Kwara monarch calls for interest rate reduction on agric loan


The Olomu of Omu-Aran, Oba AbdulRaheem Adeoti, has called for
reduction of interest on agriculture  loans to enable farmers access
the facility from commercial banks,  to grow the country’s economy.
The monarch made the call at the 30th anniversary of Nigeria Deposit
Insurance Corporation (NDIC), held at the banquet hall, opposite
Government House, Ilorin, on Saturday.
Meanwhile, the Kwara State Government has lauded the Nigeria Deposit
Insurance Corporation for saving many Nigeria’s banks from total
Alabi, said th 30th anniversary of protecting depositors in Nigeria
shows that the corporation had demonstrated the uncommon capacity for
efficiency and effective performance in safeguarding the banking
The Deputy Governor felicitated with the Management and staff of NDIC
with a call on them to strengthen their operations towards stimulating
Nigeria’s economy.
Earlier, the Controller of NDIC, Ilorin Zonal Office, Mr. Alabi
Olusegun Gabriel, commended the government and the people of the state
for creating an enabling environment for the Corporation and those in
financial sector to operate.
Also speaking, a Member of the NDIC Board, Alhaji Mustapha Mudashiru,
said the NDIC plays critical roles in the banking system by enhancing
healthy competition in the sector, while the N8.52billion Deposit
Insurance System plays a very critical role in the sustenance of
financial stability in the economy of the nation.
Mustapha added that the Corporation enhanced financial system
stability by preventing banks from running down and enforcement of
market discipline.
He said “NDIC plays critical roles in the banking system, enhance
healthy competition in the sector, bank supervision, it demonstrate
uncommon capacity for efficiency in the sector, while the
#8.52billion/Deposit Insurance System plays a very critical role in
the sustenance of financial stability in the economy of the nation”.
The Managing Director of the Corporation, represented by the Director,
Bank Examination Department, Mr. Olatayo Oladipo Babatolu, assured
that the Corporation would always protect depositor’s accounts and
ensure discipline in the financial sector towards creating a viable
economy system in Nigeria.
Speaking on behalf of Banks, Mr Tunde Akande praised NDIC for
positively turning around the Banking sector.
The programme was attended by traditional rulers from the state,
including the representative of the Emir of Ilorin, Alhaji Ibrahim
Sulu Gambari, Olofa of Offa, Oba Mufutau Gbadamosi Esuwoye II, among

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