NDIC jacks up deposit insurance cover from N500,000 to N5m – Newstrends
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NDIC jacks up deposit insurance cover from N500,000 to N5m

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NDIC jacks up deposit insurance cover from N500,000 to N5m

The Nigeria Deposit Insurance Corporation (NDIC) has announced a significant increase in the maximum deposit insurance coverage levels for Deposit Money Banks (DMBs) and other financial institutions, effective immediately.

During a press conference in Abuja on Thursday, NDIC Managing Director Bello Hassan disclosed, “For Deposit Money Banks, the increase of the maximum deposit insurance coverage from N500,000 to N5,000,000, would provide full coverage of 98.98% of the total depositors compared with the current cover of 89.20%. In terms of the value of deposit covered, the revised coverage would increase the value of deposits covered by deposit insurance to 25.37% compared with the current cover of 6.31% of the total value of deposits.”

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Hassan further explained, “The increase of the maximum deposit insurance coverage for primary mortgage banks from N500,000 to N2,000,000 would provide full coverage of 99.99% of the total number of depositors and would increase the value of deposits covered by deposit insurance to 43.10% of the total value deposits from the current cover of 40.60%.”

Additionally, Hassan noted, “The increase of the maximum deposit insurance coverage for subscribers of Mobile Money Operators from N500,000 to N5,000,000 per subscriber.”

NDIC jacks up deposit insurance cover from N500,000 to N5m

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Wike, Fubara are ego-driven, crude – Reno Omokri

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Wike, Fubara are ego-driven, crude – Reno Omokri

The governor of Rivers State, Siminalayi Fubara, has been described as a ‘tactless’ politician who is “not refined and does not project much intellectual prowess.”

Reno Omokri made the remarks in a statement on X on Wednesday while commenting on the political tension in Rivers State.

According to Onokri, “the situation in rivers should not be allowed to fester or spiral out of control. It will benefit nobody. And nobody can tell where the political instability it will cause will end.”

Newstrends reports that although Wike handpicked Fubara as his successor, the duo have been at loggerheads for months over political differences that led pro-Wike legislators in the Rivers State House of Assembly to decamp from the Peoples Democratic Party to the All Progressives Congress.

On Saturday, Wike noted that his choice of Fubara was a mistake.

“I want to say this clearly: in life, we make mistakes. I have made a mistake. I own it up, and I say God forgives me.

“I have said all of you should forgive me, but we will correct it at the appropriate time,” he boasted.

Fubara remarked on Tuesday that his administration inherited a massive debt burden from the previous administration of Nyesom Wike.

Fubara stated that several contractors who worked on various projects for Wike’s administration were due to receive balance payments in the billions.

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The revelation provided further light on the situation between the governor and his predecessor and estranged godfather, Wike.

Omokri, who noted that “Both Wike and Fubara are ego-driven,” lamented that “they come from a state that is not homogenous enough to unite and contain this crisis.”

He adds, “The people and culture of the local area do not understand brinksmanship. They play too many zero-sum games, often ending in a lose-lose scenario.”

The self-acclaimed table shaker raised concerns that the political tension in the state may spread across the country, having negative effects.

He, therefore urged President Bola Tinubu to intervene and ameliorate the feud in the state.

“If their blustering will start and end in Rivers, okay. But it will not end there. The contagious effect may have seismic consequences for our country. Rivers needs an outside force to act as Big Brother. Rivers needs presidential intervention,” Omokri stated.

“This is the kind of thing President Obasanjo was good at. President Tinubu may want to borrow a leaf from Ebura Owu, Okikiola,” he adds.

Comparing Fubara to a “militant in the creek” and no “better than an Ateke Tom” (a repentant militant), Omokri berated the governor for allegedly bombing the Rivers State House of Assembly.

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The former presidential aide also expressed displeasure over those who accepted to work as commissioners under the Fubara-led state government.

Urging Tinubu to interfere in the feud, Omokri mentioned, “In this scenario, the Ambode approach is far better than the Ngige tactic. Fubara is not savvy politically.

“He is also not refined and does not project much intellectual prowess. He is rather crude. Not that Wike is much better. But at least Wike would never allow the State House of Assembly to be bombed.

“That is such a low-life and low-level thing to do. Too pedestrian. As if you are a militant in the creek. No class. Just crass. I am ashamed of people who agree to serve as commissioners under such a fellow. No amount of money can wipe away the stigma. I do not see him as being better than an Ateke Tom.

“The President should impress on his minister to allow the fellow to finish his tenure. 2027 is not too far. If you can unseat him, then, by all means, do so.

“It will be more clinical and will not create much tension, as it will be seen as a natural consequence of an election. But to impeach a bushman like Fubara is to reignite the Niger Delta militancy.

“There is no low that an individual like that would not descend to in such a scenario.”

Wike, Fubara are ego-driven, crude – Reno Omokri

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Lagos govt to empower one million youths with ICT skills

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Lagos State Governor, Babajide Sanwo-Olu

Lagos govt to empower one million youths with ICT skills

The Commissioner for the Ministry of Youth and Social Development, Mobolaji Ogunlende, made this known on Wednesday, in Ikeja.

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We will sanction teachers engaging in extra lessons after school – LASG

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Commissioner for Basic and Secondary Education, Jamiu Tolani Alli-Balogun

We will sanction teachers engaging in extra lessons after school – LASG

The Lagos State Government has threatened to wield the big stick against any teacher or school that continues to utilise the extra one-hour after the official closing hour for extra lessons, for which they are paid by pupils.

Commissioner for Basic and Secondary Education, Jamiu Tolani Alli-Balogun dropped the hint while inaugurating the block of classrooms and furniture at the Amuwo-Odofin Junior High School Complex, donated to the state by Grimaldi Group and the Ports &Terminal Multiservices Ltd.

He said the extra hour is meant for extra-curricular activities, and students must be encouraged to participate in some of these social activities and clubs such as the Red Cross, Red Crescent, Boys Scout, Boys/Girls Brigade, the STEM Club, Writing and Debate Club and many others, to ensure their rounded development.

He frowned at the practice where the first lesson in many public schools across the state are often “killed” by teachers, and threatened to deal decisively with any teacher caught for dereliction of duties.

“Do your job at the right time between 8am -2pm, leave the extra hour either for reading or extra-curricular activities. We would no longer condone using that time for fee-paying extra lesson in our schools. Education is free in Lagos State and nobody should be charging any fee for anything,” commissioner said.

Saying the projects has changed the face of Mile 2 Community and added value to education in the state, Alli-Balogun said the state would not only take ownership, but will maintain the facilities to ensure that it serves the purpose of learning and add value to community and the state.

Other infrastructure donated to the school by PTML include: an access road with drainage system, a borehole and installation of a water treatment plant at the Amuwo-Odofin Junior and Senior High Schools, a security gate and well-furnished gate house at Amuwo-Odofin Junior and Senior High School Complex, 1,000 dual desks and chairs as well as chairs and desks for staff rooms for all the six schools within the school complex, roof repair of Amuwo-Odofin Junior and Senior High School and Imoye High School and a 50 KVA transformer donated to Senior and Junior High School, Mile 2.

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Addressing the school principal, the Commissioner said: “If you have shortage of teachers, kindly let us know, so that we can deploy more teachers to this school for it to serve the purpose for which it was built.”

He applauded the PTML for putting smiles on the face of the students and residents of the community as well as the government. Noting that the government cannot do everything, Alli-Balogun said partnerships like this ensures that companies give back to the state and the host communities, adding that investing in the future generation of Amuwo-Odofin and the state is an investment in the right direction.

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