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Heritage Bank: Reps mull increasing NDIC compensation beyond N5 million

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The House of Representatives has resolved to review the law establishing the Nigerian Deposit Insurance Corporation, NDIC, and increase the compensation payable to depositors of failed banks.

This resolution was reached on Tuesday following the adoption of a motion moved by Uchenna Okonkwo during plenary on Tuesday.

It would be recalled that the Central Bank of Nigeria revoked the license of Heritage Bank over violation of Section 12 (1) of the Banks and Other Financial Institutions Act (BOFIA), 2020.

Moving the motion, Okonkwo said the N5 million compensation announced by NDIC is insufficient for affected depositors.

He stated that some lost billions of naira to the liquidation of the bank by the CBN.

“Limiting compensation to N5 million is deeply inadequate to alleviate the substantial losses experienced by depositors who had placed their trust in Heritage Bank, exacerbating their financial distress and uncertainty,” he said.

The House resolved to consider regulatory amendments to increase the maximum insured amount to better protect depositors’ interests.

To this, the House stated that “this adjustment would provide greater financial security for depositors in the event of bank failures.”

Furthermore, the House resolved that the CBN should investigate the management of the bank for possible cases of mismanagement.

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Double taxation: Ogun govt. moves to harmonise taxes, levies

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Ogun Government says it is working round the clock to ensure harmonisation of taxes and levies to reduce incidence of double taxation that may affect the revenue base of businesses in the state.

Commissioner for Industry, Trade and Investment, Mr Adebola Sofela, said this during a visit to the Managing Director of Nestle Nigeria, Mr Wassim Elhusseini, on Friday.

Sofela said that his visit was occasioned by the need to boost the existing relationship between the state government and its various stakeholders and to further collaborate and share ideas on areas of common interest.

He expressed the Gov. Dapo Abiodun-led administration’s commitment to capacity building at all levels.

As a practical demonstration of this, the commissioner said that that technical schools across the state were being upgraded to ensure companies that did not have any gap in power to fill the technical needs.

Sofela, who was accompanied by top management staff members of the ministry, stated that the present administration had improved land administration system to enable investors get title documents without delay in order to leverage for financing.

He said that government had been creating new industrial clusters to take care of the new influx of investors and prepare for the future.

The commissioner appealed to the various companies across the three senatorial districts to consider the qualified residents of the state for employment, as part of efforts to promote their relationship with host communities.

“We are working to ensure harmonisation of taxes and levies to reduce the incidence of double taxation.

“The governor is particularly interested in creating an enabling environment for business to thrive, considering government’s huge investments in security and infrastructure,” he said.

In his remarks, the Managing Director of the firm, said that 80 per cent of his company’s investments were domiciled in Ogun.

According to Elhusseini, the state government is in the right direction with its business-friendly policies.

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Reps committee to probes appointments of NASRDA, RMRDC DGs

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The House of Representatives on Friday unveiled plans to investigate the appointments of Director General of the Raw Materials Research and Development Council (RMRDC), Prof. Martins Ike-Muonso.

The committee will also investigate the appointment of the Director-General of National Space Research and Development Agency (NASRDA) Dr Mathew Adepoju.

This is contained in a statement issued by the Chairman of the committee, Rep. Olaide .

The committee chairman said that a six-member panel headed by Rep. Abiodun Akinlade had been inaugurated to carry out the probe.

He said both DGs were recently appointed by the Minister of Innovation Science and Technology, Chief Uche Nnanji.

“The panel is to look at the procedure of the appointments qualification and the compliance with the relevant laws and regulations that established both agencies.

“The panel is to invite the Minister of Innovation Science and Technology, the Secretary to the Federal Government, Head of Service and both DGs amongst others.

“The panel has two weeks to within which to submit its report,” he said.

The chairman promised that the assignment will be free and fair saying that the aim is not to witch hunt anyone but to put the records straight.

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Tinubu to observe Eid-el-Kabir in Lagos

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President Bola Tinubu will depart Abuja for Lagos state on Friday ahead of the Eid-el-Kabir celebration.

This is contained in a statement by Chief Ajuri Ngelale, Special Adviser to the President, Media and Publicity, in Abuja.

The statement said the President would observe Eid-el-Kabir in Lagos, where he would also spend the Sallah holidays.

“The President will mark the occasion in prayers and reflection on advancing the transformation of Nigeria in line with his Renewed Hope Agenda,” said the statement.

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