The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Mallam Bello Hassan said banks in the country are safe for business.
He advised Nigerians not to worry about the soundness of banks,just as he assured that Polaris Bank is healthy and safe for them to transact business with.
He spoke on the sideline of the 11th annual capacity-building workshop for law enforcement agencies, bankers and other stakeholders in Lagos on Wednesday to discuss ‘Effective Investigation and Prosecution of Banking Malpractices that led to the Failure of Banks’.
He said: “Polaris Bank and all banks that are operating within the country are safe and sound as long as the license has not been revoked by the Central Bank of Nigerian (CBN). The regulator that issued the license if there is any problem is the one that will not revoke the license. As long as the license is not revoked, you are free to continue to bank with those institutions.
“The bank is safe because CBN and NDIC do carry out stress testing to ascertain the soundness of banks. We do stress, in fact, we do it on a regular basis. We do it on a monthly basis to test-tress the financial soundness of those banks.My position here is that Polaris Bank is safe and Nigerians should continue doing business with it. The bank is safe”.
