IMAGINE! 2% of Nigerians Own 90% of Monies in Our Banks

When a country is Fantastically Corrupt, this is what you get...
As a major indicator of the wicked wealth distribution in Nigeria across income groups, a mere 2 percent of Nigerians own as much as 90 percent of total deposits in Nigerian banks today.

This just tells you the wide gap between the rich and the poor in Nigeria, which continues to pose some major socio-economic development challenges to the nation.

Director of Research and International Relations at the NDIC, Alhaji Mohammed Umar, disclosed this at the BusinessDay Capital Market Development Annual Conference in Abuja on Wednesday.

His words: “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 much more than N500,000 in their accounts are just 2 percent.

“What we found is that this two percent Nigerians have 90 percent of banks’ total deposits. Look at that - two percent Nigerians own 90 percent of total banks deposits, while the remaining 98 percent have just 10 percent of total deposits. What that tells you is that the gap between the rich and the poor has continued in this country.”