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NDIC Act has 35 doctored clauses, chairman claims

Published

3 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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Army Arrests Four Suspected Terrorists, Collaborators in Kogi, Kwara Operations

Published

23 minutes ago

May 21, 2026

Trends Admin

Nigerian military troop

Army Arrests Four Suspected Terrorists, Collaborators in Kogi, Kwara Operations

Troops of the Nigerian Army have arrested four suspected terrorists and collaborators during separate intelligence-led security operations carried out in Kogi and Kwara states as part of ongoing efforts to curb criminal activities and strengthen security across vulnerable communities in the North-Central region.

According to security sources, two suspects were arrested in Kogi State by troops of the 12 Brigade working in collaboration with local vigilantes during a fighting patrol operation in Ajaokuta Local Government Area.

The operation reportedly took place around 9:00 a.m. on May 19 along the Eganyi–Atabatam–Epiri–Ebatoto–Idebe axis following sustained surveillance and intelligence gathering targeting suspected criminal movements within the area.

During the coordinated patrol, troops apprehended the suspects and recovered one motorcycle, a machete and a mobile phone believed to be linked to their activities.

Security officials said the suspects and recovered items were immediately handed over to the Nigeria Police Force for further investigation and possible prosecution.

Military sources disclosed that the operation forms part of intensified clearance patrols being conducted around forest corridors and remote communities considered vulnerable to criminal infiltration and armed movements.

In a separate operation in Kwara State, troops of the 22 Brigade arrested two suspected collaborators linked to terrorist activities during an intelligence-driven mission in Edu Local Government Area.

The suspects were intercepted around 11:00 a.m. on May 18 by troops stationed at Patrol Base Zambufu following intelligence reports concerning the suspected movement of arms and weapons within the area.

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During preliminary interrogation, the suspects allegedly claimed they were invited by police operatives to assist in locating a suspected terrorist hideout.

They also alleged that they witnessed individuals believed to be police officers transporting weapons to an undisclosed location.

Security authorities, however, stressed that the claims remain under active investigation and have not been independently verified.

The suspects are currently in military custody undergoing profiling and further interrogation as security agencies work to establish possible links to arms trafficking networks, terrorist logistics operations and other criminal syndicates operating within the region.

The Nigerian Army said the arrests were part of ongoing counterterrorism and anti-banditry operations aimed at dismantling criminal cells, disrupting arms supply routes and preventing the expansion of terrorist activities into North-Central states.

Kogi and Kwara states have increasingly faced security concerns in recent years due to the activities of kidnappers, armed gangs and suspected terrorist elements exploiting forested border communities connecting Niger, Kogi, Kwara and parts of the South-West.

Security analysts have repeatedly warned about attempts by armed groups to establish operational routes across the North-Central corridor due to its strategic geographic location.

Military authorities reiterated their commitment to sustaining intelligence-led offensives and urged residents to continue supporting security agencies with timely and credible information capable of aiding ongoing operations.

Army Arrests Four Suspected Terrorists, Collaborators in Kogi, Kwara Operations

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Court Convicts Two Ex-Bank Staff Over ₦7.8m Financial Fraud

Published

42 minutes ago

May 21, 2026

Trends Admin

Court Convicts Two Ex-Bank Staff Over ₦7.8m Financial Fraud

The Kaduna Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has secured the conviction and sentencing of two former bank officials over separate financial fraud cases involving about ₦7.8 million.

The convicts, Obadofin Daniel Bamise and Hadiza Oyiza Yakubu, were sentenced to seven years imprisonment each by Justice A.A. Bello of the Kaduna State High Court sitting in Kaduna after they were found guilty on separate one-count charges bordering on fraud.

The EFCC disclosed this in a statement, noting that the convictions followed investigations and prosecution efforts by its Kaduna Zonal Directorate, which uncovered acts of banking fraud involving the handling and diversion of funds.

According to the anti-graft agency, the offences committed by the former bank employees involved fraudulent activities linked to their official duties in the financial institution, leading to losses estimated at about ₦7.8 million.

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Although full details of the transactions were not publicly disclosed, the EFCC said the court was satisfied that the prosecution had established a strong case beyond reasonable doubt against the defendants.

The court subsequently convicted both defendants on separate counts and handed down seven-year prison sentences each.

Delivering judgment, Justice A.A. Bello held that the prosecution had successfully proven its case, leading to the conviction under applicable laws on financial crimes and fraud in Nigeria.

The ruling reinforces judicial support for the EFCC’s ongoing anti-corruption drive, particularly in cases involving abuse of office, breach of trust, and financial misconduct within banks.

The EFCC stated that the conviction is part of its wider efforts to tackle financial crimes in the banking sector, especially insider fraud involving diversion of customer funds and manipulation of internal banking systems.

The commission reiterated its commitment to ensuring accountability in financial institutions, warning that individuals involved in fraudulent activities will continue to face prosecution and stiff penalties.

The Kaduna conviction adds to a growing list of successful prosecutions secured by the EFCC across its zonal commands as part of its nationwide anti-corruption enforcement campaign.

Court Convicts Two Ex-Bank Staff Over ₦7.8m Financial Fraud

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VIDEO: Fact-checkers knock down claim Soyinka rode okada over N1,500 fuel

Published

5 hours ago

May 21, 2026

Trends Admin

Nobel Laureate Professor Wole Soyinka

VIDEO: Fact-checkers knock down claim Soyinka rode okada over N1,500 fuel

Nobel Laureate used commercial motorcycle to beat traffic after Abeokuta festival

Viral claims that Nobel Laureate Professor Wole Soyinka rode a commercial motorcycle (okada) home from an event in Abeokuta because he could no longer afford to fuel his cars at N1,500 per litre have been dismissed as misleading by fact-checkers.

A video showing the 89-year-old literary icon leaving the Ake Palace area on a motorcycle, surrounded by commercial riders and guided by a TRACE official, circulated widely on social media in late April 2026.

The footage sparked outrage and sympathy, with many Nigerians expressing shock that a figure of Soyinka’s stature would be forced to use public transport due to economic hardship.

However, a fact-check investigation by the Nigerian Democratic Report found no credible evidence to support the fuel price claim. The video contains no audio or visual evidence of Soyinka himself stating that he used the okada because of petrol costs.

Sources close to the Nobel Laureate told our correspondent that Soyinka had attended the grand finale of the 39th annual Lisabi Festival at the Ake Palace, an event that drew heavy crowds and significant traffic congestion.

The festival, themed “Egbaliganza 2026,” took place from March 23 to March 28 and attracted prominent Egba sons and daughters, including former President Olusegun Obasanjo and former Ogun State governor Ibikunle Amosun.

According to the sources, Soyinka used the commercial motorcycle to navigate through the congested area for a short distance to where his driver and vehicle were stationed.

They described the okada ride as a practical solution to traffic gridlock rather than an indicator of financial distress.

“It is not uncommon for dignitaries at large events in Nigeria to use motorcycles to bypass traffic and reach their waiting vehicles,” one source familiar with the event’s logistics told our correspondent.

Further contradicting the viral narrative, Soyinka appeared publicly at a major event in Lagos just weeks after the okada video circulated.

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On May 20, 2026, he chaired the launch of “The NADECO Story,” a book written by Chief Ayo Opadokun, at an event attended by President Bola Tinubu and other high-profile Nigerians.

He delivered remarks and was photographed in formal attire, showing no signs of the financial struggles claimed online.

The claim about fuel prices, while false as it pertains to Soyinka’s motivation, reflects a genuine economic reality in Nigeria.

Following the removal of fuel subsidies in 2023, petrol prices have risen sharply. The National Bureau of Statistics reported an average retail price of N1,051.47 in February 2026, though prices in some regions and black markets have reportedly reached as high as N1,500 per litre.

An X user, @CrownprinceCom2, was among those who amplified the misleading claim, posting that Soyinka left the Ake Centre on an okada because he was struggling to buy fuel.

The post gained significant traction before fact-checkers intervened.

Attempts to reach Soyinka’s media aide for comment were unsuccessful as of press time.

Human rights activist and lawyer Inibehe Effiong, commenting on the incident, said the swift spread of the false claim demonstrated how economic frustrations were driving the rapid amplification of unverified narratives involving public figures.

“The public’s anger over fuel prices is legitimate, but we must be careful not to project that anger onto situations that do not warrant it,” Effiong said in a telephone interview.

“Professor Soyinka remains a national icon, and false claims about his personal circumstances do not serve the public interest.”

The Nigerian Democratic Report concluded its investigation with a verdict of “misleading,” noting that while it is confirmed that Soyinka was seen riding an okada in Abeokuta, there is no evidence that he did so because he could not afford fuel at N1,500 per litre.

“The viral claim appears to have been a case of misattributed motivation, with social media users projecting broader economic frustrations onto a single image of a public figure using alternative transportation in a congested event setting,” the report stated.

The Nigeria Police Force has not commented on the matter, and no official statement has been issued by Soyinka’s office as of press time.

Prof Soyinka took an okada home after an event in Abeokuta. According to reports, He said he can no longer fuel his two cars at N1,500 per litre. pic.twitter.com/9U8HT4MqAW

— Nigeria Stories (@NigeriaStories) May 21, 2026