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NDIC Act has 35 doctored clauses, chairman claims

Published

2 years ago

June 13, 2023

Godwin Emefiele and AbdulHakeem Abdullateef

The Nigeria Deposit Insurance Corporation (NDIC) alleged yesterday that former President Muhammadu Buhari signed a doctored NDIC bill hours before leaving office.

It said the new law contains 35 sections that were hitherto not in the bill passed by the National Assembly.

The corporation fingered the suspended Central Bank of Nigeria(CBN) Godwin Emefiele and his cohorts in the NDIC of tampering with the passed bill en route to Buhari for his assent.

NDIC Chairman AbdulHakeem Abdullateef made the allegations while being featured on a television programme.

Abdullateef stated that the corporation has, under the new law, been stripped of its independence as it now has to seek the approval of the CBN before discharging some of its duties.

“A crime has been committed. Only President Bola Ahmed Tinubu will tell us who is to be investigated,” he said.

Under the new Act, NDIC can no longer monitor and supervise banks. It is left with only the duty of checking the books of banks after getting the CBN’s nod.

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Besides, the Act removes the powers of the President to appoint the Managing Director or Executive Directors of the NDIC.

Also, officials of the corporation cannot aspire or rise to the height of being managing directors or executive directors of the corporation.

According to Abdulllateef, only the CBN, in accordance with the Act, can recommend professionals for the positions of managing director and executive directors of the NDIC.

He said:” Former President Muhammadu Buhari signed the Act without reading it. No reasonable person, who does not want fire to burn him inside the grave will sign this Act. They deliberately made it 48 hours before he left, because they knew that a President that is handing over has a lot to do. They knew that he had said that ‘I cannot wait to leave,’ so they took this bulky document to him to sign.

“The NDIC is meant to be an independent agency because the government wants to ensure that the deposits paid by Nigerians into banks are never endangered by the conspiracies of either the Central Bank of Nigeria (CBN) or the Deposit Money Banks (DMBs), to ensure that whatever misbehaviour is being displayed, won’t affect Nigerians. The NDIC Act of 2006 guarantees the independence of the NDIC.

“Also, NDIC should always visit the banks and look into their books, and ensure that the way they are operating these banks does not endanger depositors.

“The moment they knew we were appointed, they introduced a new bill to the National Assembly.

“The Federal Ministry of Finance, being one of the shareholders of the NDIC shall select one director to represent the Federal Government in the board.

“Emefiele and his cohort in the NDIC decided to remove the power of Mr President to appoint competent Nigerians. The new Act was not part of what was discussed at the National Assembly. The new Act is different from what the National Assembly passed, and what was taken to the President. It is illegal.”

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”The current President wants to fight corruption, and corruption will want to fight back. Therefore, every one of us in every agency must stand with the President.

“When they know that what they are doing is fraudulent, they will not present it before the National Assembly to look through. There are many men of integrity in the National Assembly who will not sell their conscience. No National Assembly member will watch you remove their power to appoint competent people in the six geopolitical zones and remove them.

“In the new Act, they fraudulently made the permanent secretary of the Ministry of Finance as the chairman. I have never heard it in my life. I went to the permanent secretary and asked if he knew about it, and he said ’I swear by my God, I know nothing about it.’

”The permanent secretary said, ‘When it was suggested to me, I told them that I am too busy as a permanent secretary to be superintending over NDIC. They know that I will not have time to superintend over the NDIC so that they can be doing what they want.’

“The new composition says Mr President cannot appoint a managing director or executive director, except the people recommended by the CBN governor. They put the CBN governor there because they thought they could be there forever. You cannot restrain Mr President; he must be free to appoint competent Economists and Accountants.

“They have also killed the career progression of the 1,600 staff members of the NDIC. They are now saying that any staff member can never become the executive director or managing director; that it is an agency outside the NDIC that can recommend, which is the CBN. And we say the NDIC is an independent agency?

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“There is a lot of protest now in the NDIC, among the staff members. They have been demoralised and demotivated because stylishly, the current executive directors have been ‘removed’ according to them because those ones were freely appointed by the President before, but now, it has to be under the recommendation of the CBN.

“They have also, in the new Act, removed the representative of the Ministry of Finance.

“The mandate of the NDIC is to protect depositors. With this new Act, NDIC will no longer be able to protect depositors. NDIC was established as independent so that it would not be disturbed by the CBN. But now, they have introduced 35 new sections under which the NDIC will need to seek the approval of the CBN before it can discharge its duties.

“Now, even to go to banks to check their books, they said the CBN must approve. So, you have taken away the independence of the NDIC. Even to pay depositors, the new Act says the NDIC must get the CBN’s approval.

“The National Assembly is the apex law-making institution in Nigeria. I monitored the process when it was passed by the Senate, it does not contain all these I have mentioned here. The House of Representatives also concurred with the Senate. But along the line, on the way to Aso Rock Villa, new sections were introduced by people who are not members of the National Assembly.

“In law, if the President signs an Act that is different from what was passed, that Act is inchoate, which means there is a material omission of what ought to have been done, and that Act is null and void.

“Mr. President alone cannot make an Act, it must be the concurrence of the two Houses.”

“They did not introduce those sections to the National Assembly because they know the Senators are reasonable people. Why will you remove the representatives of the six geopolitical zones from monitoring you?”

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Mother, daughter who stole ponmo, stock fish in Ogun jailed six months

Published

6 hours ago

March 29, 2025

Trends Admin

Mother, daughter who stole ponmo, stock fish in Ogun jailed six months

A Magistrates’ Court in Abeokuta, Ogun State yesterday sentenced a mother, Falilatu Amidu, and her daughter, Ayisatu, to six months imprisonment each for stealing dry ponmo, stock fish and dried meat valued N1 million

The defendants, who reside at No 21 Ago-Oko area of Abeokuta, were convicted on a two-count charge of conspiracy and stealing.

The Magistrate, Mrs O.O. Odumosu, held that the evidence presented by the prosecution had proven beyond reasonable doubt that the convicts were guilty of the offence as charged.

Odumosu sentenced both mother and daughter to six months in prison each with an option of N5,000 fine.

She ordered that the convicts should refund N100,000 each to the complainant as restitution before accessing the N5,000 fine option.

Earlier, the prosecutor, Insp. Kehinde Fawunmi, had told the court that the defendants committed the offence at Lafenwa market sometime in August 2024.

Fawunmi explained that Falilatu conspired with her daughter, Ayisatu, to steal a big sack containing stock fish, dried ponmo and dried cow meat valued N1million, belonging to one Mrs kafayat Alao.

According to him, one of the defendants, Falilatu, used to help the complainant to carry load from her store in Lafenwa to where the complainant sells her items.

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“The complainant asked her to help her pick some goods from the store. She waited for over an hour and did not see the defendant, which made her to go to the store to check on her.

“On getting to the store, she did not find Falilatu, and she noticed a big bag containing dried meat, ponmo and stock fish was missing while the defendant was nowhere to be found,” he said.

Fawunmi further explained that Falilatu stole the goods and gave it to her daughter (Ayisatu) to sell. He said Ayisatu received the goods from her mother, knowing that they were stolen.

The prosecutor noted that the offence committed contravened sections 516, 390(9) and 127 of the Criminal Code Laws of Ogun 2006.

Mother, daughter who stole ponmo, stock fish in Ogun jailed six months

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Ex-Rivers HoS wife cries for help over husband’s safety

Published

6 hours ago

March 29, 2025

Trends Admin

Florence Nwaeke and her husband, George Nwaeke

Ex-Rivers HoS wife cries for help over husband’s safety

The wife of the immediate past Rivers State Head of Service, George Nwaeke, has voiced concerns over his whereabouts and well-being following his resignation, saying she has been unable to reach him.

Speaking to journalists on Friday, Florence Nwaeke said she became alarmed after seeing an online interview attributed to her husband, which she found suspicious.

“When he got to Abuja, he called that he had landed. I said, ‘Thank God,’” she recalled.

However, after coming across the interview, she began to fear something was amiss.

“I said, ‘That is not my husband. That is not my husband.’

“So I sent him a message. I said, ‘Are you under duress?’ I sent him a message. I said, ‘Have they kidnapped you? Talk to me now. Why are you not talking to me?’ This is the message I sent to him when I saw his interview online,” she said.

Overcome with worry, she made an emotional appeal for help.

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“Oh, Jesus, help me. Nigerians, help me. My husband is in trouble. My husband is in trouble. My husband is in trouble. My husband is in trouble. Look at the message I sent to him. See the message I sent to him. I said, ‘Daddy, why? Were you in hostage?’ I said, ‘Why didn’t you talk to me?’ These are the messages I sent to him, but he didn’t reply to me. His numbers are not going through. Nigerians, help me! Nigerians, help me!” she pleaded.

Her concerns follow allegations made by George Nwaeke against suspended Rivers State Governor Siminalayi Fubara. Nwaeke had accused the governor of plotting to back Bauchi State Governor Bala Mohammed for the 2027 presidency and of using militants to attack oil facilities. He also alleged that Fubara ordered the bombing of the State House of Assembly in 2023 to prevent his impeachment.

Florence Nwaeke, beyond raising alarm in the media, also directed a personal plea to the governor.

“Governor, help me. My husband is in trouble. He is in trouble,” she implored, claiming that her husband resigned under pressure.

However, Fubara dismissed the claims, insisting that Nwaeke had been influenced by external forces.

“The truth is that Dr. Nwaeke has been compromised, and whatever he is saying is only aimed at fulfilling his promise to those who may have paid or coerced him to lie against me,” the governor stated late Friday.

Fubara also released screenshots purportedly showing chats between Nwaeke and his Chief of Staff, Edison Ehie, where Nwaeke allegedly requested financial assistance.

Ex-Rivers HoS wife cries for help over husband’s safety

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Fubara reacts as Ex-HOS, Nwaeke accuses him of bombing oil pipelines, Rivers Assembly

Published

7 hours ago

March 29, 2025

Trends Admin

Siminalayi Fubara

Fubara reacts as Ex-HOS, Nwaeke accuses him of bombing oil pipelines, Rivers Assembly

Suspended Governor of Rivers State, Siminalayi Fubara has denied accusations from his former Head of Service, George Nwaeke, disclosing that he never ordered the bombing of the Rivers State House of Assembly or any Oil Pipeline.

Fubara, in a statement made available to newsmen, stated that no such thing occurred during his administration. The statement read;

“My attention has been drawn to a press briefing by the former Head of Service, Dr. George Nwaeke aired on Channels Television on Friday the 28th of March 2025. Ordinarily, I would not have responded to his claims, but to correct the erroneous impression such allegations may create in the minds of the people, and the disaffection it is bound to cause in the state and the country.”

“First, on the claim that he was aware of my discussions and plans to support Bala Mohammed’s alleged 2027 presidential bid, it is laughable that Dr. Nwaeke would be part of any high level political meeting as Head of Service, much more sitting in my alleged night meetings with Bala Mohammed and militants like he claimed. Howbeit, none of such meetings ever held.”

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“The truth is that the whole world knew when the Bauchi State Governor, as Chairman of Peoples Democratic Party Governors Forum visited the State, and there was nothing secret about the visits.”

“It is also ludicrous for Dr. Nwaeke to claim that he was aware of my meetings to encourage attacks on oil pipelines and other National assets in the State, as there was no time I held any meeting with militants or any criminal group to destabilise the State. It is on record that I have been at the forefront preaching peace in the State even in the face of obvious provocations.”

“The truth is that Dr. Nwaeke has been compromised, and whatever he is saying is only aimed at fulfilling his promise to those who may have paid or coerced him to lie against me.”

“I call on all well meaning Nigerians and the good people of Rivers State to disregard everything said by Dr. Nwaeke as they are mere desperate attempts to discredit me and my administration, and undermine the peace process by Mr. President”.