Wednesday, 3 April 2013

NDIC To Grant Financial Assistance Some Financial Institutions

The  Nigerian Deposit Insurance (NDIC) has expressed its readiness to grant financial assistance to deserving primary mortgage banks and microfinance banks as part of its efforts at repositioning the sub sector for greater performance of the financial services systems. 

The NDIC Managing Director, Umaru Ibrahim,who made this remark in Abuja when the Board of Directors and Management of the Federal Mortgage Bank of Nigeria (FMBN) paid him a courtesy visit,disclosed that the Corporation was already developing the framework for granting the financial assistance but stressed that stringent conditions would be put in place for deserving MFBs and PMBs to comply with.

He however reiterated that MFBs and PMBs that were deliberately mismanaged by their owners would not be eligible for such accommodation bill, adding that details of the novel framework would soon be made known to stakeholders once it was approved by the Board of the Corporation.

While emphasising the strategic role of mortgage financing in the development of the financial services sector, the MD/CE stated that the Federal Ministry of Finance (FMF), Central Bank of Nigeria (CBN) and the Corporation were working on possible measures aimed at reviving the sub-sector towards achieving the transformation agenda of the Federal Government in the area of affordable housing for all taking cognisance of the huge deficit existing in the industry.

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