COVID-19: NDIC Urges Banks to Restructure Credits


The Managing Director and Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Umaru Ibrahim has urged banks to restructure loans taken by customers in a bid to give some relief, considering challenges in the global economy.

Ibrahim, said this at the weekend, during a sensitisation workshop for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos.

He said that the federal government, the Central Bank of Nigeria as well as the NDIC were working tirelessly in ensuring economic stability as well as stability of the banking sector.

In his opening remarks at the workshop, the NDIC boss said: “Are we going to experience a situation where borrowers cannot repay due to what is happening? And if so, we would expect the banks to reorganise their credit administration such that they can give some respite to borrowers because that is only a natural consequence.

“For the NDIC, as being mandated to help in ensuring safety and confidence in the banking system, we are interested in what is happening and we would continue to do our best to ensure that we supervise the banks so that they can weather the storm.”

Speaking further, he said: “I want to assure Nigerian depositors and members of the public in general and we are collaborating with the central bank. We would make sure that the banks are effectively supervised and assisted so that they can weather the storm.

“The central bank has issued various policy statements and programs that are supposed to assist those who have borrowed funds from the intervention programs through the CBN, so that they can have respite.

“And we expect the banks to also restructure their loans such that they give some respite to their customers in view of the difficulties everybody is facing.”

Speaking on the purpose of the workshop, he said: “This is the first time we are engaging with the House of Representatives Committee on Insurance and Actuarial Matters and the purpose is to sensitise them and to take them through issues relating to banking supervisions and generally and the role of deposit insurance.

“This is so that they can appreciate our role and understand what we do and how we do things and also how we create and sustain value so our banks remain healthy, stable to help them play their role in the economic development of the country especially in this very difficult and trying times.”

FCMB to Reward, Empower Customers in Promo Customers of First City Monument Bank (FCMB) across Nigeria are set to enjoy another phase of reward and financial empowerment as the bank rolls out season seven of its promo tagged, “FCMB Millionaire Promo.’’

This, according to a statement, followed the success recorded and the positive impact of previous editions of the promo since it commenced in 2013.

The promo would run from March to October 2020. It is expected to produce another set of 16 lucky customers of the bank as millionaires through winnings of cash ranging from N1million to N2 million.

In addition, 152 LED televisions, 152 power generating sets, 912 smart phones and 760 decoders, are to be won. The winners would emerge through electronic selection of all qualified customers at bi-monthly zonal and regional draws to be held in May, July, September and November this year.

It explained that the promo was designed to provide extra empowerment, reward and value for customers of the bank, while encouraging financial inclusion and savings culture.

“The promo is targeted at all segments of the society, especially existing and potential savings account customers of the bank. This, however, excludes salary and domiciliary account holders.

“To participate in the promo, existing or new customers of the bank are to increase their respective balances by N10,000 in any of the eligible FCMB savings accounts and maintain it for 30 days to qualify for the bi-monthly zonal and regional electronic selection of winners, where the star prize of N1 million and other fantastic prizes will be won.

“Multiple savings of N10,000.00 will increase the probability of winning. To qualify for the grand finale draws in November 2020, where four customers will win N2million each, existing and new customers are to increase their balances with at least N50,000.00 and maintain it for 30 days. Multiple savings of N50,000.00 will also increase the chances of winning,” the statement added.

Speaking on the promo, the Executive Director, Retail Banking, FCMB, Mr. Olu Akanmu, said, “the FCMB Millionaire promo is unique. The promotion is decentralised to the nineteen zones of the Bank nationwide, increasing the spread of wins across several states in Nigeria. We reward the aspiration of our customers to save and fulfil their dreams’’.


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