34th Enugu Trade Fair: NDIC assures Nigerians of safety of their deposits
Our reporter
Nigeria Deposit Insurance Corporation (NDIC) has assured Nigerians of safety of their deposits against unusual bank failures.
The Managing Director of NDIC, Mr Bello Hassan gave the assurance during NDIC DAY at the ongoing 34th Enugu International Trade Fair in Enugu.
He stated that the Corporation was determined to enhance public confidence in the financial system by ensuring that customers’ deposits in banks were safe and protected.
Hassan, represented by the Senior Manager, Enugu Zonal Office of NDIC, Mr Othman Afolayan stressed that the Corporation protect depositors through guaranteeing deposits in banks.
According to him, they do so by supervising the banks in conjunction with the Central Bank of Nigeria (CBN) to ensure that banks were run in safe and efficient manner in line with extant laws and regulations and resolving issues of distress in banks to reduce instances of failure.
“So, we are at the trade fair to showcase the mandate and activities of the NDIC, particularly our contributions to the stability of the country’s financial system.
“We want the general public to know and reflect always that their deposits are safe and that in the unusual event of a bank failure, the NDIC is here to protect them, especially the small savers.
“The Corporation has also been successfully and efficiently discharging its mandates from inception, till date, living up to its public objectives and contributing to financial system stability,’’ Hassan said.
Hassan also stated that unscrupulous elements get more and more creative in their ignoble acts, adding that the NDIC and other regulatory bodies have devised more ingenious approaches to tackling their menace.
He, however, advised depositors to ensure that their phones have strong password, avoid sharing their bank mobile app password with third parties as well as ensuring that no one is watching when they enter their PIN to perform transaction.
The managing director further admonished them to ensure their token is secure and other parties do not have access to it; ensure their debit card number were not exposed to people and avoid investment offers with quick and arbitrarily high returns.
Earlier, the President, Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Mr Jasper Nduagwuike said NDIC had continued to observe her special day consistently for over 12 years at the Enugu International Trade Fair, describing it as very strategic and commendable.
Nduagwuike represented by the First Deputy President of ECCIMA, Mr Odega Jideonwu said NDIC remains a life-line back-up for Nigerian teeming banking public who had hitherto suffered dearly in the past prior to the establishment of NDIC by losing all their deposits whenever crisis occur in the banking.
“We are very pleased with the opportunity NDIC has offered today, to enable us interact, exchange views and learn more about their activities.
“Permit me to use this opportunity to encourage the CBN through its regulatory framework to make the work of NDIC much easier by ensuring that the chances of bank failures are reduced to the barest minimum.
“They should also guard against depositors going through hallowing experience, particularly in this period of excruciating hardship being experienced by many Nigerians.
Nduagwuike added that effort should be made to ensure the effect of the new CBN cashless policy does not create unnecessary panic and pressure on depositors and the entire Nigerian citizens.
