News
NDIC pays 22,000 customers of closed banks N1.7bn
NDIC pays 22,000 customers of closed banks N1.7bn
Following the revocation of licences for some Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs), the Nigeria Deposit Insurance Corporation (NDIC) says it has paid an insured sum of over N1.7 billion to over 22,000 bank customers.
Mr Bello Hassan, the NDIC’s Managing Director/Chief Executive Officer, stated this on Saturday at the 2023 NDIC Editors Forum in Lagos.
“Recall earlier this year, the Central Bank of Nigeria revoked the licences of 183 institutions, comprising Microfinance Banks and Primary Mortgage Banks,” Hassan said at the meeting with the theme, “Stocktaking of deposit insurance practice: Assessing the past, evaluating the present, and forecasting the future.”
“And we quickly advertised and told affected depositors to get the required documents and come forward for verification so that we can pay them the insured amount.
“So, in terms of insured amount, we have paid more than N1.7bn to more than 22,000 customers and we are calling on those customers that had no Bank Verification Number attached to their accounts to come forward to get their claims verified so that we can pay them the insured amount.
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“We are still on that. So, I’m using this opportunity to appeal to those depositors to come forward so that they can be verified and their claims paid.”
The NDIC boss said the deposit insurance system implemented by the corporation was an important component of the nation’s financial safety net.
He said the corporation’s operations focused on minimising banks’ risks and failures through strict banking supervision, reimbursement of insured depositors in the event of failure, and orderly liquidation of failed banks.
“It complements the efforts of the Central Bank of Nigeria to achieve a secure and stable banking system as well as support the fiscal authority in maintaining stability within the broader financial system, serving as the foundation for economic growth and development,” he added.
Hassan also said the corporation, like other financial safety net players in Nigeria, had been faced with similar challenges that had impacted the nation’s financial system.
These challenges, he said, were mainly caused by macroeconomic factors and the changing dimensions of the financial services industry.
He noted, “Though some of the challenges are universal, others are unique and domesticated. It is within this context that the NDIC aligns itself with the Central Bank of Nigeria’s efforts towards strengthening the banking industry through enhancing prudential thresholds and other regulatory instruments.”
NDIC pays 22,000 customers of closed banks N1.7bn
News
Just in: Tinubu swears in Rivers Sole Administrator Ibas
Just in: Tinubu swears in Rivers Sole Administrator Ibok-ete Ibas
President Bola Tinubu has sworn in Vice Vice Admiral Ibok-ete Ibas (Retd.) as the Sole Administrator of Rivers State.
The administrator was sworn in on Wednesday after a short meeting with the President.
Tinubu announced the appointment of the retired naval chief at a nationwide broadcast on Tuesday, when he declared a state of emergency in Rivers State and suspended Governor Siminalayi Fubara, Deputy Governor, Ngozi Odu, and the state House of Assembly members.
The President said his decision was based on Section 305 of the 1999 Constitution, saying he could not continue to watch the political situation in Rivers escalate without taking concrete action.
The suspension of Fubara and other elected representatives has been rejected and condemned by many eminent Nigerians, legal luminaries, groups such as Atiku Abubakar, Peter Obi, Femi Falana, the Labour Party (LP), the Peoples Democratic Party (PDP) and the Nigerian Bar Association.
However, the emergency rule has been praised by the pro-Nyesom Wike Assembly led by Martins Amaewhule, accusing Fubara of contravening the Supreme Court ruling on the political situation in the state.
Ibas was the Chief of Naval Staff from 2015 to 2021.
He is from Cross River State where he had his early education.
The new sole administrator went to the Nigerian Defence Academy in 1979 from where he proceeded to have a successful career in the Navy, rising through the ranks to the very top.
He is a member of the Nigerian Institute of International Affairs (NIIA) and the Nigerian Institute of Management.
President Muhammadu Buhari who appointed him as Chief of Naval Staff conferred him with the National Honour of Commander of the Federal Republic (CFR) in 2022.
News
Breaking: Tinubu declares state of emergency in Rivers State
Breaking: Tinubu declares state of emergency in Rivers State
President Bola Tinubu on Tuesday night declared a state of emergency in Rivers State following the protracted political crisis in the state.
Tinubu made the declaration during a nationwide broadcast, saying it is for six months.
He announced the suspension of the Executive Governor, Siminalayi Fubara, his deputy and all the members of the House of Assembly for six months.
He immediately named an administrator, Vice Admiral Ibok-Ete Ibas (Retd), to take charge of the affairs of the state for the six-month period.
Section 305 of the 1999 Constitution interprets a state of emergency as a situation of national danger or disaster in which a government suspends normal constitutional procedures to regain control.
A state of emergency allows the President to immediately make any desired regulations to secure public order and safety. (Channels TV)
News
BREAKING: Tinubu addresses Nigerians on Rivers political crisis
BREAKING: Tinubu addresses Nigerians on Rivers political crisis
President Bola Tinubu on Tuesday night will hold a nationwide broadcast to address the crisis in Rivers state.
Bayo Onanuga, special adviser to the president on information and strategy, said the broadcast will be transmitted by the Nigerian Television Authority (NTA) and the Federal Radio Corporation of Nigeria (FRCN).
The broadcast is expected to be held by 7pm today.
Video: President Tinubu has declared state on emergency on Rivers state effective immediately, suspends Governor Fubara, his deputy governor and house of assembly members for six months.
He also nominated an administrator pic.twitter.com/jD1g9FHOez— Nigeria Stories (@NigeriaStories) March 18, 2025
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