Nigeria Deposit Insurance Corporation, NDIC, has advised members of the public to always save their money in insured banking institutions that display the NDIC stickers in their banking halls or entrances and stop patronising illegal funds managers, known as “Wonder Banks”.
Managing Director of NDIC, Alhaji Umaru Ibrahim, gave the warning at the NDIC special day, at the on-going 31st Enugu International Trade Fair, holding at the Trade Fair Complex, Gulf Estate, Enugu.
Ibrahim, who was represented by the NDIC South East zonal controller, Mrs. Vera Ogbo Ikwue, explained that these “Wonder banks’ are neither licensed by the Central of Nigeria (CBN) nor under the NDIC deposit insurance
scheme.
He reassured the preparedness of NDIC in helping bank customers recover their money trapped in failed banks and cautioned Nigerians to always ensure they deposit their money in banks recognized by NDIC describing the so called “:Wonder banks’,’ as very illegal.
Speaking on the Theme of the fair, ‘ Advancing the Growth of SMEs Through Corporate Governance For Rapid Economic Development ‘. the Managing Director described Small and Medium Enterprises (SME’s), as an engine room for development of the industrial sector, particularly in Nigeria where the level of youth unemployment is a serious challenge.
He said that, “the NDIC fully aligns with the Federal Government in its appreciation of the strategic roles of SMEs as the veritable platform for economic diversification, job creation, wealth creation and economic development”.
He noted that in most developed nations, the SME’s have been crucial to the growth and sustenance of the middle class which is globally recognized as the major pre requisite for effective economic growth.
According to Ibrahim, “SMEs constitute an important component of the nation’s industrial sector. The important of SME,’s cannot be over emphasized, especially in a typical developing country like ours, where the level of youth unemployment is serious challenge”,
He was of the view that ,”Corporate governance can greatly assist the SME sector by infusing better management practices stronger internal auditing and greater opportunities for growth “.
Earlier in his speech, the President of Enugu Chamber of Commerce, Industries Mines and Agriculture (ECCIMA), Sir EmekA Nwandu commended NDIC efforts in stabilizing the nation’s financial sector.
He appealed to the CBN to make the work of the NDIC easier by ensuring that the chances of bank failures is reduced to the barest minimum
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