Bello Hassan, the Managing Director/Chief Executive Officer of the Nigeria Deposit Insurance Corporation, provided assurance to bank customers regarding the safety of their funds, emphasizing the soundness of the banks.
This statement was made during a retreat organized by the corporation in Lagos, themed ‘Maintaining a Resilient and Stable Banking System: The Role of NDIC.’ The reassurance comes in the context of the Central Bank of Nigeria dissolving the boards of some banks and appointing new CEOs and Executive Directors temporarily, raising concerns about the impact on the affected banks.
Hassan said, “The banking system today in Nigeria is safe and sound. I’m saying this not out of sentiment, but looking at the financial soundness indicators, in terms of capital adequacy, the quality of earnings, and the quality of the assets.
“So, I can confidently say that the banking system in Nigeria today as we speak, is safe and sound and depositors can continue to patronise, licensed deposit-taking institutions that are fully insured by the NDIC.”
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