The Nigeria Deposit Insurance Corporation (NDIC) has said despite the regulatory induced consolidation which reduced the numbers of banks from 89 to 25, their total deposit as at last year December stood at N15.340 trillion and its total loans and advances was N7.411 trillion.
Speaking at an annual workshop last week at Kaduna, Dr. Joseph Donli, director of research in NDIC said though, a number of regulatory and legislative initiative had over the years been taken over to address problems in the nation’s financial industry, but there should be a special emphasis placed on e-FASS as a tool for banks analysis and other special identification of early warning signals.
The director said the regulatory bodies cannot stop banks from failing because it is not within their control. It is not possible to stop bank failure completely even in advanced countries such as United States of America, about 109 banks failed this year, he said.
He stated that despite the best practice outlined by the regulatory bodies, NDIC as a corporation can only tell banks what their excesses saying that NDIC operate within its mandate and power given to it by law.
According to him, banks should adopt the attached former and ensure that their un-audited financial statements as at September 30, 2009 are published on or before October 31, 2009 respectively. Banks that have already published their September 2009 un-audited accounts were required to re-publish their account in line with the attached format.

Jack Kelly Ruth