Date: 2019-11-04

The Kwara state government has applauded the Nigeria Deposit Insurance Corporation for protecting depositors and safeguarding the banking sector.

The Deputy Governor, Mr. Kayode Alabi, who made the commendation during the NDIC 30th anniversary celebration in Ilorin Kwara state said that the corporatio had saved Nigerian banks from total collapse

He felicitated with the Management and staff of NDIC with a call on them to strengthen their operations towards stimulating Nigeria's economy.

The Controller of NDIC, Ilorin Zonal Office, Mr. Alabi Olusegun Gabriel, appreciated the government and the people of the state for creating an enabling environment for the Corporation and those in financial sector to operate.

According to a Board member of the NDIC Mustapha Mudashiru, the N8.52billion Deposit Insurance System plays a critical role in the sustenance of financial stability in the economy of the nation.

He added that the Corporation enhanced financial system stability by preventing banks from running down and enforcement of market discipline.

The Managing Director of the Corporation, represented by the Director, Bank Examination Department, Mr. Olatayo Oladipo Babatolu, reaffirmed the Corporation's commitment to protect depositor's accounts and ensure discipline in the financial sector towards creating a viable economy system in Nigeria.

The Olomu of Omu-Aran, Oba AbdulRaheem Adeoti, stressed the need for Nigeria Deposit Insurance Corporation to look into interest rate on Agriculture loans, calling for drastic reduction of interest loan to enable farmers access loans to grow the country's economy.