NDIC marks special day at Kano International Trade fair

Nigeria Deposit Insurance Corporation (NDIC), a public corporation established by the Nigerian government to protect bank depositors, has mark it special day at the on-going Kano International Trade Fair. The event which had in the attendance a cross section of members of organized private sector and royalties drawn from the Kano Emirate Council was celebrated with glamour.

The occasion according to the management of the corporation was conceived as a venue to showcase the contributions it is making towards the safety, soundness, and stability of the nation’s financial system and the protection of their deposits. Speaking at the event which was presided over by the managing director of the Corporation, Umaru Ibrahim, who revealed that the occasion was put together showcase its preparedness to ensure the safety of depositors which is its topmost priority.

“It is my great pleasure and pride to participate in today’s Nigeria Deposit Insurance Corporation (NDIC) special day at the on-going 38^th Kano International Trade 2017. “Let me start by welcoming our distinguished guests particularly our royal fathers, state government officials, captains of industry, members of the academia, civil society organizations, and the press.

READ ALSO: NDIC sets aside N258.8bn for depositors in event of bank failure in 2019

“We wish to commend the Kano Chamber of Commerce, Industry, Mines, and Agriculture for their continuous organization of the fair over the years. It stands as a symbol of the passion for the future economic growth of Kano state and the nation as a whole. “The theme of this year’s fair’ Reinvigoration of Micro, Small and Medium Enterprises: A Key for Effective Development of the Nigerian Economy’ is apt as it is a clear expression of promoting micro, small and medium enterprises as the fulcrum of sustainable economic growth and development.

“It also supports the nation’s quest for eradicating poverty and improving the lives of all Nigerians as part of the efforts towards achieving the Vision 20:2020” he explained. Commenting on the activity of the recent Corporation, Ibrahim the corporation had paid N105 billion to 442,651 depositors of closed deposit money banks as at September, this year (2017).

Similarly, during the period, he stated that the Corporation paid the sum of N2.88 billion to 525,009 depositors of closed microfinance banks and N60 million to 756 depositors of closed primary mortgage banks. In his address at the occasion, Sani Umar, 1^st deputy-President, KACCIMA commended the corporation for its continuous patronage of the annual trade exhibition.