NDIC donates to Sokoto Orphanage

Business, Social

NDIC donates to Sokoto orphanage
By Abdallah el-Kurebe

The Nigerian Deposit Insurance Corporation (NDIC) has donated various food items worth N400,000, including N50,000 cash to the Sokoto Orphanage.

The items were donated as gesture in marking the corporation’s silver jubilee celebrations as well as two-year anniversary of the operations of the Sokoto Zonal Office.

The corporation’s Director of Assets Management Department, Alhaji Bashir Umar who handed the items to the Officer in charge of the Orphanage, Alhaji Aminu Gwadabawa said that at this hard times, children had the right to life.

“These children also have the rights to live and get all the freedoms accruable to any other bona fide Nigerian child or children. So, we are here as part of this celebration to extend our widow’s mite to these children and show them that they are also liked and loved,” Umar, added.

Commending the corporation, Gwadabawa said that the Orphanage was established about 30 years ago and now has 60 children supported by the state government.

“We also receive assistance from individuals, groups and organizations, including banks,” he said.

In spite of global uncertainties in the financial system, the NDIC assured Nigerian depositors of the safety of their funds in the nation’s banks and other financial institutions.

“The NDIC is there in case of any failure of the banks and other financial institutions to honor their statutory obligations. Therefore, Nigerians have nothing to worry. The corporation is there to regulate banks’ activities as well as help in absorbing any unexpected shocks in the system,” Umar assured.

He added that Nigerian economy was safe in spite of the dwindling oil revenue, which resulted from the current global market.

“Over 90 per cent of the income of Nigeria is dependent on oil revenue, while its price have recently dwindled by about 30 per cent. Nigeria’s foreign  exchange earnings are therefore less now but the nation is not at any financial risk,” he explained.

He further said that the recent high rise of rate of Nigerian Naira against the US dollar to between N165 to N175 should not cause worries.