No wonder they want to kill mmm No wonder they want to kill mmm

i am very skeptical about government figures,the other day,they told us between January and now, over $35bn had been remitted to the country by Nigerians living abroad,logically speaking with all those money remitted from our hustling citizens abroad,how come 2% of Nigerians owns 90% banks deposits in nigeria,basically,with these $35b been remitted, these figure would have been reflected in our country's men account and also would have helped in increasing comsumption in the country thereby reducing the impacts of recession in the country,i wonder where they got there figures from and how come,we had a dollar scarcity?

The 90/10 principle of money at play......... God I thank you.

I know now. I am part of that 2%

These are the type of comments one hopes to read on nairaland these days...

whirlwind7:
Nigeria isn't a country in the true meaning of the word.

Its just a convenient political entity to create wealth for the very few people who are privileged to have political power.
Over 70% of the country's wealth is channelled at sustaining and maintaining this political class. If you guys think there's going to be any shift in the welfare and developmental index of Nigeria with the present system of sham government in practice here, then you guys deserve all the suffering coming to you.

The present system of government hasn't worked for 50 years, and voting an ancient relic devoid of economic ideas into power has made it much worse.

Orikinla:

Over 90% of Nigerians are poor busters and low income earners.

But 90% of Nigerians on Nairaland and other social media 'live in opulence'

nwabobo:
2% of Nigerians own 90% bank deposits — NDIC

By Emma Ujah, Abuja Bureau Chief As a major indicator of wealth distribution in Nigeria across income groups, a mere two per cent of Nigerians own 90 per cent of total deposits in Nigerian banks. This represents the wide gap between the rich and the poor in Nigeria, which continues to pose major socio-economic development challenges to the nation. Director of Research and International Relations at the Nigeria Deposit Insurance Corporation, NDIC, Alhaji Mohammed Umar, disclosed this at the Businessday Capital Market Development Annual Conference in Abuja, yesterday. 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 more than N500, 000 in their accounts are just two per cent. Emefiele CBN Governor “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. The total bank deposits stood at N17.2 trillion, as at December 2015, according to a post on the Central Bank of Nigeria, CBN, website. Earlier in his address, the Director-General of the Securities and Exchange Commission, SEC, Mr. Mounir Gwarzo, urged Pension Fund Administrators, PFAs, to invest more in the nation’s capital market, with a view to deepening it and ensuring better returns on contributor’s funds. He said: “Deepening Nigeria’s Capital Market through Maximum Utilization of Pension Funds is a conversation our country must continue to have in order to ensure that the impressive pool of savings we have been able to mobilize over the last decade is put to productive use for inclusive economic growth. “We are confident that with greater participation by PFAs and return of retail investors, our capital market will emerge as one of the world’s biggest and most liquid market capable of supporting the socio-economic development of our country. “We are delighted that the National Pension Commission, PenCom, has been very proactive in making the necessary adjustments to the guidelines that allow PFAs sufficient flexibility to determine their optimal strategic asset allocation. “The draft new regulation on investment of pension fund assets allow the investment of up to 30% in equities (for Fund type 1) and up to 45% in corporate debt securities (for Fund types 3 and 4). As a whole, we believe the adoption of a multi-fund structure is a very positive development that should produce economies of scale, risk diversification and further deepen the Nigerian capital market through pension portfolios and management strategies of PFAs. “There is, therefore, an urgent need for the draft guidelines on multi-fund structure to be approved. “The question is: Based on the current asset allocation by Nigerian PFAs, are they paying sufficient attention to generating the necessary returns to provide sustainable benefits to contributors? Can we say that Nigerian PFAs have achieved an optimal strategic asset allocation or explored all viable investment outlets? “March 2016 data from PenCom shows that Nigerian PFAs invest only 8.16% of their assets in the domestic listed equities market and 1.24% of their assets in foreign equities.

Read more at: http://www.vanguardngr.com/2016/06/2-nigerians-90-bank-deposits-ndic/

What did you expect? When you create a condusive atmosphere for the poor and middle class to do their business without having to waste his little profit on fuel to power his generatore,they'll be enough to deposit.

seunfly:

MMM bridging the gap?? Shaking my head for you.

You did not mention adequate infrastructure, you did not mention favourable government policies that will encourage sme and smi growth, you did not think of serious fight against corruption. No wonder we keep electing bad leaders and we keep praising bad people has our hero because we really don't know what is going on around us.

I know it will sound crazy to sound minds when i said MMM. My dear, for ages we have been shouting, clamouring & emphasizing on the need for d gover't to provide us with infrastructural facilities & formulate sound economic policies to alleviate the economy right from independence to present. Have any gover't able to achieve such feat?. Look, political office holders & aspiring ones don't give a dame about d plight of those outside of their families & cronies!
No gover't is interested at d well being of its citizens - Nigeria a good case study. How many govert policies enacted that u can glaringly pinpoint to that has alleviate d poor masses? NONE! Rather they make policies that will b favourable to themselves.
Am not a staunch supporter of d MMM scheme. But i can tell u, categorically that it has helped the poor masses improves on their financial constraints & put monies in their pockets which has helped them execute that business ideas they have long conceived and in d long-run will add up & contribite to our GDP.

Chai! Adonbelivit.
But Na True o.
Maka Why nau ?

I WANT TO JOIN THE 2% BY 2017. THIS IS MY GOAL!!!!