Financial Industry Growth: NDIC Commends Nigeria’s Apex Bank Recapitalisation Scheme

By Newsshelve Correspondent.

The Nigeria Deposit Insurance Corporation (NDIC) has praised the Central Bank of Nigeria (CBN) for its decision to recapitalize banks in order to withstand economic challenges in the country.

During the NDIC Special Day at the 35th Enugu International Trade Fair, Managing Director Bello Hassan commended the CBN for its efforts to ensure the resilience and stability of the Nigerian banking sector.

He highlighted the recent revision of minimum capital requirements for banks, with commercial banks now required to maintain minimum capital levels of N500 billion, N200 billion, and N50 billion for International, national, and regional institutions, respectively.

Hassan emphasized that this strategic recapitalization initiative aligns with the goal of growing Nigeria’s economy to the ranks of $1 trillion base economies.

He also mentioned the efficient disbursement of insured sums to verified depositors of closed Microfinance Banks and Primary Mortgage Banks, with depositors receiving their payments within five working days.

Furthermore, Hassan encouraged depositors of affected banks to come forward with their Bank Verification Number (BVN) and other necessary details for claims.

He assured depositors that the NDIC remains committed to safeguarding their funds and prioritizing their safety.

President of Enugu Chamber of Commerce, Odeiga Jideonwo, also commended the NDIC for ensuring financial stability and confidence in the financial sector.

He highlighted the agency’s efforts to educate depositors on safeguarding their accounts against fraudulent practices.

Overall, the NDIC’s collaboration with the CBN and its commitment to protecting depositors’ interests have been instrumental in promoting growth and stability in Nigeria’s financial industry.

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