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Nigerian Deposit Money Banks, Not In Distress – NDIC Boss

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The Managing Director/Chief Executive of Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim has called on members of the public to ignore rumors of financial distress in some banks that are being circulated through text messages and social media to de-market those banks and destabilize depositors’ confidence in the banking system.

In a press release signed the Head, communication and public affairs H.S Birchi, the NDIC boss made this call during a courtesy visit by the executive members of the Alumni Association of the National Institute (AANI) Abuja chapter led by its Chairman, Arc. Bola A. Balogun in Abuja.

Alhaji Umaru said the corporation had over the years played a very critical role towards ensuring that banks were safe and sound through effective supervision of the banks, financial and technical assistance to deserving financial institutions and adoption of timely failure resolution options to problem banks.

He informed the AANI executive members that the corporation since its inception had continued to closely monitor the challenges affecting the banking industry such as poor corporate governance, insider loans and non-performing loans in order to further safeguard depositors’ interest in the banking system, adding that with the NDIC’s strict supervision and regulation of the banking industry in collaboration with the CBN, depositors should have full confidence in the safety and security of their funds in the licensed banks.

“The corporation has enhanced the effectiveness of its mandate as well as its vast experience in the complex exercise of failure resolution and sought to share the experience through documentation and publication of the failure resolution of twenty (20) cases of failed insured Deposit Money Banks (DMBs) in five (5) volumes,” he added.

Arc. Balogun commended the NDIC for its supervisory role which he described as an invaluable anchor for the security and stability of the nation’s financial system.

 





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