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Stop The Rumour:No bank is distressed-NDIC

Stop The Rumour:No bank is distressed-NDIC

Stop it, there is no Nigerian  Bank that is on the verge of going under, Nigeria Deposit Insurance Corporation has told rumour mongers who have been peddling this story for weeks now

Managing Director of the corporation, Alhaji Ibrahim Umaru, made the call while receiving a delegation of the Alumni Association of National Institute, AANI, at the NDIC headquarters, in Abuja, yesterday.

According to him, those behind the messages are out to “de-market those banks and destabilise depositors’ confidence in the banking system.”

“De-marketing” is an exercise of spreading negative rumours about a business competitor, with a view to making it lose customers or clients’ confidence and share of the market.

Umaru noted that Nigerian banking public had nothing to fear as the banks were being effectively supervised by NDIC, in collaboration with the Central Bank of Nigeria, CBN, to ensure they operated within set regulations and meet their obligations to customers.

He said: “The corporation, since its inception, had continued to closely monitor the challenges affecting the banking industry, such as poor corporate governance, insider loans and non-performing loans in order to further safeguard depositors’ interest in the banking system.

“The corporation had over the years, played a very critical role towards ensuring that banks were safe and sound through effective supervision of the banks, financial and technical assistance to deserving financial institutions and adoption of timely failure resolution options to problem banks.”

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