No Nigerian Bank in Distress—NDIC Assures Customers

May 12, 2017
No Nigerian Bank in Distress—NDIC Assures Customers

No Nigerian Bank in Distress—NDIC Assures Customers

By Dipo Olowookere

In recent times, news about few financial institutions operating in Nigerian being in distress has dominated the blogosphere and has given some bank customers sleepless nights.

This is because most of them cannot imagine their hard-earned money going down the drain in this time of economic crisis in Nigeria.

But the agency charged with protecting the banking system from instability occasioned by runs and loss of depositors’ confidence, the Nigeria Deposit Insurance Corporation (NDIC), has assured customers not to worry, emphasising that they can go to sleep with their two eyes closed and possibly snore in the process.

Managing Director of NDIC, Mr Umaru Ibrahim, said customers should ignore the various messages on social media trying to cause panic about safety of some lenders operating in Nigeria.

Mr Ibrahim, in a statement issued by NDIC spokesman, Mr Hadi Birchi, noted that the agency had continued to closely monitor the challenges facing the banking industry in order to further safeguard depositors’ interest in the system.

Mr Ibrahim further assured customers that the NDIC would continue to play a critical role in ensuring Nigerian banks were safe and sound.

This, he explained, would be done through effective supervision and assistance to deserving financial institutions.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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