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Home Business News
[Should We Be Worried?] NDIC Says It Will Ensure Stability Of Banks

NDIC Reports N53 billion Surplus, More Profitable Than Some Banks

Onome OhwovoriolebyOnome Ohwovoriole
7 years ago
in Business News
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Nairametrics| While some banks are experiencing decline in profits, and losses the National Deposit Insurance Corporation (NDIC) appears to be in buoyant financial health. The agency declared a N53 billion surplus for 2016.

The NDIC is the agency of government charged with insuring deposits. So in the event of a bank going bust, depositors will not lose all of their funds. It was established through Decree No. 22 on the 15th of June 1998.

In line with statutory requirements, 80% of the surplus will be forwarded to the Consolidated Federation Account of the Federal Government. One wonders though, has the NDIC always forwarded its operating surplus to the government? If so, why has this not come to light before? Is the corporation making maximum use of its operating surpluses? Perhaps some of the management at the NDIC need to be seconded to run commercial banks for a bit.
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Tags: banksFinancial ServicesNDICRESULTS
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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