NDIC Act has 35 doctored clauses, chairman claims - Newstrends
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NDIC Act has 35 doctored clauses, chairman claims

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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.

“Until this bill was passed, there was no section Seven that replaced the old section Seven. The old section Seven says Mr President shall be free to appoint anyone that he feels competent to be the chairman, and Mr President shall be free to appoint one representative of the six geopolitical zones to monitor NDIC.

“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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UPDATED: Gbajabiamila gives Adeniyi 72 hours to retract allegations or face ₦10bn defamation suit

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UPDATED: Gbajabiamila gives Adeniyi 72 hours to retract allegations or face ₦10bn defamation suit
Chief of Staff to the President Femi Gbajabiamila and Prince Adeniyi Adeyemi

UPDATED: Gbajabiamila gives Adeniyi 72 hours to retract allegations or face ₦10bn defamation suit

The Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila, has issued a 72-hour ultimatum to Prince Adeniyi Adeyemi Matthew, demanding the immediate retraction of what he described as false and defamatory allegations made against him during a press conference held on June 25, 2026, or face both civil and criminal legal proceedings.

The ultimatum was conveyed through Gbajabiamila’s legal counsel, Pinheiro LP, in a cease-and-desist letter dated July 6, 2026, and signed by Senior Advocate of Nigeria (SAN) Kemi Pinheiro.

According to the letter, the allegations made by Prince Adeniyi were “false, malicious, reckless and entirely without factual foundation,” and have caused serious damage to the reputation of the President’s Chief of Staff.

The legal notice followed a widely circulated press conference in which Prince Adeniyi levelled several allegations against Gbajabiamila, including claims that the Chief of Staff demanded 48 per cent of the take-off grant for the alleged Presidential Foreign Intervention Promotion Council (PFIPC), received ₦400 million through proxies in connection with appointments, abused his office to intimidate individuals and media organisations, manipulated security agencies, engaged in budget fraud, corruption and abuse of office, and participated in a criminal cover-up, including allegations of murder.

Gbajabiamila’s lawyers rejected the allegations in their entirety, insisting that the Chief of Staff has never met, spoken with or had any personal or official relationship with Prince Adeniyi.

According to the law firm, the allegations amount to grave accusations of criminal conduct made without any credible evidence or lawful justification.

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The solicitors argued that the publication had exposed Gbajabiamila to public ridicule, damaged his reputation both within and outside Nigeria, and undermined public confidence in his office.

“Our client has never at any time met, interacted with, communicated with, or had any form of personal or official dealing whatsoever with you,” the letter stated.

“It is therefore reckless, malicious and entirely baseless to fabricate allegations against someone with whom you have had absolutely no relationship.”

The law firm further argued that the allegations extended beyond legitimate political criticism or fair comment, describing them as deliberate attempts to portray the Chief of Staff as corrupt, dishonest, criminally culpable and unfit for public office.

According to the solicitors, the allegations have generated widespread public attention following their circulation across print, electronic and social media platforms.

The lawyers also drew attention to the ongoing criminal case involving Prince Adeniyi before the Federal High Court, Abuja, identified as Charge No. FHC/ABJ/CR/652/2026, FRN v. Prince Adeniyi Adeyemi Matthew & Ors, in which he is facing charges relating to the alleged forgery of presidential appointment letters and other official documents.

They noted that several issues raised during the June 25 press conference are already the subject of judicial proceedings and criticised Prince Adeniyi for allegedly attempting to litigate the matter through the media instead of allowing the court process to take its course.

“Trial by media remains unknown to Nigerian law and cannot substitute for due process,” the solicitors stated.

As part of the legal demand, Gbajabiamila is requesting that Prince Adeniyi immediately cease making or publishing any further defamatory statements concerning him.

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He is also demanding the removal of all videos, transcripts, publications and other materials relating to the press conference from every platform under Prince Adeniyi’s control.

In addition, the Chief of Staff is insisting on the publication of a full, unequivocal and unreserved apology and retraction in at least five national newspapers, as well as on all digital platforms where the allegations were published.

The lawyers further demanded a written undertaking that Prince Adeniyi would refrain from making any further defamatory statements against their client.

The legal team warned that failure to comply with the demands within 72 hours would result in both civil and criminal proceedings.

According to the letter, the proposed civil action will seek ₦10 billion in aggravated and exemplary damages, with any compensation awarded to be donated to charities chosen by Gbajabiamila.

The suit will also seek a perpetual injunction restraining further publication of the allegations and a mandatory court order compelling Prince Adeniyi to publish a retraction and apology.

In addition, the lawyers disclosed that a criminal complaint alleging criminal defamation under the applicable laws of the Federal Capital Territory (FCT) would be filed.

The legal notice comes amid growing controversy surrounding the purported Presidential Foreign Intervention Promotion Council (PFIPC).

During his June 25 press conference, Prince Adeniyi called on President Bola Ahmed Tinubu to establish an independent investigative panel to examine issues surrounding the alleged agency following a disclaimer issued by the Office of the Chief of Staff.

He maintained that the controversy raises broader concerns about governance, transparency and accountability.

Among other claims, Prince Adeniyi questioned references to the alleged agency in the 2026 Appropriation Act, queried whether it operated bank accounts with the Central Bank of Nigeria (CBN), and asked whether it was allocated office space within the Federal Secretariat.

He argued that these issues deserved an independent investigation and urged any investigative panel to include civil society organisations and international observers to ensure credibility.

Prince Adeniyi also alleged that disagreements between him and Gbajabiamila arose from an alleged demand for a percentage of the agency’s take-off grant and claimed that proxy payments amounting to ₦400 million had been made in connection with the matter.

However, no documentary evidence supporting those allegations was presented during the press conference.

He further called for investigations into the death of an intermediary he identified as Babatunde Tanimola, alleged assassination attempts against him, and a forensic examination of documents he claimed were signed by the Chief of Staff.

The dispute has taken on added significance following the Presidency’s recent directive to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the activities of the purported PFIPC, including allegations of forged government documents, impersonation, abuse of official identity and other related offences.

As of the time of filing this report, Prince Adeniyi had not publicly responded to the cease-and-desist letter issued by Gbajabiamila’s legal team.

UPDATED: Gbajabiamila gives Adeniyi 72 hours to retract allegations or face ₦10bn defamation suit

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BREAKING: Tinubu orders ICPC to probe alleged PFIPC fraud, submit report in 30 days

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BREAKING: Tinubu orders ICPC to probe alleged PFIPC fraud, submit report in 30 days

BREAKING: Tinubu orders ICPC to probe alleged PFIPC fraud, submit report in 30 days

President Bola Ahmed Tinubu has directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to launch a comprehensive investigation into the activities of the purported Presidential Foreign Intervention Promotion Council (PFIPC), ordering the anti-graft agency to conclude its probe and submit a report within 30 days.

The directive, announced on Tuesday in a statement signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, followed what the Presidency described as the discovery that the PFIPC was never legally established by the Federal Government of Nigeria.

According to the Presidency, investigations revealed that the organisation has “no basis in any law, presidential instrument, executive approval or any other lawful act of government,” raising serious concerns over alleged impersonation, forgery and abuse of official government identity.

The statement alleged that one Adeniyi Adeyemi Matthew falsely presented himself as the Director-General of the organisation and claimed to be a presidential appointee despite lacking any legal authority to hold such a position.

As part of the investigation, President Tinubu directed the ICPC to examine allegations bordering on the forgery of appointment letters and other official government documents allegedly used to portray the organisation as a legitimate federal institution.

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The Commission is also expected to investigate claims that the alleged false presidential appointment was used to obtain official recognition, diplomatic support and visa facilitation from government institutions and foreign missions.

In addition, the anti-corruption agency will probe the opening and operation of multiple bank accounts in the names of purported government agencies using allegedly forged documents.

According to the Presidency, the investigation will go beyond document forgery to uncover the full scope of the alleged operation.

The ICPC has been mandated to determine the origin and use of the alleged forged official documents, establish how official recognition or diplomatic support may have been obtained, trace the opening and operation of bank accounts linked to the organisation, and investigate the source and movement of any funds connected to the alleged scheme.

The Commission is also expected to identify the roles played by any public officials, private individuals, financial institutions, intermediaries or other entities that may have facilitated, enabled or participated in the alleged activities.

President Tinubu further directed investigators to examine the circumstances that allowed the purported organisation and the alleged false claim of presidential appointment to appear credible to members of the public and government institutions.

The Presidency said the investigation should identify institutional loopholes or procedural weaknesses that may have been exploited and recommend reforms to prevent similar incidents in the future.

To ensure a thorough investigation, all ministries, departments and agencies (MDAs) of the Federal Government have been instructed to cooperate fully with the ICPC by providing all relevant records, documents and other information whenever lawfully requested.

President Tinubu stressed that protecting the credibility and integrity of the Presidency and other government institutions remains a top priority.

“The integrity of the Presidency and the institutions of the Federal Government must be protected against impersonation, forgery, abuse of official identity and the exploitation of weaknesses in the public service,” the President said.

He also directed that all persons found culpable after the investigation should be dealt with strictly in accordance with the law.

The directive comes amid heightened scrutiny over the alleged activities of the purported organisation and signals the administration’s determination to safeguard government institutions from fraudulent representations and abuse of public trust.

The ICPC is expected to submit its findings to the Presidency within the stipulated 30-day period, after which appropriate administrative, civil or criminal actions may be taken against anyone found to have violated the law.

BREAKING: Tinubu orders ICPC to probe alleged PFIPC fraud, submit report in 30 days

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ICPC arrests El-Rufai’s doctor over alleged false statements, court order breach

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ICPC arrests El-Rufai's doctor over alleged false statements, court order breach

ICPC arrests El-Rufai’s doctor over alleged false statements, court order breach

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arrested Professor Bello Abubakar, the personal physician to former Kaduna State Governor Nasir El-Rufai, over allegations of making false statements and facilitating what the anti-graft agency described as a violation of a court-approved medical visit.

The Commission disclosed that Professor Abubakar was taken into custody on Tuesday following a visit to the National Hospital, Abuja, which it said was approved solely for El-Rufai to receive medical attention while in ICPC custody.

According to a statement issued by the Commission’s spokesperson, John Odey, the ICPC granted El-Rufai’s request for medical consultation in compliance with an order of the Kaduna State High Court and in line with its statutory obligation to protect the rights, dignity and welfare of persons in its custody.

The anti-graft agency explained that the Kaduna State High Court had fixed July 6, 7 and 8, 2026, for the accelerated hearing of criminal charges pending against the former governor.

However, on the first day of hearing, El-Rufai did not appear in court. According to the prosecution, when ICPC officers arrived to escort him to the courtroom, he declined to leave, insisting that he wanted to consult his personal physician.

The Commission further claimed that no prior request had been made for the medical consultation. It also alleged that when questioned by the Commission’s medical doctor, El-Rufai reportedly said he had no immediate medical complaints but stated that his wife, Asia El-Rufai, who is also one of his legal counsel, requested that he see Professor Abubakar.

Following arguments by both parties, the court adjourned further proceedings until July 15, 2026, to hear El-Rufai’s application seeking the trial judge’s recusal and to await the decision of the Kaduna State Chief Judge on a pending petition requesting that the case be transferred to another judge.

Despite the adjournment, the ICPC said it facilitated the former governor’s visit to the private wing of the National Hospital under strict security arrangements.

According to the Commission, its medical and security personnel remained outside the consultation room at the request of El-Rufai’s family while he was purportedly being examined by his attending physician.

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However, the anti-graft agency said the visit took an unexpected turn after photographs allegedly showing El-Rufai meeting with political associates surfaced on social media.

The ICPC said one of El-Rufai’s political associates, Isa Ashiru Kudan, posted photographs on Facebook at about 2:00 p.m., claiming they had just concluded a meeting with the former governor.

According to the Commission, the photographs showed El-Rufai alongside Professor Abubakar, Isa Ashiru Kudan and three other individuals inside the hospital at a time when the visit was expected to be strictly for medical consultation.

The Commission alleged that the meeting exceeded the scope of the court-approved hospital visit and constituted a violation of the court’s order.

“The images and post indicated that the arranged medical visit was utilised for activities outside the scope contemplated by the court and the ICPC. This is a clear violation of the court order,” the statement said.

The ICPC further stated that it had exercised patience, professionalism and courtesy in handling El-Rufai and other suspects in its custody but alleged that such courtesies had been abused.

It added that it would formally draw what it described as El-Rufai’s “flagrant disobedience of court orders” to the attention of the court.

The Commission also announced the arrest of Professor Abubakar, alleging that he made false statements during the course of the hospital visit. It said the physician remains in custody while investigations continue.

“The professional and humane nature of the ICPC should not be taken for granted,” the Commission said, adding that it would not tolerate the abuse of its goodwill by any individual or group.

The latest development marks another twist in the ongoing legal proceedings involving the former Kaduna governor. As of the time of filing this report, Nasir El-Rufai, Professor Bello Abubakar, and their legal representatives had not publicly responded to the allegations made by the ICPC.

It remains unclear whether the Commission will file additional charges arising from the alleged breach of the court-approved medical visit. The case is expected to return to the Kaduna State High Court on July 15, when the court will consider the pending applications and determine the next stage of the trial.

ICPC arrests El-Rufai’s doctor over alleged false statements, court order breach

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