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FG charges CBN, NDIC to strengthen financial sector

The federal government has charged the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to promote economic resilience of the Nigerian…

The federal government has charged the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to promote economic resilience of the Nigerian economy despite economic challenges.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, stated this yesterday in Abuja at the 2022 International Association of Deposit Insurer (IADI) Africa regional committee workshop organised by NDIC.

She noted that despite challenges that assailed the economy, no depositors’ fund was lost given the effectiveness of finance regulatory agencies, most especially the CBN and the NDIC. 

The central bank’s governor, Mr Godwin Emefiele, said the regulatory agencies in Nigeria’s banking sector had in place proactive mechanisms to deal with systemic problems in the financial sector.

NDIC board chairman, Mrs Ronke Sokefun, said “The presence of global experts from fiscal, monetary, supervisory and regulatory agencies, and deposit insurers in gathering like this, is a manifestation of our commitment towards having a robust and sustainable system that can detect a problem early enough and manage crisis adequately in the banking system to foster financial system stability.”

Managing Director/CEO of NDIC, Mr Bello Hassan, said NDIC provides deposit insurance protection to depositors of 33 Deposit Money Banks (DMBs) comprising 24 commercial banks, 6 merchant banks and 3 Non-Interest Banks (NIBs) and 882 Microfinance Banks (MFBs); 34 Primary Mortgage Banks (PMBs); 3 Payment Service Banks (PSBs); and 29 Mobile Money Schemes (MMS).