Says banks likely to seek bailout
By James Emejo
The Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim has said the rising public debt stock as well as increase in banking industry non-performing loans (NPLs) portfolio have put financial regulators under pressure.
Owing to this, he stressed take measures to respond and forestall a financial crisis.
Speaking in Lagos at the opening of the 2020 workshop for business editors and the Finance Correspondents Association of Nigeria (FICAN), themed:“COVID-19 and Fintech Disruption: Opportunities and Challenges for Banking System Stability and Deposit Insurance,” he added that the threat of a pending economic recession and a potential financial crisis had further put regulators on their toes.
The NDIC boss noted that though the emergence of digital financial services enabled by financial technology (Fintech) had enhanced efficiency in the…
Source: Thisday Newspaper
