• Says depositors of 183 shut MfBs, PMBs settled
• RMRDC ex-DG blames hardship on successive govts’ economic policies
Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of licensed banks nationwide of swift payment of insured sums in the event of bank failure.
Besides, the corporation said all depositors of the 179 Microfinance Banks (MfBs) and four Primary Mortgage Banks (PMBs) that were recently shut have been settled.
Meanwhile, the present economic challenges in the country have been blamed on the poor economic policies of successive governments.NDIC said it is closely monitoring the activities of banks and financial institutions in the country to ensure stability in the financial system and prevent bank failure.
Speaking at the Special Day of the Corporation, yesterday, at the on-going 45th Kaduna International Trade Fair, the Managing Director of NDIC, Bello Hassan, assured all banks’ depositors of the safety of their deposits in the financial system.
Represented by the Deputy Director Public Affairs, Hauwa Gambo-Jimeta, the MD said: “It is reassuring for me to seize this opportunity to announce to depositors in licensed banks that the NDIC has significantly improved its processes to ensure swift payment of insured sums to depositors in the event of or in the course of bank failure; we address depositors’ concerns and effect payment. This aligns with our commitment to deliver on our mandate with renewed passion and greater vigour.”
In another development, former Director General/Chief Executive Officer of Raw Materials Research and Development Council (RMRDC), Prof Abdullahi Aliyu, while delivering a lecture at the Trade Fair, yesterday, called out successive administrations in the country for the hardship in the land.
Speaking on the theme, ‘Sustainable Economic Recovery Through Deepening of Local Content Value Chain’, Aliyu said chief among the wrong economic policies was allowing the importation of goods, especially raw materials that ware available locally.
The former DG stated categorically that the present government of President Bola Tinubu did not help matters with equally bad policies, which he said were responsible for the hike in price of cement, free fall of the naira against the dollar and general high cost of living.
He said: “This administration was sworn in May 2023. As at then, the official exchange rate of the dollar was N400, while the unofficial rate was N750. The government then took the wrong policy of merging the official and unofficial rates. That decision automatically devalued the naira by almost 100 per cent. That was the largest devaluation of the naira in history.
“In June 2023, the Central Bank of Nigeria (CBN) lifted forex restrictions on the importation of 43 items, which are mostly included in the Import Prohibition List.”
The President, Kaduna Chamber of Commerce, Industries, Mines and Agriculture (KACCIMA), Ishaya Idi, said the choice of the theme was to focus on the government’s policy in its efforts to encourage local content initiatives.
