A Review of the Nigerian Energy Industry

Depositors’ funds in banks are safe — NDIC

08 December 2014, Abuja – The Nigerian Deposit Insurance Corporation (NDIC) has assured that Nigerian depositor’s funds are safe in the nation’s banks and other financial institutions, in spite of the uncertainty in global financial system.

The Corporation’s Director in charge of its Assets Management Department, Mr Bashir Umar, told journalists in Sokoto that, ‘’ The NDIC is there in case of any failure of the banks and other financial institutions to honor their statutory obligations.

Commemorative naira note“Therefore, Nigerians have nothing to worry about as they are in safe hands and the corporation is there to duly regulate bank’s activities, as well as help in absorbing any unexpected shocks in the system.’’ Umar further urged Nigerians to continue to have sustained confidence in the banks and other related financial institutions.

The Director said that the Nigeria economy was safe, in spite of the dwindling oil revenue occasioned by its current global market.

“Over 90 per cent of the income of Nigeria is dependent on oil revenue, while its price had recently dwindled by about 30 per cent.

“Nigeria’s foreign exchange earnings are therefore less now but the nation is not at any financial risk,’’ Umar, assured.

He said that the recent adjustment of the value of the Nigerian Naira by the Central Bank of Nigeria ( CBN) from between 155 and N160 to a US dollar to between N165 and N175 should not cause any panic.

Umar explained that the action of the nation’s apex bank was in line with the desire of the Federal Government to make the country’s economy stronger and resilient.


– Vanguard

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