Nigeria, Feb. 23 -- Some deposit money banks (DMBs) failed in Nigeria as a result of massive insider abuses by their owners and officials, the Nigerian Deposit Insurance Corporation (NDIC) has said.

Also, the corporation identified weak board of directors' structure, poor corporate governance arrangement, inadequate risk management processes, inadequate capital, weak regulatory and supervisory measures as well as economic and political factors as other reasons.

The Assistant Director, Insurance and Surveillance Department of the corporation, John Abiodun, who spoke in Abuja on Friday, gave reasons why the NDIC has not been able to speedily resolve issues involving failed banks in the country.

Mr Abiodun identified some of these challen...