QUICK LINKS

×
  • Business - Companies
  • Updated: August 10, 2022

NDIC Debunks Purported Sale Of Polaris Bank, Says All Banks Are Safe, Sound

Latest News

Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

More From this Author

On Wednesday, the Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan said that all Deposit Money Banks (DMBs) in Nigeria, including Polaris Bank, are safe and sound.

Hassan made this known on the sideline of a three-day Capacity Building Workshop organised by the Legal Department of NDIC, for law enforcement agencies at BWC Hotel, Victoria Island, Lagos.

Hassan also said that Polaris Bank was not sold as reported by some media recently.

According to the News Agency of Nigeria (NAN), the event had, “Effective Investigation and Prosecution of Banking Malpractices that Led to Failure of Banks’’, as its theme.

“All banks that are operating within the country are sound in as much as their licences have not been revoked.

“If there is a problem, the regulator that issues the licence will be the one to revoke the licence.

“In as much as the licence is not revoked, you’re free to continue to bank with the institution; it means it is safe,’’ Hassan said.

The NDIC boss also revealed that the corporation usually carried out stress tests on banks on a monthly basis, to ensure they are financially sound.

“The Central Bank also does stress testing, and so do we in NDIC. In fact, we do it on a monthly basis to ascertain the financial soundness of those banks and we see no red line.

“When we talk of key financial soundness indicators, we are talking about the capital adequacy and liquidity and the quality of the assets.

“Those two solid financial soundness indicators that you use to gauge the safety and soundness of these institutions are robust.

“So, based on that, the banks are safe and sound; continue to bank with them."

 

Tags

Join our Telegram platform to get news update Join Now
Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

More From this Author

COMPANIES PROFILE

aso savings and loans plc Financial Services

Aso Savings & Loans (ASO) is a Nigerian based mortgage bank, it was incorpor...

LEARN MORE
access bank plc Financial Services

Access Bank plc, is a Nigerian multinational commercial bank, owned by Access Ba...

LEARN MORE
lasaco assurance plc Financial Services

Lasaco Assurance Plc was incorporated on 20th December 1979 under the Companies ...

LEARN MORE
goldlink insurance plc Financial Services

Goldlink Insurance Plc was incorporated on 15th April 1992 as a Private Limited ...

LEARN MORE

0 Comment(s)

SPONSORED

Jun 08, 2022

Countdown To 2023 Presidential Election: Who Are You Voting For?

Countdown To 2023 Presidential Election: Who Are You Voting

Atiku Abubakar (PDP) 9.04 %

Bola Ahmed Tinubu (APC) 20.34 %

Peter Obi (LP) 70.62 %

70 days 11 hours remain

See this post in...