ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Ley Your Dreams Come Alive – With FCMB Loans
Home Business

NDIC commited to safeguard of depositors’ funds -MD  

7th November 2018
in Business
0
NDIC
0
SHARES
268
VIEWS
Share on FacebookShare on Twitter

Omodele Adigun, Charles Nwaoguji ,Chiamaka Ajeamo

The Nigeria Deposit Insurance Corporation (NDIC) has reassured Nigerians of safeguarding their bank deposits, boosting financial stability and instilling discipline into the nation’s money market.

According to its Managing Director, Alhaji Umaru Ibrahim, while speaking yesterday during the NDIC Special Day at the Lagos International Trade Fair , the corporation remains resolute in its determination to protect depositors’ funds and promote public confidence in the entire financial system.

Umaru, who spoke through the Corporation’s Head of Corporation, Mr Kudu Ibrahim, stated that its roles to protect customers’ deposits and inspire confidence in the system emanate from the NDIC’s core mandates of deposit guarantee, bank supervision, distress resolution and bank liquidation, adding that this will play a crucial role in the successful delivery of the Federal Government’s Economic Recovery and Growth Plan (ERGP).

He added: “The changing landscape of the Nigerian financial sector brought to fruition the broadening dimension of Mobile Money Operators (MMOs) . Although, this effectively altered the scope and depth of regulatory/supervisory interventions, but the NDIC remains resolute in its determination to safeguard depositors funds.

READ ALSO We’re committed to growing SMEs –FG

“The NDIC provides deposit insurance coverage to subscribers of MMOs to the maximum limit of N500,000 through the Pass-Through Deposit Insurance Framework. This is to further promote financial inclusion drive across the broad spectrum of the Nigerian economy.”

He explained that the NDIC, is in collaboration with the CBN to ensure effective supervision of banks in the country so as to enable strict adherence to rules and regulations guiding banking operations, to protect depositors in the domestic financial system against fragrant disregard of extant rules by management of financial institutions, “in terms of stalling the occurrence of unlawful insiders’ dealings, weak internal control and overall non-compliance to prudential guidelines.”

Also speaking at the event,the president of Lagos Chamber of Commerce and Industry,  Babatunde Ruwase Kudu Ibrahim, commended NDIC on keeping to its mandate adding that, the corporation since its inception has gone from strength to strength not only in the implementation of its mandate, but also in ensuring that the over-riding public policy objectives for establishing an explicit deposit insurance system in the country were realized.

At a time like this, he said building confidence in the country’s financial system is crucial in the face of vulnerability of the economy to Foreign Exchange crises, liquidity challenges and macroeconomic distortion.

“We appreciate the effort made by NDIC in the distress situation of Skye Bank. We also acknowledge upward review of the maximum deposit Insurance coverage which currently stands at N500, 000.00 per depositor for licensed banks.  This is in tandem with current economic conditions and there should be a continuous review of the exercise,” he added.

Tags: Babatunde RuwaseKudu Ibrahimndicumaru ibrahim
Omotayo Edubi

Omotayo Edubi

Related Posts

Zoho launches Africa digital enabler package
Business

Zoho launches Africa digital enabler package

28th June 2022
Qatar Energy to cut emissions as methane movement grows
Business

Qatar Energy to cut emissions as methane movement grows

28th June 2022
2022: Manufacturers demand better forex market, infrastructure
Business

Manufacturers’ industrial capacity reduced to 30% over rising production cost

28th June 2022
Next Post
Ghana Must Go

Comedy show with ace comedian Ghana Must Go

Klopp

No margin for error in UEFA Champions League, Klopp admits

NAPOLI

Napoli draw with PSG to leave group wide open

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

Fayemi inaugurates audit service commission building

LSEF targets 10,000 jobs in Imo State

INEC mourns death of journalist in Abuja

2023: Peter Obi seeks NLC’s support 

Cattle Rustlers steal over 300 livestock in Sokoto farm center

Meet Katanah Tease, the model who can’t stop going viral

Trending

Organ harvest case: NDPB investigates possible breach  of citizens’ data privacy 
News

Organ harvest case: NDPB investigates possible breach  of citizens’ data privacy 

28th June 2022
0

  By Chinenye Anuforo  The National Commissioner and Chief Executive Officer, Nigeria Data Protection Bureau, Dr. Vincent...

OPC calls for joint, urgent intervention to end insecurity in Nigeria

OPC calls for joint, urgent intervention to end insecurity in Nigeria

28th June 2022
Herbalist in court over alleged N1.2m fraud

Court fix July 15 for judgment in suit seeking review of Judges salary

28th June 2022
Breaking: 2023 President,  Fayemi, Ekiti Governor declares to contest

Fayemi inaugurates audit service commission building

28th June 2022
LSEF targets 10,000 jobs in Imo State

LSEF targets 10,000 jobs in Imo State

28th June 2022
ADVERTISEMENT

Follow us on social media:

Latest News

  • Organ harvest case: NDPB investigates possible breach  of citizens’ data privacy 
  • OPC calls for joint, urgent intervention to end insecurity in Nigeria
  • Court fix July 15 for judgment in suit seeking review of Judges salary
  • Fayemi inaugurates audit service commission building
  • LSEF targets 10,000 jobs in Imo State
  • INEC mourns death of journalist in Abuja
  • 2023: Peter Obi seeks NLC’s support 
  • Cattle Rustlers steal over 300 livestock in Sokoto farm center
  • Meet Katanah Tease, the model who can’t stop going viral
  • Trail Census: NPC warns staff against disclosing information
  • Tinubu certificate non-issue if INEC’s record is efficient –  Uzodinma 
  • Anambra tricycle riders union backs Soludo’s anti touting policy
  • Kaduna: Participate at party levels, increase your election chances – ActionAid tells women, youths
  • Maritime security: Nigeria, Japan sign $2.78m exchange notes on high-speed boat
  • Impeachment: Oyo deputy gov sues House of Assembly
  • Flood: HYPPADEC Partners Private Developer To Build Settlement Homes For Riverine Communities
  • 2023; police set to train personnel on election security duty
  • Edo frees 114 Correctional Centres’ inmates in 3 months
  • Boost crude production, crash operations cost, FG charges marginal field investors 
  • NAICOM liquidates Niger Insurance, Standard Alliance over poor performance

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Posting....