“Only 2% Account Holders Control 90% Bank Deposits” – NDIC

According to the Nigeria Deposit Insurance Corporation, NDIC, not more than 2 percent of the total number of account holders in banks control about 90 percent of the deposits in the banks.

The Director, Research and International Affairs of the corporation, Mohammed Umar, who spoke on Wednesday, June 1, at the Business Day Annual Capital Market Conference, in Abuja, said the remaining 98 percent of the depositors were those that had savings of N500,000 and below at a given time.

Umar said there was a wide gap in income inequality among Nigerians, looking at the depositors’ data. As at 2014, the total volume of deposits in the insured banks was N18.02 trillion.

He said there was lack of awareness of the mandate of NDIC even among the operators in the financial sector which, adding that it was a big setback to woo the confidence of many consumers of financial services in the country.

To this end, he urged the regulators, such as the Securities and Exchange Commission, the Pension Commission and the Nigerian Stock Exchange, to increase the level of the collaboration with the NDIC to ensure confidence in the financial sector by Nigerians.