Nigeria Deposit Insurance Corporation has said it will appeal the judgment by the Investments and Securities Tribunal, ordering the commission to pay Winners Medical Diagnostic & Research Institute Ltd N5 million.
The tribunal also asked NDIC to pay the “cost of N500, 000 awarded in favour of Winners Medical Diagnostic & Research Institute Limited.” The investment tribunal held that it was wrong for the NDIC, to classify or categorise the claim for return money for un-allotted shares regulated by ISA 1999 and SEC Rules and Regulations made pursuant thereto as general credits ranking subordinate to private deposits of the defunct All States Trust Bank, payable only after claims for depositors liabilities have been satisfied.
“In fact, to pay the claimant herein as ordered by the Tribunal without following due process as prescribed by law would amount to illegality on the part of the liquidator [NDIC] as it would be a clear violation of the express provision of the laws quoted above.