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  •  The Nigeria Deposit Insurance Corporation NDIC says it will continue to work with the Central Bank of Nigeria CBN to conduct Risk Based Supervision RBS in its insured financial institutions RBS is a comprehensive formally structured system that assesses risks within the financial system giving priority to the resolution of those risks The NDIC in the Corporation s official Twitter handle on Tuesday quoted its Managing Director Mr Bello Hassan as saying this Hassan said that the RBS was a proactive measure toward anticipating all risks macro and micro as well as global and domestically to address same continuously According to him we have tried to immunise the system to withstand whatever shocks that may be impacting on the Nigerian economy and the financial system NewsSourceCredit NAN
    NDIC to work with CBN to conduct Risk Based Supervision in banks — MD
     The Nigeria Deposit Insurance Corporation NDIC says it will continue to work with the Central Bank of Nigeria CBN to conduct Risk Based Supervision RBS in its insured financial institutions RBS is a comprehensive formally structured system that assesses risks within the financial system giving priority to the resolution of those risks The NDIC in the Corporation s official Twitter handle on Tuesday quoted its Managing Director Mr Bello Hassan as saying this Hassan said that the RBS was a proactive measure toward anticipating all risks macro and micro as well as global and domestically to address same continuously According to him we have tried to immunise the system to withstand whatever shocks that may be impacting on the Nigerian economy and the financial system NewsSourceCredit NAN
    NDIC to work with CBN to conduct Risk Based Supervision in banks — MD
    Economy3 months ago

    NDIC to work with CBN to conduct Risk Based Supervision in banks — MD

    The Nigeria Deposit Insurance Corporation (NDIC), says it will continue to work with the Central Bank of Nigeria (CBN) to conduct Risk Based Supervision (RBS) in its insured financial institutions.

    RBS is a comprehensive, formally structured system that assesses risks within the financial system, giving priority to the resolution of those risks.

    The NDIC in the Corporation’s official Twitter handle on Tuesday quoted its Managing Director, Mr Bello Hassan, as saying this.

    Hassan said that the RBS was a proactive measure toward anticipating all risks, macro and micro as well as global and domestically to address same continuously.

    According to him, we have tried to immunise the system to withstand whatever shocks that may be impacting on the Nigerian economy and the financial system.


    NewsSourceCredit: NAN

  •  The Nigeria Deposit Insurance Corporation NDIC has bagged the Federal Government s level five platinum level organisation award for outstanding performance in good governance and financial accountability The assessment was done by the Bureau of Public Service Reform BPSR from Sept 2021 through the Bureau s Self Assessment Tool SAT initiative Presenting the award and report in Abuja on Tuesday Mr Boss Mustapha the Secretary to the Government of the Federation SGF said the assessment was drawn from the Federal Government s commitment to ensure improved service delivery in the public service Mustapha represented by Dr Habiba Lawal the Special Adviser to the President on Policy and Coordination congratulated the NDIC for accepting the assessment tool He enjoined all the federal Ministries Departments and Agencies MDAs to subject themselves to the assessment for improved performance and service delivery Dr Zainab Ahmed the Minister of Finance Budget and National Planning commended the NDIC for the achievements Ahmed represented by Mr Stephen Okon the Director Home Finance of the ministry said the appraisal should be constant to maintain the standards Analysing the SAT report the Director General of the BPSR Dr Dasuki Arabi said the Bureau assessed 10 pragmatic areas in the corporation Arabi said the areas assessed included performance management strategic plan budget procurement transparency and accountability among others He said the corporation scored 93 per cent in the assessment for high quality work and hard work by the staff It is worthy of note that NDIC is the first and only agency under the supervision of the Federal Ministry of Finance Budget and National Planning which has enthusiastically submitted itself to undergo the assessment The Bureau received a marching order in November 2019 to deploy the tool in all MDAs This is an outstanding pace NDIC has set our humble persuasion is for others to readily emulate it The introduction of SAT at this period to identify strengths and weaknesses of MDAs is a practical effort Public Service Institutions PSIs must key in to if they must redeem their usefulness and relevance This tool which has to its credit a United Nation Award is among the best innovation emanating from the Bureau to rank reposition and reengineer organisational performance for improved service delivery he said He advised the corporation to collaborate more with other agencies of government for effective service delivery Mr Bello Hassan the Managing Director of the NDIC said the SAP initiative would continue to assist the Corporation in evaluating its responsiveness to current government policies Hassan said the award and report would spur the corporation into doing more to achieve its targets We were highly elated for been rated platinum level but I think for us we have a culture of continuous process improvement so we are going to look at the report closely most especially on the recommendations We are going to improve on our weaknesses identified so that when next we are assessed we will do much better Hassan said The News Agency of Nigeria reports that the SAT report was presented to the corporation by the SGF NewsSourceCredit NAN
    NDIC bags FG’s award for good governance, financial accountability
     The Nigeria Deposit Insurance Corporation NDIC has bagged the Federal Government s level five platinum level organisation award for outstanding performance in good governance and financial accountability The assessment was done by the Bureau of Public Service Reform BPSR from Sept 2021 through the Bureau s Self Assessment Tool SAT initiative Presenting the award and report in Abuja on Tuesday Mr Boss Mustapha the Secretary to the Government of the Federation SGF said the assessment was drawn from the Federal Government s commitment to ensure improved service delivery in the public service Mustapha represented by Dr Habiba Lawal the Special Adviser to the President on Policy and Coordination congratulated the NDIC for accepting the assessment tool He enjoined all the federal Ministries Departments and Agencies MDAs to subject themselves to the assessment for improved performance and service delivery Dr Zainab Ahmed the Minister of Finance Budget and National Planning commended the NDIC for the achievements Ahmed represented by Mr Stephen Okon the Director Home Finance of the ministry said the appraisal should be constant to maintain the standards Analysing the SAT report the Director General of the BPSR Dr Dasuki Arabi said the Bureau assessed 10 pragmatic areas in the corporation Arabi said the areas assessed included performance management strategic plan budget procurement transparency and accountability among others He said the corporation scored 93 per cent in the assessment for high quality work and hard work by the staff It is worthy of note that NDIC is the first and only agency under the supervision of the Federal Ministry of Finance Budget and National Planning which has enthusiastically submitted itself to undergo the assessment The Bureau received a marching order in November 2019 to deploy the tool in all MDAs This is an outstanding pace NDIC has set our humble persuasion is for others to readily emulate it The introduction of SAT at this period to identify strengths and weaknesses of MDAs is a practical effort Public Service Institutions PSIs must key in to if they must redeem their usefulness and relevance This tool which has to its credit a United Nation Award is among the best innovation emanating from the Bureau to rank reposition and reengineer organisational performance for improved service delivery he said He advised the corporation to collaborate more with other agencies of government for effective service delivery Mr Bello Hassan the Managing Director of the NDIC said the SAP initiative would continue to assist the Corporation in evaluating its responsiveness to current government policies Hassan said the award and report would spur the corporation into doing more to achieve its targets We were highly elated for been rated platinum level but I think for us we have a culture of continuous process improvement so we are going to look at the report closely most especially on the recommendations We are going to improve on our weaknesses identified so that when next we are assessed we will do much better Hassan said The News Agency of Nigeria reports that the SAT report was presented to the corporation by the SGF NewsSourceCredit NAN
    NDIC bags FG’s award for good governance, financial accountability
    Economy5 months ago

    NDIC bags FG’s award for good governance, financial accountability

    The Nigeria Deposit Insurance Corporation (NDIC) has bagged the Federal Government’s ‘level five’ platinum level organisation award for outstanding performance in good governance and financial accountability.

    The assessment was done by the Bureau of Public Service Reform (BPSR) from Sept. 2021 through the Bureau’s Self-Assessment Tool (SAT) initiative.

    Presenting the award and report in Abuja on Tuesday, Mr Boss Mustapha, the Secretary to the Government of the Federation (SGF), said the assessment was drawn from the Federal Government’s commitment to ensure improved service delivery in the public service.

    Mustapha, represented by Dr Habiba Lawal, the Special Adviser to the President on Policy and Coordination, congratulated the NDIC for accepting the assessment tool.

    He enjoined all the federal Ministries, Departments and Agencies (MDAs) to subject themselves to the assessment for improved performance and service delivery.

    Dr Zainab Ahmed, the Minister of Finance, Budget and National Planning, commended the NDIC for the achievements.

    Ahmed, represented by Mr Stephen Okon, the Director, Home Finance of the ministry, said the appraisal should be constant to maintain the standards.

    Analysing the SAT report, the Director-General of the BPSR, Dr Dasuki Arabi, said the Bureau assessed 10 pragmatic areas in the corporation.

    Arabi said the areas assessed included performance management, strategic plan, budget, procurement, transparency and accountability, among others.

    He said the corporation scored 93 per cent in the assessment for high quality work and hard work by the staff.

    ”It is worthy of note that NDIC is the first and only agency under the supervision of the Federal Ministry of Finance, Budget and National Planning which has enthusiastically submitted itself to undergo the assessment.

    ”The Bureau received a marching order in November, 2019 to deploy the tool in all MDAs. ”This is an outstanding pace NDIC has set, our humble persuasion is for others to readily emulate it.

    ”The introduction of SAT at this period to identify strengths and weaknesses of MDAs is a practical effort Public Service Institutions (PSIs) must key-in to if they must redeem their usefulness and relevance.

    ”This tool, which has to its credit a United Nation Award, is among the best innovation emanating from the Bureau to rank, reposition and reengineer organisational performance for improved service delivery,” he said.

    He advised the corporation to collaborate more with other agencies of government for effective service delivery.

    Mr Bello Hassan, the Managing Director of the NDIC, said the SAP initiative would continue to assist the Corporation in evaluating its responsiveness to current government policies.

    Hassan said the award and report would spur the corporation into doing more to achieve its targets.

    ”We were highly elated for been rated platinum level, but I think for us we have a culture of continuous process improvement, so we are going to look at the report closely most especially on the recommendations.

    ”We are going to improve on our weaknesses identified so that when next we are assessed, we will do much better,” Hassan said.

    The News Agency of Nigeria reports that the SAT report was presented to the corporation by the SGF.


    NewsSourceCredit: NAN

  •  Mr Bello Hassan Managing Director Nigeria Deposit Insurance Corporation NDIC has said that all Deposit Money Banks DMBs in Nigeria including Polaris Bank are safe and sound Hassan made the clarification on the sideline of a three day Capacity Building Workshop organised by the Legal Department of NDIC for law enforcement agencies at BWC Hotel Victoria Island Lagos on Wednesday He also said that Polaris Bank was not sold as reported by some media recently The News Agency of Nigeria reports that the event had Effective Investigation and Prosecution of Banking Malpractices that Led to Failure of Banks as its theme All banks that are operating within the country are sound in as much as their licences have not been revoked If there is a problem the regulator that issues the licence will be the one to revoke the licence In as much as the licence is not revoked you re free to continue to bank with the institutio it means it is safe Hassan said The NDIC boss also explained that the corporation usually carried out stress tests on banks on a monthly basis to ascertain their financial soundness He said The Central Bank also does stress testing and so do we in NDIC In fact we do it on a monthly basis to ascertain the financial soundness of those banks and we see no red line When we talk of key financial soundness indicators we are talking about the capital adequacy and liquidity and the quality of the assets Those two solid financial soundness indicators that you use to gauge the safety and soundness of these institutions are robust So based on that the banks are safe and sound continue to bank with them Recall that the management of Polaris Bank recently discr NewsSourceCredit NAN
    Polaris Bank not sold, all banks safe, sound – NDIC boss
     Mr Bello Hassan Managing Director Nigeria Deposit Insurance Corporation NDIC has said that all Deposit Money Banks DMBs in Nigeria including Polaris Bank are safe and sound Hassan made the clarification on the sideline of a three day Capacity Building Workshop organised by the Legal Department of NDIC for law enforcement agencies at BWC Hotel Victoria Island Lagos on Wednesday He also said that Polaris Bank was not sold as reported by some media recently The News Agency of Nigeria reports that the event had Effective Investigation and Prosecution of Banking Malpractices that Led to Failure of Banks as its theme All banks that are operating within the country are sound in as much as their licences have not been revoked If there is a problem the regulator that issues the licence will be the one to revoke the licence In as much as the licence is not revoked you re free to continue to bank with the institutio it means it is safe Hassan said The NDIC boss also explained that the corporation usually carried out stress tests on banks on a monthly basis to ascertain their financial soundness He said The Central Bank also does stress testing and so do we in NDIC In fact we do it on a monthly basis to ascertain the financial soundness of those banks and we see no red line When we talk of key financial soundness indicators we are talking about the capital adequacy and liquidity and the quality of the assets Those two solid financial soundness indicators that you use to gauge the safety and soundness of these institutions are robust So based on that the banks are safe and sound continue to bank with them Recall that the management of Polaris Bank recently discr NewsSourceCredit NAN
    Polaris Bank not sold, all banks safe, sound – NDIC boss
    Economy6 months ago

    Polaris Bank not sold, all banks safe, sound – NDIC boss

    Mr Bello Hassan, Managing Director, Nigeria Deposit Insurance Corporation (NDIC) has said that all Deposit Money Banks (DMBs) in Nigeria, including Polaris Bank are safe and sound.

    Hassan made the clarification on the sideline of a three-day Capacity Building Workshop organised by the Legal Department of NDIC, for law enforcement agencies at BWC Hotel, Victoria Island, Lagos, on Wednesday.

    He also said that Polaris Bank was not sold as reported by some media recently.

    The News Agency of Nigeria reports that the event had, “Effective Investigation and Prosecution of Banking Malpractices that Led to Failure of Banks’’, as its theme.

    “All banks that are operating within the country are sound in as much as their licences have not been revoked.

    “If there is a problem, the regulator that issues the licence will be the one to revoke the licence.

    “In as much as the licence is not revoked, you’re free to continue to bank with the institutio; it means it is safe,’’ Hassan said.

    The NDIC boss also explained that the corporation usually carried out stress tests on banks on a monthly basis, to ascertain their financial soundness.

    He said: “The Central Bank also does stress testing, and so do we in NDIC.

    In fact we do it on a monthly basis to ascertain the financial soundness of those banks and we see no red line.

    “When we talk of key financial soundness indicators, we are talking about the capital adequacy and liquidity and the quality of the assets.

    “Those two solid financial soundness indicators that you use to gauge the safety and soundness of these institutions are robust.

    “So, based on that, the banks are safe and sound; continue to bank with them.

    ’’ Recall that the management of Polaris Bank recently discr
    NewsSourceCredit: NAN

  •  The Nigeria Deposit Insurance Corporation NDIC has rehabilitated the Basic Health Care Centre at Lanwa in Moro Local Government Area of Kwara At the commissioning of the project on Sunday Mr Bello Hassan the Managing Director of the NDIC said the project was part of the corporate social responsibilities of the corporation adding that it was among many of such projects being sponsored by NDIC across the country Hassan who was represented by Mr Chima Onyechere the Zonal Controller NDIC Ilorin explained that as far back as 1995 the corporation had instituted an endowment fund for several health institutions in the country and made generous donations through corporation s project based funding scheme This initiative is part of the corporation s pursuance of its corporate social responsibility to provide assistance in enhancement of the health sector and to move the country forward he said Hassan observed that most of the basic health institutions in Nigeria lacked functional infrastructure facilities resulting in poor health standards He pointed out that against this background it had become necessary for corporate organisations other well meaning groups and individuals within and outside the country to assist the health institutions The NDIC boss emphasised on the important roles the corporation played in the country adding that Deposit Insurance Scheme DIS had become key component of moat financial systems worldwide For over 25 years NDIC is charged with mandates of deposit protection has remained active safety nets player in spite of many daunting challenges Apart from guaranteeing bank deposits up to the limits permitted by law the corporation has been involved in the supervision of insured institutions as well as resolving the problems of failing and failed financial institutions he said In his remarks Alhaji Issa Musa the Officer in Charge of PHC Lanwa commended NDIC for the humanitarian services to the community He noted that the timely interventions of the corporation was a prayer answered as the healthcare centre was in a dilapidated state According to him the health facilities service about 40 communities within Lanwa and that this gesture came at the right time NDIC has done wonderful job of renovating the facilities and providing the necessary equipment and consumables needed However we still have the challenges of under staffing We don t have nurses as I am the only qualified staff on ground there are no lab technicians pharmacists nurses midwives and doctors he lamented Musa lamented that the health centre even lacked cleaners and night guards while appealing to the state government to complement the job done by the NDIC by providing health workers and necessary drugs for the welfare of the citizens The Officer in charge of the facility also reminded the government of the dangerous and bad road network linking many communities to Lanwa while urging the government to reconstruct the roads for the development of the community and the state as a whole In his reaction Dr Raji Razaq Kwara Commissioner for Health commended the corporation for the kind gesture adding that state government alone could not take care of all the health needs of the citizens and solicited the contributions of all stakeholders Razaq who was represented by Dr Stephen Arigidi the Deputy Director of Medical Services and Training in the Ministry of Health stated that Lanwa was an ancient railway community that served other surrounding communities with the basic health centre He assured that the government was committed to promoting the health of the citizenry as it had released counterpart funds for the Basic Health Care Provision Fund BHCPF The commissioner disclosed that presently the state government had commenced the free medical surgical interventions across the 16 local government areas of the state NewsSourceCredit NAN
    NDIC renovates PHC facilities in Kwara community
     The Nigeria Deposit Insurance Corporation NDIC has rehabilitated the Basic Health Care Centre at Lanwa in Moro Local Government Area of Kwara At the commissioning of the project on Sunday Mr Bello Hassan the Managing Director of the NDIC said the project was part of the corporate social responsibilities of the corporation adding that it was among many of such projects being sponsored by NDIC across the country Hassan who was represented by Mr Chima Onyechere the Zonal Controller NDIC Ilorin explained that as far back as 1995 the corporation had instituted an endowment fund for several health institutions in the country and made generous donations through corporation s project based funding scheme This initiative is part of the corporation s pursuance of its corporate social responsibility to provide assistance in enhancement of the health sector and to move the country forward he said Hassan observed that most of the basic health institutions in Nigeria lacked functional infrastructure facilities resulting in poor health standards He pointed out that against this background it had become necessary for corporate organisations other well meaning groups and individuals within and outside the country to assist the health institutions The NDIC boss emphasised on the important roles the corporation played in the country adding that Deposit Insurance Scheme DIS had become key component of moat financial systems worldwide For over 25 years NDIC is charged with mandates of deposit protection has remained active safety nets player in spite of many daunting challenges Apart from guaranteeing bank deposits up to the limits permitted by law the corporation has been involved in the supervision of insured institutions as well as resolving the problems of failing and failed financial institutions he said In his remarks Alhaji Issa Musa the Officer in Charge of PHC Lanwa commended NDIC for the humanitarian services to the community He noted that the timely interventions of the corporation was a prayer answered as the healthcare centre was in a dilapidated state According to him the health facilities service about 40 communities within Lanwa and that this gesture came at the right time NDIC has done wonderful job of renovating the facilities and providing the necessary equipment and consumables needed However we still have the challenges of under staffing We don t have nurses as I am the only qualified staff on ground there are no lab technicians pharmacists nurses midwives and doctors he lamented Musa lamented that the health centre even lacked cleaners and night guards while appealing to the state government to complement the job done by the NDIC by providing health workers and necessary drugs for the welfare of the citizens The Officer in charge of the facility also reminded the government of the dangerous and bad road network linking many communities to Lanwa while urging the government to reconstruct the roads for the development of the community and the state as a whole In his reaction Dr Raji Razaq Kwara Commissioner for Health commended the corporation for the kind gesture adding that state government alone could not take care of all the health needs of the citizens and solicited the contributions of all stakeholders Razaq who was represented by Dr Stephen Arigidi the Deputy Director of Medical Services and Training in the Ministry of Health stated that Lanwa was an ancient railway community that served other surrounding communities with the basic health centre He assured that the government was committed to promoting the health of the citizenry as it had released counterpart funds for the Basic Health Care Provision Fund BHCPF The commissioner disclosed that presently the state government had commenced the free medical surgical interventions across the 16 local government areas of the state NewsSourceCredit NAN
    NDIC renovates PHC facilities in Kwara community
    General news6 months ago

    NDIC renovates PHC facilities in Kwara community

    The Nigeria Deposit Insurance Corporation (NDIC) has rehabilitated the Basic Health Care Centre at Lanwa in Moro Local Government Area of Kwara.  

    At the commissioning of the project on Sunday , Mr Bello Hassan, the Managing Director of the NDIC, said the project was part of the corporate social responsibilities of the corporation, adding that it was among many of such projects being sponsored by NDIC across the country.    

    Hassan who was represented by Mr Chima Onyechere, the Zonal Controller, NDIC Ilorin explained that as far back as 1995, the corporation had instituted an endowment fund for several health institutions in the country and made generous donations through corporation’s project-based funding scheme.  

    “This initiative is part of the corporation’s pursuance of its corporate social responsibility to provide assistance in enhancement of the health sector, and to move the country forward, ” he said.  

    Hassan observed that most of the basic health institutions in Nigeria lacked functional infrastructure facilities, resulting in poor health standards.  

    He pointed out that against this background, it had become necessary for corporate organisations, other well meaning groups and individuals within and outside the country to assist the health institutions.  

    The NDIC boss emphasised on the important roles the corporation played in the country, adding that Deposit Insurance Scheme (DIS) had become key component of moat financial systems worldwide.  

    “For over 25 years NDIC is charged with mandates of deposit protection, has remained active safety nets player in spite of many daunting challenges.  

    “Apart from guaranteeing bank deposits up to the limits permitted by law, the corporation has been involved in the supervision of insured institutions as well as resolving the problems of failing and failed financial institutions,” he said.  

    In his remarks, Alhaji Issa Musa, the Officer in Charge of PHC Lanwa, commended NDIC for the humanitarian services to the community.  

    He noted that the timely interventions of the corporation was a prayer answered as the healthcare centre was in a dilapidated state.  

    According to him, the health facilities service about 40 communities within Lanwa and that this gesture came at the right time.  

    “NDIC has done wonderful job of renovating the facilities and providing the necessary equipment and consumables needed.  

    “However, we still have the challenges of under staffing.

    We don’t have nurses as I am the only qualified staff on ground, there are no lab technicians, pharmacists, nurses, midwives and doctors,” he lamented.  

    Musa lamented that the health centre even lacked cleaners and night guards, while appealing to the state government to complement the job done by the NDIC by providing health workers and necessary drugs for the welfare of the citizens.  

    The Officer in charge of the facility also reminded the government of the dangerous and bad road network linking many communities to Lanwa, while urging the government to reconstruct the roads for the development of the community and the state as a whole.  

    In his reaction, Dr Raji Razaq, Kwara Commissioner for Health, commended the corporation for the kind gesture, adding that state government alone could not take care of all the health needs of the citizens and solicited the contributions of all stakeholders.  

    Razaq, who was represented by Dr Stephen Arigidi, the Deputy Director of Medical Services and Training in the Ministry of Health, stated that Lanwa was an ancient railway community that served other surrounding communities with the basic health centre.  

    He assured that the government was committed to promoting the health of the citizenry as it had released counterpart funds for the Basic Health Care Provision Fund (BHCPF).  

    The commissioner disclosed that presently the state government had commenced the free medical, surgical interventions across the 16 local government areas of the state.


    NewsSourceCredit: NAN

  •  The Nigeria Deposit Insurance Corporation NDIC has called for stronger collaboration with the ICPC on implementation of the National Anti Corruption Strategy NACS in the corporation A statement by Mr Bashir Nuhu the Director Communication and Public Affairs Department of the Corporation said Mrs Ronke Sokefun the Chairman of the Corporation s Board said this in Abuja on Tuesday Sokefun said at a sensitisation seminar for Board members and management of the Corporation that the drive toward deepening anti corruption practices in the Corporation informed the invitation of the NACS secretariat to host the seminar She said the collaboration through effective sensitisation on the NACS particularly the National Ethics and Integrity Policy and the Freedom of Information FoI Act would enhance the ownership of the anti corruption campaign in government agencies Sokefun said the board and management of the Corporation had always strived to uphold the core values of integrity and professionalism in the discharge of the NDIC mandate She said that it was a welcome development to learn new and better ways of enhancing the anti corruption mantra through the NACS The chairman stressed the total commitment of the board and management of NDIC to sound corporate governance Nuhu also quoted Mr Bello Hassan the Corporation s Managing Director as lauding the sensitisation initiative of NACS Bello was represented by the Executive Director Operations Alhaji Mustapha Ibrahim Mr John Ode the Deputy Director Public Institutions Ethics and Values of the Independent Corrupt Practices and Other Related Offences Commission ICPC said the Anti Corruption Unit ACTU of the NDIC was the most active among other public institutions He charged the Corporation to further imprint its anti corruption campaign messages on all its communication channels as a way of reinforcing the conduct of staff Ode said the collaboration with NACS and emergence of NDIC as overall best agency in the 2021 ICPC Ethics and Integrity Scorecard among over 300 public institutions was testaments to the Corporation s commitment to mainstreaming anti corruption policies and practices in its operations NewsSourceCredit NAN
    NDIC seeks collaboration with ICPC on anti-corruption strategy
     The Nigeria Deposit Insurance Corporation NDIC has called for stronger collaboration with the ICPC on implementation of the National Anti Corruption Strategy NACS in the corporation A statement by Mr Bashir Nuhu the Director Communication and Public Affairs Department of the Corporation said Mrs Ronke Sokefun the Chairman of the Corporation s Board said this in Abuja on Tuesday Sokefun said at a sensitisation seminar for Board members and management of the Corporation that the drive toward deepening anti corruption practices in the Corporation informed the invitation of the NACS secretariat to host the seminar She said the collaboration through effective sensitisation on the NACS particularly the National Ethics and Integrity Policy and the Freedom of Information FoI Act would enhance the ownership of the anti corruption campaign in government agencies Sokefun said the board and management of the Corporation had always strived to uphold the core values of integrity and professionalism in the discharge of the NDIC mandate She said that it was a welcome development to learn new and better ways of enhancing the anti corruption mantra through the NACS The chairman stressed the total commitment of the board and management of NDIC to sound corporate governance Nuhu also quoted Mr Bello Hassan the Corporation s Managing Director as lauding the sensitisation initiative of NACS Bello was represented by the Executive Director Operations Alhaji Mustapha Ibrahim Mr John Ode the Deputy Director Public Institutions Ethics and Values of the Independent Corrupt Practices and Other Related Offences Commission ICPC said the Anti Corruption Unit ACTU of the NDIC was the most active among other public institutions He charged the Corporation to further imprint its anti corruption campaign messages on all its communication channels as a way of reinforcing the conduct of staff Ode said the collaboration with NACS and emergence of NDIC as overall best agency in the 2021 ICPC Ethics and Integrity Scorecard among over 300 public institutions was testaments to the Corporation s commitment to mainstreaming anti corruption policies and practices in its operations NewsSourceCredit NAN
    NDIC seeks collaboration with ICPC on anti-corruption strategy
    Economy7 months ago

    NDIC seeks collaboration with ICPC on anti-corruption strategy

    The Nigeria Deposit Insurance Corporation (NDIC), has called for stronger collaboration with the ICPC on implementation of the National Anti-Corruption Strategy (NACS) in the corporation.

    A statement by Mr Bashir Nuhu, the Director, Communication and Public Affairs Department of the Corporation, said Mrs Ronke Sokefun, the Chairman of the Corporation’s Board said this in Abuja on Tuesday.

    Sokefun said at a sensitisation seminar for Board members and management of the Corporation, that the drive toward deepening anti-corruption practices in the Corporation informed the invitation of the NACS secretariat to host the seminar.

    She said the collaboration through effective sensitisation on the NACS, particularly the National Ethics and Integrity Policy and the Freedom of Information (FoI) Act, would enhance the ownership of the anti-corruption campaign in government agencies.

    Sokefun said the board and management of the Corporation had always strived to uphold the core values of integrity and professionalism in the discharge of the NDIC mandate.

    She said that it was a welcome development to learn new and better ways of enhancing the anti-corruption mantra through the NACS.

    The chairman stressed the total commitment of the board and management of NDIC to sound corporate governance.

    Nuhu also quoted Mr Bello Hassan, the Corporation’s Managing Director, as lauding the sensitisation initiative of NACS.

    Bello was represented by the Executive Director (Operations), Alhaji Mustapha Ibrahim.

    Mr John Ode, the Deputy Director, Public Institutions Ethics and Values of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), said the Anti-Corruption Unit (ACTU) of the NDIC was the most active among other public institutions.

    He charged the Corporation to further imprint its anti-corruption campaign messages on all its communication channels as a way of reinforcing the conduct of staff.

    Ode said the collaboration with NACS and emergence of NDIC as overall best agency in the 2021 ICPC Ethics and Integrity Scorecard among over 300 public institutions was testaments to the Corporation’s commitment to mainstreaming anti-corruption policies and practices in its operations.

    NewsSourceCredit: NAN

  •  The Kogi House of Assembly on Friday impeached four principal officers and suspended three others for undue gross misconducts The lawmakers made the impeachment and suspension during an emergency sitting at the assembly complex following the adoption of a motion raised by Assemblyman Enema Paul APC Dekina II Those impeached by 17 lawmakers that sat at plenary are Mr Ahmed Mohammed Deputy Speaker Mr Bello Hassan Abdullahi Majority Leader Mr Ndako Idris Deputy Majority Leader and Mr Edoko Ododo Deputy Chief Whip The motion among other allegations accused the four impeached officers of the 25 member house of gross misconduct and called for their immediate impeachment and replacement After the impeachment Mr Enema Paul in his contribution called for their replacements arguing that the house could not afford a vacuum According to him they should be replaced pending the outcome of investigations into their alleged misdemeanour He said We the undersigned honourable members of the Kogi State House of Assembly do hereby resolve to impeach the following principal officers The lawmakers have also replaced the impeached principal officers with Mr Rabiu Alfa as Deputy Speaker Mr Bajeh Mukhtar Majority Leader Mr Umar Isa Deputy Majority Leader and Mr Enema Paul Deputy Chief Whip Earlier ruling on the motion the Speaker Assemblyman Matthew Kolawole put the question whether 17 members actually signed the impeachment and suspension document and they answered in affirmation of their position Kolawole then directed the Clerk of the House to call out the new principal officers who were immediately approved The legislators also dissolved the standing committees and constituted new ones to upscale performance of their oversight functions in the remaining lifespan of the assembly in the state www NewsSourceCredit NAN
    Kogi Legislators impeach 4 principal officers, suspend 3 others
     The Kogi House of Assembly on Friday impeached four principal officers and suspended three others for undue gross misconducts The lawmakers made the impeachment and suspension during an emergency sitting at the assembly complex following the adoption of a motion raised by Assemblyman Enema Paul APC Dekina II Those impeached by 17 lawmakers that sat at plenary are Mr Ahmed Mohammed Deputy Speaker Mr Bello Hassan Abdullahi Majority Leader Mr Ndako Idris Deputy Majority Leader and Mr Edoko Ododo Deputy Chief Whip The motion among other allegations accused the four impeached officers of the 25 member house of gross misconduct and called for their immediate impeachment and replacement After the impeachment Mr Enema Paul in his contribution called for their replacements arguing that the house could not afford a vacuum According to him they should be replaced pending the outcome of investigations into their alleged misdemeanour He said We the undersigned honourable members of the Kogi State House of Assembly do hereby resolve to impeach the following principal officers The lawmakers have also replaced the impeached principal officers with Mr Rabiu Alfa as Deputy Speaker Mr Bajeh Mukhtar Majority Leader Mr Umar Isa Deputy Majority Leader and Mr Enema Paul Deputy Chief Whip Earlier ruling on the motion the Speaker Assemblyman Matthew Kolawole put the question whether 17 members actually signed the impeachment and suspension document and they answered in affirmation of their position Kolawole then directed the Clerk of the House to call out the new principal officers who were immediately approved The legislators also dissolved the standing committees and constituted new ones to upscale performance of their oversight functions in the remaining lifespan of the assembly in the state www NewsSourceCredit NAN
    Kogi Legislators impeach 4 principal officers, suspend 3 others
    General news8 months ago

    Kogi Legislators impeach 4 principal officers, suspend 3 others

    The Kogi House of Assembly on Friday impeached four principal officers and suspended three others for “undue gross misconducts.”

    The lawmakers made the impeachment and suspension during an emergency sitting at the assembly complex following the adoption of a motion raised by Assemblyman Enema Paul (APC-Dekina II).

    Those impeached by 17 lawmakers that sat at plenary are  Mr Ahmed Mohammed; Deputy Speaker; Mr Bello Hassan Abdullahi; Majority Leader, Mr Ndako Idris; Deputy Majority Leader and Mr Edoko Ododo; Deputy Chief Whip.

    The motion, among other allegations, accused the four impeached officers of the 25-member house of gross misconduct and called for their immediate impeachment and replacement.

    After the impeachment, Mr Enema Paul, in his contribution, called for their replacements, arguing that the house could not afford a vacuum.

    According to him, they should be replaced pending the outcome of investigations into their alleged misdemeanour.

    He said: “We, the undersigned honourable members of the Kogi State House of Assembly do hereby resolve to impeach the following principal officers.”

    The lawmakers have also replaced the impeached principal officers with Mr Rabiu Alfa, as Deputy Speaker, Mr Bajeh Mukhtar; Majority Leader; Mr  Umar Isa; Deputy Majority Leader and Mr  Enema Paul; Deputy Chief Whip.

    Earlier ruling on the motion, the Speaker, Assemblyman Matthew Kolawole, put the question whether 17 members actually signed the impeachment and suspension document and they answered in affirmation of their position.

    Kolawole then directed the Clerk of the House to call out the new principal officers who were immediately approved.

    The legislators also dissolved the standing committees and constituted new ones to upscale performance of their oversight functions in the remaining lifespan of the assembly in the state.(www

    NewsSourceCredit: NAN

  •  Mr Bello Hassan Managing Director Nigeria Deposit Insurance Corporation NDIC said the corporation would continue to monitor the banking sector to address challenges it might be facing Hassan said this at a retreat for members of the Senate Committee on Banking Insurance and other Financial Institutions with the NDIC at Eko Hotel on Saturday in Lagos The News Agency of Nigeria reports that the retreat had Deposit Insurance In Nigeria Re Strategising for Tomorrow as theme Hassan represented by the Executive Director Operations NDIC Mustapha Ibrahim said effective risk based management remained central to safe and sound banking system The NDIC and the Central Bank of Nigeria have a very robust supervisory framework under the risk based supervisory format the risk based approach is actually proactive For the most part we try to anticipate all these risks Macro micro domestically and globally to address them continuously So it is so dynamic that we also are constantly on a real time basis monitoring the industry continuously and fine tuning our supervisory tools both onsite and offsite to mitigate some of the challenges the banks may be facing said Hassan He added that he was happy that the Nigerian banking industry was at the moment quite resilient to most of these challenges particularly external shocks which the Corporation could not do anything about We have tried to immunise the system to withstand shocks that may be impacting on the economy and the financial system Hassan said The Chairman Senate Committee on Baking Insurance and other Financial Institutions Senator Uba Sani said the retreat demonstrated the progress made in forging sustainable and workable relationship in the overall interest of the nation The National Assembly and NDIC are key institutions critical to the growth and development of the Nigerian economy While we provide the legal and institutional frameworks NDIC carries out its regulatory or supervisory responsibilities in order to safeguard the banking sector Engagement of this nature gives us the platform to deeply look into our activities and responsibilities and also examine how far we have gone in carrying out our mandate as required It helps in injecting fresh ideas into our operations which will materialise into an improved effective and efficient service delivery to Nigerians he said Sani represented by Sen Olubunmi Adetunbi believed that the outcome would help in strengthening the financial and banking sectors and in particular the supervisory and regulatory role of the corporation NAN
    NDIC reiterates commitment to financial stability
     Mr Bello Hassan Managing Director Nigeria Deposit Insurance Corporation NDIC said the corporation would continue to monitor the banking sector to address challenges it might be facing Hassan said this at a retreat for members of the Senate Committee on Banking Insurance and other Financial Institutions with the NDIC at Eko Hotel on Saturday in Lagos The News Agency of Nigeria reports that the retreat had Deposit Insurance In Nigeria Re Strategising for Tomorrow as theme Hassan represented by the Executive Director Operations NDIC Mustapha Ibrahim said effective risk based management remained central to safe and sound banking system The NDIC and the Central Bank of Nigeria have a very robust supervisory framework under the risk based supervisory format the risk based approach is actually proactive For the most part we try to anticipate all these risks Macro micro domestically and globally to address them continuously So it is so dynamic that we also are constantly on a real time basis monitoring the industry continuously and fine tuning our supervisory tools both onsite and offsite to mitigate some of the challenges the banks may be facing said Hassan He added that he was happy that the Nigerian banking industry was at the moment quite resilient to most of these challenges particularly external shocks which the Corporation could not do anything about We have tried to immunise the system to withstand shocks that may be impacting on the economy and the financial system Hassan said The Chairman Senate Committee on Baking Insurance and other Financial Institutions Senator Uba Sani said the retreat demonstrated the progress made in forging sustainable and workable relationship in the overall interest of the nation The National Assembly and NDIC are key institutions critical to the growth and development of the Nigerian economy While we provide the legal and institutional frameworks NDIC carries out its regulatory or supervisory responsibilities in order to safeguard the banking sector Engagement of this nature gives us the platform to deeply look into our activities and responsibilities and also examine how far we have gone in carrying out our mandate as required It helps in injecting fresh ideas into our operations which will materialise into an improved effective and efficient service delivery to Nigerians he said Sani represented by Sen Olubunmi Adetunbi believed that the outcome would help in strengthening the financial and banking sectors and in particular the supervisory and regulatory role of the corporation NAN
    NDIC reiterates commitment to financial stability
    Economy8 months ago

    NDIC reiterates commitment to financial stability

    Mr Bello Hassan, Managing Director, Nigeria Deposit Insurance Corporation (NDIC), said the corporation would continue to monitor the banking sector to address challenges it might be facing.

    Hassan said this at a retreat for members of the Senate Committee on Banking, Insurance and other Financial Institutions with the NDIC, at Eko Hotel, on Saturday in Lagos.

    The News Agency of Nigeria reports that the retreat had “Deposit Insurance In Nigeria-Re-Strategising for Tomorrow,” as theme.

    Hassan, represented by the Executive Director (Operations) NDIC, Mustapha Ibrahim, said effective risk based management remained central to safe and sound banking system.

    “The NDIC and the Central Bank of Nigeria have a very robust supervisory framework under the risk based supervisory format the risk based approach is actually proactive.

    “For the most part, we try to anticipate all these risks – Macro, micro, domestically and globally – to address them continuously.

    “So, it is so dynamic that we also are constantly on a real time basis, monitoring the industry continuously and fine-tuning our supervisory tools, both onsite and offsite, to mitigate some of the challenges the banks may be facing,” said Hassan.

    He added that he was happy that the Nigerian banking industry was at the moment quite resilient to most of these challenges, particularly, external shocks which the Corporation could not do anything about.

    “We have tried to immunise the system to withstand shocks that may be impacting on the economy and the financial system,” Hassan said.

    The Chairman, Senate Committee on Baking, Insurance and other Financial Institutions, Senator Uba Sani, said the retreat demonstrated the progress made in forging sustainable and workable relationship in the overall interest of the nation.

    “The National Assembly and NDIC are key institutions critical to the growth and development of the Nigerian economy.

    “While we provide the legal and institutional frameworks, NDIC carries out its regulatory or supervisory responsibilities in order to safeguard the banking sector.

    “Engagement of this nature gives us the platform to deeply look into our activities and responsibilities and also examine how far we have gone in carrying out our mandate as required.

    “It helps in injecting fresh ideas into our operations which will materialise into an improved, effective and efficient service delivery to Nigerians,” he said.

    Sani, represented by Sen. Olubunmi Adetunbi, believed that the outcome would help in strengthening the financial and banking sectors, and in particular the supervisory and regulatory role of the corporation. (

    (NAN)

  •   The Nigerian Deposit Insurance Corporation NDIC says that it has paid N119 1 billion as sums insured to 5 535 815 depositors creditors and shareholders of closed banks as of December 29 2021 NDIC Managing Director Mr Bello Hassan revealed this on Friday in Enugu during the 33rd Enugu International Fair Hassan also said that a total of N101 117 billion had been paid as uninsured sums According to him the corporation has declared full payment of insured and uninsured sums to depositors of 18 banks in liquidation This implies that the corporation has made liquidation dividends to pay all bank depositors who show up for payment The corporation has been quick to respond to emerging issues in the rise of Fintech and other forms of digital government services with a view to extending Deposit Insurance Coverage to new government services I assure you that NDIC will not rest on its oars in its tireless efforts to protect depositors through swift operational responses to new developments in the banking system he said He said the NDIC s mandate focuses on protecting depositors especially small and less sophisticated ones against the risk of bank failure He said that a solid and stable official system is the axis on which the economic system of any nation rests Hassan urged Nigerians to always save money in authorized banks where their savings are protected People should also endeavor to report cases of dubious activity from the Central Bank of Nigeria CBN and the NDIC via 080063424357 Hassan said Earlier the chairman of the Enugu Chamber of Commerce Industries Mines and Agriculture ECCIMA Mr Jasper Nduagwuike said that the NDIC had carried out its duties effectively Nduagwuike said that the corporation through its excellent interventions made people forget about the negative effects of the bank failure
    NDIC pays N119.1bn to customers of closed banks — MD
      The Nigerian Deposit Insurance Corporation NDIC says that it has paid N119 1 billion as sums insured to 5 535 815 depositors creditors and shareholders of closed banks as of December 29 2021 NDIC Managing Director Mr Bello Hassan revealed this on Friday in Enugu during the 33rd Enugu International Fair Hassan also said that a total of N101 117 billion had been paid as uninsured sums According to him the corporation has declared full payment of insured and uninsured sums to depositors of 18 banks in liquidation This implies that the corporation has made liquidation dividends to pay all bank depositors who show up for payment The corporation has been quick to respond to emerging issues in the rise of Fintech and other forms of digital government services with a view to extending Deposit Insurance Coverage to new government services I assure you that NDIC will not rest on its oars in its tireless efforts to protect depositors through swift operational responses to new developments in the banking system he said He said the NDIC s mandate focuses on protecting depositors especially small and less sophisticated ones against the risk of bank failure He said that a solid and stable official system is the axis on which the economic system of any nation rests Hassan urged Nigerians to always save money in authorized banks where their savings are protected People should also endeavor to report cases of dubious activity from the Central Bank of Nigeria CBN and the NDIC via 080063424357 Hassan said Earlier the chairman of the Enugu Chamber of Commerce Industries Mines and Agriculture ECCIMA Mr Jasper Nduagwuike said that the NDIC had carried out its duties effectively Nduagwuike said that the corporation through its excellent interventions made people forget about the negative effects of the bank failure
    NDIC pays N119.1bn to customers of closed banks — MD
    Economy10 months ago

    NDIC pays N119.1bn to customers of closed banks — MD

    The Nigerian Deposit Insurance Corporation (NDIC) says that it has paid N119. 1 billion as sums insured to 5,535, 815 depositors, creditors and shareholders of closed banks as of December 29, 2021.

    NDIC Managing Director Mr. Bello Hassan revealed this on Friday in Enugu during the 33rd Enugu International Fair.

    Hassan also said that a total of N101. 117 billion had been paid as uninsured sums.

    According to him, the corporation has declared full payment of insured and uninsured sums to depositors of 18 banks in liquidation.

    “This implies that the corporation has made liquidation dividends to pay all bank depositors who show up for payment.

    “The corporation has been quick to respond to emerging issues in the rise of Fintech and other forms of digital government services with a view to extending Deposit Insurance Coverage to new government services.

    “I assure you that NDIC will not rest on its oars in its tireless efforts to protect depositors through swift operational responses to new developments in the banking system,” he said.

    He said the NDIC's mandate focuses on protecting depositors, especially small and less sophisticated ones, against the risk of bank failure.

    He said that a solid and stable official system is the axis on which the economic system of any nation rests.

    Hassan urged Nigerians to always save money in authorized banks where their savings are protected.

    “People should also endeavor to report cases of dubious activity from the Central Bank of Nigeria (CBN) and the NDIC via 080063424357,” Hassan said.

    Earlier, the chairman of the Enugu Chamber of Commerce, Industries, Mines and Agriculture (ECCIMA), Mr. Jasper Nduagwuike, said that the NDIC had carried out its duties effectively.

    Nduagwuike said that the corporation, through its excellent interventions, made people forget about the negative effects of the bank failure.

  •   Senator Uba Sani chairman of the Senate Committee on Banking Insurance and other judicial institutions has denounced that prominent Nigerians were thwarting the effort of the Asset Management Corporation of Nigeria AMCON to recover the 4 4 trillion dollars owed to the corporation He stated this at a stakeholder symposium on Consolidating the Effectiveness of the Asset Recovery Model Adopted by AMCON held Friday at Zuma Rock Resort Niger State According to Sani the road has not always been easy for AMCON and he says that for a long time AMCON has been on the receiving end of well planned and orchestrated acts of economic sabotage Of the N4 4 billion that we are trying to recover around 350 people in this country are responsible This is approximately 83 percent of the debt This is very worrying This means that powerful Nigerians are the ones who are unwilling to repay these loans They have been employing different strategies and tactics to stop repaying loans amounting to billions of Naira Many high ranking Nigerians are not willing to support AMCON because most of those people are the ones who have taken this money from the banks and of course you know that the government came in to set up Amcon to prevent the banks from collapsing But unfortunately because of what is happening AMCON is finding it very difficult because those people are Nigerians in a privileged position they try to thwart AMCON s effort through the judiciary and that is what we are looking for Sani assured the agency that his committee with other relevant Senate committees would do everything in their power to help AMCON recover the N4 4 billion owed to the company It is the taxpayers money that the government used to bail out the banks of course to try to support the official sector so that it does not go down Unfortunately they face a lot of frustration We will do everything possible in the interest of our country and the protection of this country s economy and to help AMCON succeed said Sani AMCON Managing Director Alhaji Ahmed Lawan while praising President Muhammadu for passing the AMCON 2021 Amendment Bill said this would further enhance the corporation s recovery powers in many respects He said that the corporation has so far recovered more than N1 4 billion which comprises cash N665 billion property forfeiture N278 billion assets sold N141 billion share forfeiture N139 billion and other strategic assets N207 billion Regarding other challenges faced Kuru said that the slowness of the judicial processes and at times conflicting orders frustrated the recovery process Lawan further said that the judiciary should be encouraged to respect the provisions of the law that requires them to expedite the cases before them and issue a certificate of judgment on the property In a related development the Managing Director of the Nigerian Deposit Insurance Corporation NDIC Mr Bello Hassan said that the government wanted to provide confidence in the fictitious system This he said was a fictitious safety net to promote the stability of the fictitious system and support economic growth and development The NDIC has taken important steps to ensure the safety of Nigerian banks and the protection of depositors in accordance with its mandate The Corporation had initiated supervisory measures for digital banks as well as the improvement of existing consumer protection measures especially with regard to digital deposit through greater collaboration with other actors in the safety net Source NAN
    N4.4trn debt: Prominent Nigerians delaying AMCON’s recovery effort – Senate
      Senator Uba Sani chairman of the Senate Committee on Banking Insurance and other judicial institutions has denounced that prominent Nigerians were thwarting the effort of the Asset Management Corporation of Nigeria AMCON to recover the 4 4 trillion dollars owed to the corporation He stated this at a stakeholder symposium on Consolidating the Effectiveness of the Asset Recovery Model Adopted by AMCON held Friday at Zuma Rock Resort Niger State According to Sani the road has not always been easy for AMCON and he says that for a long time AMCON has been on the receiving end of well planned and orchestrated acts of economic sabotage Of the N4 4 billion that we are trying to recover around 350 people in this country are responsible This is approximately 83 percent of the debt This is very worrying This means that powerful Nigerians are the ones who are unwilling to repay these loans They have been employing different strategies and tactics to stop repaying loans amounting to billions of Naira Many high ranking Nigerians are not willing to support AMCON because most of those people are the ones who have taken this money from the banks and of course you know that the government came in to set up Amcon to prevent the banks from collapsing But unfortunately because of what is happening AMCON is finding it very difficult because those people are Nigerians in a privileged position they try to thwart AMCON s effort through the judiciary and that is what we are looking for Sani assured the agency that his committee with other relevant Senate committees would do everything in their power to help AMCON recover the N4 4 billion owed to the company It is the taxpayers money that the government used to bail out the banks of course to try to support the official sector so that it does not go down Unfortunately they face a lot of frustration We will do everything possible in the interest of our country and the protection of this country s economy and to help AMCON succeed said Sani AMCON Managing Director Alhaji Ahmed Lawan while praising President Muhammadu for passing the AMCON 2021 Amendment Bill said this would further enhance the corporation s recovery powers in many respects He said that the corporation has so far recovered more than N1 4 billion which comprises cash N665 billion property forfeiture N278 billion assets sold N141 billion share forfeiture N139 billion and other strategic assets N207 billion Regarding other challenges faced Kuru said that the slowness of the judicial processes and at times conflicting orders frustrated the recovery process Lawan further said that the judiciary should be encouraged to respect the provisions of the law that requires them to expedite the cases before them and issue a certificate of judgment on the property In a related development the Managing Director of the Nigerian Deposit Insurance Corporation NDIC Mr Bello Hassan said that the government wanted to provide confidence in the fictitious system This he said was a fictitious safety net to promote the stability of the fictitious system and support economic growth and development The NDIC has taken important steps to ensure the safety of Nigerian banks and the protection of depositors in accordance with its mandate The Corporation had initiated supervisory measures for digital banks as well as the improvement of existing consumer protection measures especially with regard to digital deposit through greater collaboration with other actors in the safety net Source NAN
    N4.4trn debt: Prominent Nigerians delaying AMCON’s recovery effort – Senate
    Business1 year ago

    N4.4trn debt: Prominent Nigerians delaying AMCON’s recovery effort – Senate

    Senator Uba Sani, chairman of the Senate Committee on Banking, Insurance and other judicial institutions has denounced that prominent Nigerians were "thwarting" the effort of the Asset Management Corporation of Nigeria (AMCON) to recover the 4.4 trillion dollars owed. to the corporation.

    He stated this at a stakeholder symposium on “Consolidating the Effectiveness of the Asset Recovery Model Adopted by AMCON” held Friday at Zuma Rock Resort Niger State.

    According to Sani, the road has not always been easy for AMCON and he says that for a long time, AMCON has been on the receiving end of well-planned and orchestrated acts of economic sabotage.

    “Of the N4.4 billion that we are trying to recover, around 350 people in this country are responsible. This is approximately 83 percent of the debt.

    "This is very worrying. This means that powerful Nigerians are the ones who are unwilling to repay these loans. They have been employing different strategies and tactics to stop repaying loans amounting to billions of Naira.

    “Many high ranking Nigerians are not willing to support AMCON because most of those people are the ones who have taken this money from the banks and of course you know that the government came in to set up Amcon to prevent the banks from collapsing.

    "But unfortunately, because of what is happening, AMCON is finding it very difficult because those people are Nigerians in a privileged position, they try to thwart AMCON's effort through the judiciary and that is what we are looking for."

    Sani assured the agency that his committee with other relevant Senate committees would do everything in their power to help AMCON recover the N4.4 billion owed to the company.

    “It is the taxpayers' money that the government used to bail out the banks; of course to try to support the official sector so that it does not go down.

    Unfortunately, they face a lot of frustration. We will do everything possible in the interest of our country and the protection of this country's economy and to help AMCON succeed, ”said Sani.

    AMCON Managing Director Alhaji Ahmed Lawan, while praising President Muhammadu for passing the AMCON 2021 Amendment Bill, said this would further enhance the corporation's recovery powers in many respects.

    He said that the corporation has so far recovered more than N1.4 billion, which comprises; cash N665 billion, property forfeiture N278 billion, assets sold N141 billion, share forfeiture N139 billion and other strategic assets N207 billion.

    Regarding other challenges faced, Kuru said that the slowness of the judicial processes and, at times, conflicting orders, frustrated the recovery process.

    Lawan further said that the judiciary should be encouraged to respect the provisions of the law that requires them to expedite the cases before them and issue a certificate of judgment on the property.

    In a related development, the Managing Director of the Nigerian Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, said that the government wanted to provide confidence in the fictitious system.

    This, he said, was a fictitious safety net to promote the stability of the fictitious system and support economic growth and development.

    “The NDIC has taken important steps to ensure the safety of Nigerian banks and the protection of depositors, in accordance with its mandate.

    "The Corporation had initiated supervisory measures for digital banks, as well as the improvement of existing consumer protection measures, especially with regard to digital deposit, through greater collaboration with other actors in the safety net" .

    Source: NAN

  •   Senator Uba Sani chairman of the Senate Committee on Banking Insurance and other judicial institutions has denounced that prominent Nigerians were thwarting the effort of the Asset Management Corporation of Nigeria AMCON to recover the 4 4 trillion dollars owed to the corporation He stated this at a stakeholder symposium on Consolidating the Effectiveness of the Asset Recovery Model Adopted by AMCON held Friday at Zuma Rock Resort Niger State According to Sani the road has not always been easy for AMCON and he says that for a long time AMCON has been on the receiving end of well planned and orchestrated acts of economic sabotage Of the N4 4 billion that we are trying to recover around 350 people in this country are responsible This is approximately 83 percent of the debt This is very worrying This means that powerful Nigerians are the ones who are unwilling to repay these loans They have been employing different strategies and tactics to stop repaying loans amounting to billions of Naira Many high ranking Nigerians are not willing to support AMCON because most of those people are the ones who have taken this money from the banks and of course you know that the government came in to set up Amcon to prevent the banks from collapsing But unfortunately because of what is happening AMCON is finding it very difficult because those people are Nigerians in a privileged position they try to thwart AMCON s effort through the judiciary and that is what we are looking for Sani assured the agency that his committee with other relevant Senate committees would do everything in their power to help AMCON recover the N4 4 billion owed to the company It is the taxpayers money that the government used to bail out the banks of course to try to support the official sector so that it does not go down Unfortunately they face a lot of frustration We will do everything possible in the interest of our country and the protection of this country s economy and to help AMCON succeed said Sani AMCON Managing Director Alhaji Ahmed Lawan while praising President Muhammadu for passing the AMCON 2021 Amendment Bill said this would further enhance the corporation s recovery powers in many respects He said that the corporation has so far recovered more than N1 4 billion which comprises cash N665 billion property forfeiture N278 billion assets sold N141 billion share forfeiture N139 billion and other strategic assets N207 billion Regarding other challenges faced Kuru said that the slowness of the judicial processes and at times conflicting orders frustrated the recovery process Lawan further said that the judiciary should be encouraged to respect the provisions of the law that requires them to expedite the cases before them and issue a certificate of judgment on the property In a related development the Managing Director of the Nigerian Deposit Insurance Corporation NDIC Mr Bello Hassan said that the government wanted to provide confidence in the fictitious system This he said was a fictitious safety net to promote the stability of the fictitious system and support economic growth and development The NDIC has taken important steps to ensure the safety of Nigerian banks and the protection of depositors in accordance with its mandate The Corporation had initiated supervisory measures for digital banks as well as the improvement of existing consumer protection measures especially with regard to digital deposit through greater collaboration with other actors in the safety net Source NAN
    N4.4trn debt: Some prominent Nigerians delaying AMCON’s recovery effort-Senate
      Senator Uba Sani chairman of the Senate Committee on Banking Insurance and other judicial institutions has denounced that prominent Nigerians were thwarting the effort of the Asset Management Corporation of Nigeria AMCON to recover the 4 4 trillion dollars owed to the corporation He stated this at a stakeholder symposium on Consolidating the Effectiveness of the Asset Recovery Model Adopted by AMCON held Friday at Zuma Rock Resort Niger State According to Sani the road has not always been easy for AMCON and he says that for a long time AMCON has been on the receiving end of well planned and orchestrated acts of economic sabotage Of the N4 4 billion that we are trying to recover around 350 people in this country are responsible This is approximately 83 percent of the debt This is very worrying This means that powerful Nigerians are the ones who are unwilling to repay these loans They have been employing different strategies and tactics to stop repaying loans amounting to billions of Naira Many high ranking Nigerians are not willing to support AMCON because most of those people are the ones who have taken this money from the banks and of course you know that the government came in to set up Amcon to prevent the banks from collapsing But unfortunately because of what is happening AMCON is finding it very difficult because those people are Nigerians in a privileged position they try to thwart AMCON s effort through the judiciary and that is what we are looking for Sani assured the agency that his committee with other relevant Senate committees would do everything in their power to help AMCON recover the N4 4 billion owed to the company It is the taxpayers money that the government used to bail out the banks of course to try to support the official sector so that it does not go down Unfortunately they face a lot of frustration We will do everything possible in the interest of our country and the protection of this country s economy and to help AMCON succeed said Sani AMCON Managing Director Alhaji Ahmed Lawan while praising President Muhammadu for passing the AMCON 2021 Amendment Bill said this would further enhance the corporation s recovery powers in many respects He said that the corporation has so far recovered more than N1 4 billion which comprises cash N665 billion property forfeiture N278 billion assets sold N141 billion share forfeiture N139 billion and other strategic assets N207 billion Regarding other challenges faced Kuru said that the slowness of the judicial processes and at times conflicting orders frustrated the recovery process Lawan further said that the judiciary should be encouraged to respect the provisions of the law that requires them to expedite the cases before them and issue a certificate of judgment on the property In a related development the Managing Director of the Nigerian Deposit Insurance Corporation NDIC Mr Bello Hassan said that the government wanted to provide confidence in the fictitious system This he said was a fictitious safety net to promote the stability of the fictitious system and support economic growth and development The NDIC has taken important steps to ensure the safety of Nigerian banks and the protection of depositors in accordance with its mandate The Corporation had initiated supervisory measures for digital banks as well as the improvement of existing consumer protection measures especially with regard to digital deposit through greater collaboration with other actors in the safety net Source NAN
    N4.4trn debt: Some prominent Nigerians delaying AMCON’s recovery effort-Senate
    Economy1 year ago

    N4.4trn debt: Some prominent Nigerians delaying AMCON’s recovery effort-Senate

    Senator Uba Sani, chairman of the Senate Committee on Banking, Insurance and other judicial institutions has denounced that prominent Nigerians were "thwarting" the effort of the Asset Management Corporation of Nigeria (AMCON) to recover the 4.4 trillion dollars owed. to the corporation.

    He stated this at a stakeholder symposium on “Consolidating the Effectiveness of the Asset Recovery Model Adopted by AMCON” held Friday at Zuma Rock Resort Niger State.

    According to Sani, the road has not always been easy for AMCON and he says that for a long time, AMCON has been on the receiving end of well-planned and orchestrated acts of economic sabotage.

    “Of the N4.4 billion that we are trying to recover, around 350 people in this country are responsible. This is approximately 83 percent of the debt.

    "This is very worrying. This means that powerful Nigerians are the ones who are unwilling to repay these loans. They have been employing different strategies and tactics to stop repaying loans amounting to billions of Naira.

    “Many high ranking Nigerians are not willing to support AMCON because most of those people are the ones who have taken this money from the banks and of course you know that the government came in to set up Amcon to prevent the banks from collapsing.

    "But unfortunately, because of what is happening, AMCON is finding it very difficult because those people are Nigerians in a privileged position, they try to thwart AMCON's effort through the judiciary and that is what we are looking for."

    Sani assured the agency that his committee with other relevant Senate committees would do everything in their power to help AMCON recover the N4.4 billion owed to the company.

    “It is the taxpayers' money that the government used to bail out the banks; of course to try to support the official sector so that it does not go down.

    Unfortunately, they face a lot of frustration. We will do everything possible in the interest of our country and the protection of this country's economy and to help AMCON succeed, ”said Sani.

    AMCON Managing Director Alhaji Ahmed Lawan, while praising President Muhammadu for passing the AMCON 2021 Amendment Bill, said this would further enhance the corporation's recovery powers in many respects.

    He said that the corporation has so far recovered more than N1.4 billion, which comprises; cash N665 billion, property forfeiture N278 billion, assets sold N141 billion, share forfeiture N139 billion and other strategic assets N207 billion.

    Regarding other challenges faced, Kuru said that the slowness of the judicial processes and, at times, conflicting orders, frustrated the recovery process.

    Lawan further said that the judiciary should be encouraged to respect the provisions of the law that requires them to expedite the cases before them and issue a certificate of judgment on the property.

    In a related development, the Managing Director of the Nigerian Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, said that the government wanted to provide confidence in the fictitious system.

    This, he said, was a fictitious safety net to promote the stability of the fictitious system and support economic growth and development.

    “The NDIC has taken important steps to ensure the safety of Nigerian banks and the protection of depositors, in accordance with its mandate.

    "The Corporation had initiated supervisory measures for digital banks, as well as the improvement of existing consumer protection measures, especially with regard to digital deposit, through greater collaboration with other actors in the safety net" .

    Source: NAN

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