Only 2% of Nigerians Own N500, 000 and Above in Banks- NDIC

Some 90 per cent of the total deposits in Nigerian banks are owned by just two per cent of Nigerians, according to the Nigeria Deposit Insurance Corporation (NDIC).

The revelation showed the economic inequality and the big gap between rich and poo in the country.

Alhaji Mohammed Umar, director of Research and International Relations, NDIC, who spoke at the Businessday Capital Market Development Annual Conference in Abuja, said that “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.”

 Alhaji Umar added that there were about 70 million bank account holders in the country.