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Kwara Govt lauds NDIC for saving Nigeria banks from collapse

The Kwara State Government weekend applauded the Nigeria Deposit Insurance Corporation for saving many Nigeria’s banks from total collapse.

The State Deputy Governor, Mr. Kayode Alabi, said this at the 30th anniversary of Nigeria Deposit Insurance Corporation, held at the Banquet Hall, opposite Government House, Ilorin.

Mr. Alabi, said the 30th anniversary of protecting depositors in Nigeria shows that the corporation had demonstrated the uncommon capacity for efficiency and effective performance in safeguarding the banking sector.

The Deputy Governor felicitated with the management and staff of NDIC with a call on them to strengthen their operations towards stimulating Nigeria’s economy.

Earlier, the Controller of NDIC, Ilorin Zonal Office, Mr. Alabi Olusegun Gabriel, commended the government and the people of the state for creating an enabling environment for the corporation and those in the financial sector to operate.

Also speaking, a Member of the NDIC Board, Alhaji Mustapha Mudashiru, said the NDIC plays critical roles in the banking system by enhancing healthy competition in the sector, while the N8.52billion Deposit Insurance System plays a very critical role in the sustenance of financial stability in the economy of the nation.

Alhaji Mustapha added that the corporation enhanced financial system stability by preventing banks from running down and enforcement of market discipline.

In his words, “NDIC plays critical roles in the banking system, enhance healthy competition in the sector, bank supervision, it demonstrate uncommon capacity for efficiency in the sector, while the N8.52billion/Deposit Insurance System plays a very critical role in the sustenance of financial stability in the economy of the nation”.

The Managing Director of the corporation, who was represented by the Director, Bank Examination Department, Mr. Olatayo Oladipo Babatolu, assured that the corporation would always protect depositor’s accounts and ensure discipline in the financial sector towards creating a viable economy system in Nigeria.

The Olomu of Omu-Aran, Oba AbdulRaheem Adeoti, on his part stressed the need for Nigeria Deposit Insurance Corporation to look into interest rate on Agriculture loans, calling for drastic reduction of interest loan on agriculture to enable farmers access loans to grow the country’s economy.

Speaking on behalf of Banks, Mr Tunde Akande praised NDIC for positively turning around the banking sector.

News Hub Mag! reports that the programme was attended by traditional rulers from the state, including the representative of the Emir of Ilorin, Alhaji Ibrahim Sulu Gambari, Olofa of Offa, Oba Mufutau Gbadamosi Esuwoye II, among others.

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