The Abuja Chamber of Commerce and Industry (ACCI) says the persistent  fuel scarcity is hampering the ease of doing business in the country.

The ACCI President, Emeka Obegolu, who stated this in a statement on Thursday, called on the Federal Government to urgently resolve the challenge.

“The fuel shortage has made it more expensive for people and businesses to transport goods and conduct transactions, frustrating the ease of doing business.

“The current fuel scarcity is hurting businesses and hampering economic activities. We urge the government to address the root causes of this problem as a matter of priority,” Obegolu said.

Obegolu said the scarcity made some unpatriotic citizens increase fuel prices in some parts of the country, leading to a consequent increase in transportation fares and logistics costs.

He expressed hope that the upcoming Dangote Refinery and other new refineries would help eliminate the ugly trend and make Nigeria self-sufficient and less reliant on fuel imports.

The leader of the Organised Private Sector in the Federal Capital Territory called on NNPC Ltd to expedite the distribution of petroleum products across the country.

According to him, the availability of the product will ease speculations and reduce the hardship Nigerians are facing due to the fuel shortage.

“ACCI as the leading voice of the private sector in FCT will continue to be at the forefront of advocating for policies and interventions that support the growth and development of businesses,” Obegolu said.

Recall that the Nigerian National Petroleum Company Limited (NNPC Ltd) had assured Nigerians that the fuel queues across the nation would soon be cleared.

The Nigeria Deposit Insurance Corporation (NDIC), has reviewed upward the maximum deposit insurance coverage for depositors of all licenced deposit taking financial institutions in event of bank failure.The deposit insurance is the government’s guarantee that an account holder’s money at an insured bank is safe up to a certain amount.

The Managing Director of NDIC, Mr Bello Hassan, told newsmen in Abuja that the deposit insurance coverage level for Deposit Money Banks (DMBs) were reviewed from N500,000 to five million naira.

Bello said on Thursday, that the insurance coverage for Micro-finance Banks (MFBs) had been increased from N200,000 to two million Naira, which would provide 99.27 per cent coverage of total depositors.

He said that Primary Mortgage Banks (PMBs) were increased from N500,000 to two million naira with full coverage of 99.34 et cent compared with the current 97.98 per cent.

For subscribers of Mobile Money Operators (MMOs), he said that the deposit insurance coverage had increased from N500,000 to five million per subscriber, per MMO.

Bello said the Payment Service Banks (PSBs) insurance coverage had also increased from N500,000 to two million naira.

He said the adoption of the revised maximum deposit insurance coverage would be supported by the Corporation’s funding, represented by the balances in the various Deposit Insurance Funds (DIFs) and expected annual premium collection.

Other support would be enhanced supervision to reduce the likelihood of bank failures, effective bank resolution frameworks and other funding arrangements provided by the NDIC Act.

Bello said that factors considered in the upward review of the coverage level were deposit distribution, impact of inflation, per capita Gross Domestic Product (GDP), exchange rate and other statistical models.

”NDIC’s mandate of Deposit Guarantee is a critical component of depositors’ protection, as it guarantees the payment of deposits up to a maximum set limit in the event of bank failure.

”The deposit guarantee, covers depositors of all deposit taking financial institutions licenced by the Central Bank of Nigeria (CBN) , which include DMBs, MFBs, PMBs, Non-Interest Banks (NIBS), Payment Service Banks (PSBs) and subscribers of MMOs.

”We need to stress that the high level of uninsured deposits posed a risk of bank runs.

”This is in line with our commitment to enhancing depositors’ protection, public confidence, financial inclusion, and stability of the financial system.

“I am pleased to announce that the NDIC’s Interim Management Committee (IMC), approved an increase in the maximum deposit insurance coverage levels for all licenced deposit taking financial institutions.

”The revised deposit insurance coverage has balanced the NDIC’s goals of deposit protection and financial system stability with incentives for depositors to practice market discipline and prevent banks from unnecessary risk-taking and moral hazard.

”Consideration was given to ensure that the coverage was limited but adequate enough to protect a large number of depositors,” he said.

The managing director reaffirmed the Corporation’s commitment to protecting depositors and contributing to the stability of the financial system.

Wema Bank, the pioneer of Africa’s first fully digital bank, ALAT, on Thursday announced a joint celebration, marking its 79th anniversary and ALAT’s seventh year celebration.

Its Managing Director/Chief Executive Officer, Wema Bank, Mr Moruf Oseni, disclosed this in a statement in Lagos.

Oseni said the significant celebration commemorated nearly eight decades of service and innovation in the Nigerian banking sector and the bank’s seven years of digital excellence with ALAT.

He said that since inception in 1945, Wema Bank had been at the forefront of financial innovation, constantly adapting to meet the evolving needs of its customers.

According to Oseni, the bank’s evolution from being Nigeria’s oldest indigenous bank to being at the forefront of innovation, pioneering Africa’s first fully digital bank, ALAT, has been a true story of resilience and transformation.

“At 79, Wema Bank stand stronger than ever, and this achievement would not have been possible without the support of our customers and employees.

“We thank them for believing in the Wema vision, for entrusting their financial security to us, and for allowing us to contribute to their personal and professional aspirations.

“Their faith in us is deeply cherished, and we are honored to serve them.

“As we mark our 79th year today, we reaffirm our commitment to empowering lives through innovation, and exceeding our customers expectations with unparalleled banking experiences tailored to their needs.

“Our pledge is to stand by our customers through every stage of life, offering enabling platforms to accelerate their growth and propel them to extraordinary heights,” he said.

He said that the bank’s 79 years had been remarkable and it anticipated more inspiring decades of progress with the support of customers and employees towards setting new standards in financial services to redefine the future.

“As part of the anniversary celebrations, Wema Bank and ALAT are rolling out a series of customer-focused activities designed to reward loyalty and enhance the customer experience.

‘Throughout the anniversary month, customers will enjoy various promotions, including discounts on transactions, cash prizes, special loan offers and much more.

“This anniversary is more than a celebration; it’s a reaffirmation of Wema Bank’s resilience and ongoing commitment to innovation and customer satisfaction in a competitive industry.

“Both Wema Bank and ALAT are poised for further growth, with strategic initiatives designed to enhance customer-centric services and expand the reach and capability of digital banking solutions,” he said.