigeria that provide long-term financing to industrial and commercial projects. However, they do not have the mandate to take over distressed banks.
In summary, the Nigeria Deposit Insurance Corporation (NDIC) is the organization responsible for taking over the assets, liabilities, and general management of a distressed bank in Nigeria.