A major indicator of the trouble we have in Nigeria today has again been illuminated by the disclosure of the Director of Research and International Relations at the Nigeria Deposit Insurance Corporation, NDIC, Alhaji Mohammed Umar. At the Businessday Capital Market Development Annual Conference iyesterday in Abuja, he confirmed that a a mere two percent of Nigerians own 90 per cent of total deposits in Nigerian banks.
This shows the criminal distribution of the commonwealth among a very few. It indicates that in Nigeria, the rich and the poor are living in two different worlds. This poses major socio-economic development and even security challenges to the nation.
“Our current deposit insurance coverage is N500, 000 for the Deposit Money Banks. And some people have said that it is low. I can tell you that it is very adequate for the majority of accounts.
“It will interest you to know that it covers over 90 per cent of accounts in the country. Indeed, Nigerians who have more than N500, 000 in their accounts are just two per cent.
“What we found is that this two per cent Nigerians have 90 per cent of banks’ total deposits. Look at that – two per cent Nigerians own 90 per cent of total banks deposits, while the remaining 98 per cent have just 10 per cent of total deposits. What that tells you is that the gap between the rich and the poor has continued in this country,” Umar said.
According to him, there were about 70 million bank account holders in the country.
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