Ninety per cent of deposits in Nigerian financial institutions belong to 10 percent of the citizens, the Director Legal Services of the Nigeria Deposit Insurance Corporation (NDIC), Alheri Nyako has said.
Nyako said this yesterday during the NDIC conference on the challenges of deposit insurance law and practice in Nigeria, organised for lawyers in the corporation in Abuja yesterday.
He said the remaining 10 percent of deposits belongs to 90 per cent of ordinary citizens.
In a presentation by a resource person, A.B. Mahmoud (SAN) said the present regulatory institutions like NDIC, CBN and SEC have introduced mechanisms to protect Nigerian banks from economic shocks and possible collapse.