The Nigeria Deposit Insurance Corporation, NDIC has advocated a more accurate and balanced reporting of the country’s financial sector by the media.
The NDIC threw the challenge of business editors and finance correspondence in the country during the capacity building workshop held in Port Harcourt, Rivers state.
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It was the 19th edition of the Nigeria Deposit Insurance corporation’s workshop for the finance correspondence Association of Nigeria and the first to hold in Port Harcourt.
The annual event is aimed at equipping journalists with in-depth and up-to-date information about the NDIC’s mandate which is to
protect depositors of Nigerian Banks.
Resources persons were drawn from the cooperation and the Central Bank of Nigeria.
“There is the need to carry the message to depositors that there is Deposit Insurance system in place, so that in the event of any of the licensed deposit taking institutions being unable to pay its obligations or its licenses invoke then NDIC is ready to step in and
pay up to the maximum and short amount, Managing Director, NDIC , Bello Hassan said.
Mr Hassan added that Nigeria’s financial sector has faced series of challenges from the effects of covid-19 and other global issues.
Despite this contending issues the sector remains highly monitored and stable.
According to him, any institution that is soliciting for deposit must first check on the CBN website or on NDIC website to see the list of licensed deposit taking institutions because they are regulated so that in the event of any failure, the deposit insurer stands ready to reimburse depositors so that they will not lose their money.
For the media, participants gatherings like these are essential for the task of reporting an economy that is constantly evolving and
adapting to innovation.
The event will also help to ensure that the media understands and is able to effectively inform the public about the complex operation of the finance sector.
The theme of the 3 day conference is boosting depositors confidence amidst emerging issues and challenges in the banking system.