NDIC: Banks Can Withstand Impact of Oil Price Decline

The Managing Director of the Nigeria deposit insurance corporation (NDIC) Alhaji Umaru Ibrahim has disclosed that Nigerian banks can survive the impact of the current falling price on the economy.

Ibrahim also said with the federal government’s response to the situation, banks would emerge even stronger after the challenges.

Speaking yesterday at the 35th Kano International Trade Fair held, the NDIC boss, represented by the Director Assets Management, Alhaji  Bashir Dada assured depositors that

NDIC warns Nigerians against wonder banks

The NIGERIA Deposit Insurance corporation, NDIC, has warned the Nigerian public to be wary of “wonder banks” which offer mouth-watering deposit interests but indeed are out to defraud unscrupulous MEMBERS of the society.

The Managing Director, MD, of the corporation, Alh. Umaru Ibrahim, gave the warning at a press briefing in Abuja, yesterday, to mark its 25th anniversary.

“The problem of wonder banks are emerging again and the public must be careful about anyone coming to them and promising very high deposit interests which could be at the detriment of the deposit itself.

“If someone comes and promises a very high interest in order to take YOUR money.  You should be careful because his real intention might be to run away with your deposit”, he warned.

He regretted that in the current efforts to sanitise the MicroFinance Banking sub-sector, his officials couldn’t even trace the addresses of some of them, adding,