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NDIC warns Nigerians against ‘wonder banks’

The Nigeria Deposit Insurance Company (NDIC) has warned Nigerians to stop patronising unlicensed financial institutions.

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NDIC warns Nigerians against ‘wonder banks’

The Nigeria Deposit Insurance Company (NDIC) has warned Nigerians to stop patronising unlicensed financial institutions.

Alhaji Umaru Ibrahim, the Managing Director/Chief Executive Officer of NDIC, warned the Nigerian populace not to be victims of such banks, as he disclosed the completion of payments to all depositors of the 18 failed banks.

Mobile money war: Telecoms threaten banks' future in Nigeria

Ibrahim cautioned members of the public to stop patronizing “wonder banks” which offer mouthwatering interest rates to dupe unsuspecting members of the public of their hard-earned incomes in the name of investments.

 He counseled“For the avoidance of doubt, these wonder banks are neither licensed by the Central Bank of Nigeria (CBN) nor are they under the NDIC deposit insurance scheme.

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 “I advise members of the public to patronize insured banking institutions that display the NDIC stickers: ‘Insured by NDIC’ in their banking halls or entrances.”

(READ MORE: NDIC defends resolution procedures for failing banks, says it is holistic)

While delivering an address during the NDIC Day held at the ongoing 31st Enugu International Trade Fair, the NDIC boss said the monies paid include insured and uninsured trapped monies.

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Ibrahim called on the general public, particularly traders and businessmen, to always save money in licensed banks, where the savings are protected by the NDIC.

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“Desist from keeping their hard-earned monies in homes or shops to avoid the dangers of fire, theft, armed robbery, flood or other forms of losses,” he was quoted as saying.

Represented by the Enugu Zonal Controller, Vera Ikwue, the NDIC boss maintained that the agency would not rest on its oars in protecting depositors through prompt operational responses to novel developments in the banking system as they evolve.

 Meanwhile, since its incorporation in 1988, the NDIC has carried out liquidation activities on 425 financial institutions in the country.

READ MORE: CBN releases new capital base, sanctions for Microfinance Banks in new draft guidelines

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A breakdown of the 425 liquidated banks during the period showed that 51 of them were Deposit Money Banks (DMBs), 325 Microfinance Banks (MFBs), and 51 Primary Mortgage Banks (PMBs).

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Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

2 Comments

2 Comments

  1. Shuaibu Abubakar

    March 21, 2020 at 7:41 pm

    My understanding of the NDIC , is protecting the depositors from unregistered banks activities and creating awareness to the public

    • Anthony

      September 1, 2020 at 8:29 pm

      Good day sir my name is Anthony I need you’re contact in regard of fortis microfinance bank Nigeria

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Economy & Politics

Uganda Elections: Museveni re-elected for 6th term with 58.6% of the votes

Uganda’s President Museveni has won a 6th term in office as the opposition alleges wide-scale rigging.

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The President of Uganda, Yoweri Museveni, has been re-elected as President, gathering 5.85 million votes compared to 3.48 million votes by main opposition leader, Robert Kyagulanyi, a.k.a Bobi Wine.

According to Reuters, this victory represents 58.6% of the vote cast while Bobi Wine got 34.8%

Bobi Wine announced that the election results show this is the most fraudulent election in the history of Uganda and urged his followers to reject the result.

What you should know

  • Yoweri Museveni, aged 76, has been President of the East African nation since 1986.
  • Bobi Wine claimed via his official Twitter handle that military men jumped over his fence and took control of his home yesterday.

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Coronavirus

Combined Vaccine Manufacturing capacity to hit 6.8 billion doses in 2021

COVID-19 vaccine manufacturing capacity is expected to hit 6.8 billion doses in 2021.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

Meristem Group disclosed that the combined effort in manufacturing COVID-19 vaccines for global use is expected to yield about 6.8 billion doses in 2021.

This was revealed in the Annual Outlook 2021 report presented by Meristem Group, titled Bracing for a different future.”

According to the report, the existing manufacturing capacity will only be sufficient enough to immunize about 44% of the global population, which would create obvious vaccination gap and make the pandemic last longer than necessary.

The report states,

  • The cold temperature requirements for vaccine storage pose major logistics concern particularly in Sub-Saharan Africa and other low-income countries. WHO estimates that about 50% of vaccines are wasted every year, largely due to a lack of temperature control.”

According to the report, the estimated 6.8billion doses are expected to be collaboratively manufactured as follows:  CanSino – 0.2billion, AstraZeneca – 3.0 billion, Gamaleya – 0.3billion, Moderna – 0.4billion, Pfizer-BioNtech – 1.3billion, SinoPharm – 1billion, and SinoVac – 0.6billion.

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What you should know

  • The global population as of 2020 is 7.8billion and 70% is required to achieve herd immunity (otherwise called herd protection)
  • Herd Immunity or herd protection is achieved when you have most of the population immunized against an infectious disease.
  • 2 doses of the vaccines are required for each person for immunity.
  • It is expected that between 11 and 15 billion doses would be required to achieve the desired herd immunity, globally.
  • From all indications, herd immunity may not be achieved until mid or late 2022, with the subsisting 100% vaccine production capacity utilization in 2021 – with neither production nor distribution losses.
  • To achieve regulatory approval, a vaccine must undergo a three-stage clinical development process after the exploratory and pre-clinical stages and the U.S Food and Drug Administration (FDA) sets a phase 3 efficacy benchmark of 50%.

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Coronavirus

Covid-19: Global deaths surpass 2 million

Global casualty record for the Covid-19 pandemic surpassed 2 million deaths on Friday.

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Nigeria blows past 40,000 COVID-19 cases

The Global casualty record for the Covid-19 pandemic surpassed 2 million deaths on Friday, with the United States accounting for 1 in every 5 deaths, as it has recorded over 386,000 casualties so far.

This was disclosed in a report by Reuters in its Covid-19 tally reported on Friday evening.

After the United States, Brazil, Mexico, India and the U.K contribute nearly 50% of the combined casualties.

The report also disclosed that an average of 11,900 casualties are recorded per day in year 2021, despite the fact that it took 9 months for the world to record 1 million casualties.

United Nations Secretary-General, Antonio Guterres, said the 2 million death count was “a heart-wrenching milestone.”

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  • “Behind this staggering number are names and faces: the smile now only a memory, the seat forever empty at the dinner table, the room that echoes with the silence of a loved one,” he added.

The WHO warned that 2021 could be tougher due to the nature of new variants which transmit the disease faster.

  • “We are going into a second year of this. It could even be tougher given the transmission dynamics and some of the issues that we are seeing,” WHO Chief, Mike Ryan, said.

Analysts expect the global death toll to surpass 3 million by April 2021.

What you should know 

  • Nairametrics reported that the total number of covid-19 cases in Nigeria had surpassed the 100,000 mark on Sunday 10th January 2021, according to the Nigeria Centre for Disease Control.
  • The African Union stated that it secured 270 million Covid-19 vaccine doses for the continent from drug manufacturers to supplement the COVAX programme, a step towards the commencement of the complex task of vaccinating over 1.2 billion people with limited financial resources.
  • The Nigeria Centre for Disease Control on Friday 15th January 2021, announced that 1,867 new cases of the covid-19 virus were recorded across 24 states in the country. This represents the highest number of cases recorded in a single day.

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