Justice Benedict Kanyip, the president of Nigeria’s National Industrial Court, emphasized the importance of prioritizing depositors in the liquidation of failed banks. During a sensitization seminar, he instructed judges managing these cases to adhere to the legal order of priority, asserting that depositors must be given precedence over other claimants such as employees, shareholders, and unsecured creditors. This directive aims to ensure that the rights and interests of depositors are safeguarded in the liquidation process.
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