Babajide Komolafe Nigeria Deposit Insurance Corporation (NDIC) has said that banks need additional capital combined with creative products and services to weather the impact of the ongoing economic recession. Managing Director/Chief Executive, NDIC, Alhaji Umaru Ibrahim stated this at the 2016 workshop organised by the Corporation for finance correspondents and business editors in Kaduna, Kaduna State.

One has to be creative and innovative to survive in this very turbulent moment “For us in the area of supervision and regulation of insured financial institutions, it is very necessary that we follow the trends, that we follow the dynamics and to make sure that we do everything possible to ensure that our insured institutions, the deposit money banks (DMBs), primary mortgage banks (PMB) and microfinance banks (MFBs) continue to be reasonable, creative in their products and services so that they will be able to weather the storm.

“A lot of the banks also need to recapitalise, and we know what it takes to raise fresh, long term, sustainable capital. All these are daunting challenges not only for our banks, but for a lot of banks globally.”. Also speaking at the workshop, Director, Banking Supervision, NDIC, Mr. A. Adeleke said that while the full recovery of the banking sector from the impact of the economic recession is hinged on the full recovery of the economy, the supervisory authorities would continue to take proactive measures to assure financial system stability. He added that in addition to the active collaboration of all stakeholders, which is crucial to the recovery of the sector, the press must be factual and not create avoidable panics through sensational headlines.