Through its operations in the banking industry, the Nigeria Deposit Insurance Corporation (NDIC) rescued approximately 12,667 jobs and secured N1.021 trillion in deposits.
According to Mr Bello Hassan, Managing Director and Chief Executive Officer (MD/CEO) of the NDIC, who disclosed this during the 2021 edition of the NDIC Editors Forum in Lagos, several failure resolution initiatives such as Open Bank Assistance (OBA), Purchase and Assumption (P&A), and Mergers and Acquisition (M&A) were adopted in resolving distress in various banks from 1989, culminating in the novel Bridge Bank option to resolve four borrowers.
"The Bridge Bank alternative not only prevented a systemic catastrophe; it also safeguarded N1.021tn deposits, ensuring that depositors continued to have access to their cash and banking services," Mr Hassan added. The Bridge Bank option also saved over 12,667 jobs, while over 877 branch network locations were closed.
Through its operations in the banking industry, the Nigeria Deposit Insurance Corporation (NDIC) rescued approximately 12,667 jobs and secured N1.021 trillion in deposits.
According to Mr Bello Hassan, Managing Director and Chief Executive Officer (MD/CEO) of the NDIC, who disclosed this during the 2021 edition of the NDIC Editors Forum in Lagos, several failure resolution initiatives such as Open Bank Assistance (OBA), Purchase and Assumption (P&A), and Mergers and Acquisition (M&A) were adopted in resolving distress in various banks from 1989, culminating in the novel Bridge Bank option to resolve four borrowers.
"The Bridge Bank alternative not only prevented a systemic catastrophe; it also safeguarded N1.021tn deposits, ensuring that depositors continued to have access to their cash and banking services," Mr Hassan added. The Bridge Bank option also saved over 12,667 jobs, while over 877 branch network locations were closed.
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