The President of the Enugu Chamber of Commerce, Industries Mines and Agriculture, (ECCIMA) Mr Jasper Nduagwuike has urged the Central Bank of Nigeria (CBN), and the Nigeria Deposit Insurance Corporation, NDIC, to ensure that the financial system in Nigeria is stabilised.
This follows the recent cash crunch in Nigeria, which brought to the fore, numerous lapses present in the banking system in the country among which include, effective e-banking and cashless banking mechanisms.
Nduagwuike opined that would also reduce the possibilty of banks failing to the barest minimum.
He was speaking at the 34th Enugu International Trade Fare.
The ECCIMA Chairman noted that the role of NDIC in stabilising the financial sector is noteworthy.
“NDIC remains a life-line back-up for Nigerian teeming banking publics who had hitherto suffered in the past prior to the establishment of NDIC by loosing all their deposites whenever crisis occur in the banking sector, with banks closing their doors against depositors”. Nduagwuike stated.
“We congratulate NDIC on this special day and also commend them for the role they are playing towards building confidence amongst banks depositors thereby helping to grow the Nigerian financial sector”. Nduagwuike noted.
The ECCIMA President commended the CBN and NDIC as key players in the financial sector, for the stability and near tranquility in the banking/financial sector through their regulatory frameworks, despite challenges being experienced in the Nigerian economy.
Responding, the Managing Director/ Chief Executive of the Nigeria Deposit Insurance Corporation, Bello Hassan told members of the public, particularly the teeming populace in the Medium, Small, and Micro Enterprise, (MSME) sector, and others in the informal segment of the economy that the safest, smartest, and most prudent place to keep money is in the formal banking system because the NDIC protects bank deposits.
According to Hassan, ” Such deposits also enjoy the benefit of effective regulation and supervision of relevant authorities, and take people’s hard earned money beyond the ambit of illegal fund managers and loan sharks that currently awash the investment landscape and fleecing unsuspecting members of the public,” Hassan stated.
He continued, “For us in NDIC, it is instructive to note the strong relationship between our mandate and the theme of this year’s fare. By discharging our public policy objectives of protecting depositors in the event of bank failures and further offering a measure of safety for the banking system, thereby creating an enabling environment for the financial system to appropriately support the economic advancement of our great nation,” Hassan stated.
The theme of this year’s fare is, “Harnessing Nigerian Human Capital Resources for Global Economic Advancement.”
