News

NASS confident of army’s capability to address security challenges – Committee

Published

4 months ago

August 5, 2023

The Chairman, House of Representatives Committee on Petroleum Resources (Downstream), Ikenga Ugochinyere, has expressed confidence in the capability of the Nigerian Army to address the nation’s security challenges.

This is contained in a statement by the Director, Army Public Relations, Brig.-Gen. Onyema Nwachukwu, in Abuja.

Ugochinyere expressed confidence on the army, when he led members of the committee on a courtesy visit to the Chief of Army Staff (COAS), Lt.-Gen. Taoreed Lagbaja in Abuja.

The lawmaker said the army chief had taken the right steps in dealing with emerging security challenges while making effort to ensure peace and stability in the nation.

He assured the COAS of the preparedness of the committee to partner with the army in protecting national economic interest and territorial integrity.

The COAS in his response, appreciated the lawmakers for the visit and their confidence on the Nigerian army’s capability to restore sanity in troubled areas of the country.

Lagbaja disclosed to members of the committee that all troubled areas had been mapped out and receiving due attention.

He added that the army would continue to enhance both kinetic and non-kinetic operations to keep the country safe and secured.

The army chief also conveyed the willingness of the troops and commanders under his command to continue to partner with the National Assembly, as well as other critical stakeholders to achieve its constitutional responsibilities.

News

Tinubu will restore peaceful co-existence in Plateau – Shettima

Published

8 hours ago

December 9, 2023

NewsDirect

Vice President Kashim Shettima on Friday assured that the President Bola Tinubu’s administration would restore peace in Mangu Local Government Area of Plateau within the shortest possible time.

Shettima gave the assurance when he played host to a traditional ruler from Mangu, the Mishkahan Mwaghavul, John Hirse, who led a team on a courtesy call to his office at the Presidential Villa, Abuja.

He said that Tinubu was on top of the situation and thus the inevitable return of peace to all troubled parts of the country.

Shettima said that every part of Nigeria would be made to feel the impact of the government under the President Tinubu administration.

He stated that ensuring that no part of the country is left out in the administration’s quest for development is the only way through which peace, unity and development could be fostered.

Shettima said that the crisis in Plateau has nothing to do with religion, saying ” it is just for us to understand ourselves and coexist peacefully with one another.

He said, ” The Plateau is a blessed land with both Muslims and Christians. What binds us together supersedes what divides us.

” This administration will deploy all resources towards addressing all the political contradictions in the bid to restore peace and harmony in the state.

“We are going to address, by the grace of God, all the internal contradictions, the political connotations and even the ethnic undertones which are part of the conflict and ensure we find a lasting solution.

“Ours is a great nation chained by so-called social contradictions that we have in the system.

” And it is absolutely essential that for peace and development of our nation, we must restore the confidence of the people and the government.”

Earlier, the Mishkahan Mwaghavul, Hirse, said he and members of his delegation were in Aso Villa to show appreciation and thank the vice-president for attending his coronation.

Shettima said that attending the coronation personally showed that Shettima is a father of all.

He commiserated with the people of Kaduna Stateand commended the vice-president for the government’s response so far.

The royal father pledged his support and that of his people to Tinubu’s administration.

Money market

NDIC to pay N16.18bn liquidation dividends of 20 failed banks

Published

8 hours ago

December 9, 2023

NewsDirect

The Nigeria Deposit Insurance Corporation (NDIC) says it is prepared to conduct 100 per cent liquidation dividend payments worth N16.18 billion for depositors of 20 failed banks.

Already the corporation has asked depositors to come forward for verification and payment of their deposits that are in excess of the guaranteed sums, otherwise called “liquidation dividends”.

The NDIC Managing Director, Mr Bello Hassan, disclosed this during the NDIC Day at the ongoing 44th Kano International Trade Fair in Kano.

He gave the names of the affected banks as Liberty Bank, City Express Bank, Assurance Batik, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank, Progress Bank, Merchant Bank of Africa (MBA), Premier Commercial Bank, North South Bank and Prime Merchant Bank.

He also listed Commercial Trust Bank, Cooperative and Commerce Bank, Rims Merchant Bank, Pan African Bank, Fortune Bank, All States Trust Bank, Nigeria Merchant Bank and Amicable Bank.

Hassan said following the recent revocation of licenses for 179 Microfinance banks (MFDS) and four Primary Mortgage Banks (PMBS) by the Central Bank of Nigeria, the NDIC immediately commenced liquidation of the banks and began disbursing Insured sums to the depositors within just seven days of the closure of the microfinance banks.

“It is Important to note that out of these, the NDIC has paid N1.5 billion to 41,034 depositors of 129 MFBs and PMBs,” he said.

According to him, the payments are still ongoing and depositors with funds exceeding the standard will receive liquidation dividends after recovery of debts and sale of physical assets of the closed banks.

The managing d

irector said it was imperative to note that in the unfortunate event of bank failure, the insurance coverage for depositors varies across different banking institutions.

“While depositors of Deposit Money Banks, Primary Mortgage Banks, Non-Interest Banks, Payment Service Banks, and subscribers of Mobile Money Operators are insured up to a maximum limit of N500,000 per depositor per bank; for depositors of Microfinance Banks, the maximum insurance Limit stands at N200,000 per depositor per bank.

“These insured limits undergo process reviews by the Board of the Corporation, ensuring comprehensive coverage for the majority of depositors.

“Furthermore, depositors holding licenses exceeding the insured sums receive regular payments of the excess in the form of liquidation dividends, that also extends to the benefit of creditors and shareholders of the respective banks,” he explained.

He assured that the NDIC would continue to work in collaboration with the Central Bank of Nigeria to ensure effective supervision of banks and adherence to procedures, guidelines and the Code of Corporate Governance for banks, which safeguards the safety and stability of the Nigeria Banking system.

He called on the general public, especially traders and businessmen, to always ensure that their funds are saved in licensed banks and not kept in their homes or shops to avoid the risks of fire, theft and armed robbery.

News

Nigeria losing best brains to “Japa syndrome” — AfDB president

Published

9 hours ago

December 9, 2023

NewsDirect

The President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has called on African leaders to create quality jobs for their teeming unemployed youths, to stem the trend of brain drain bedevilling the continent.

Adesina said in Abuja on Friday at the Second Veritas University Digital Innovations Exhibition and 12th Convocation Lecture, that Nigeria was losing its best brains to Japa syndrome.

The former Minister of Agriculture, who spoke on the convocation lecture theme: ” Africa, It’s Your Time”, tasked Nigeria to turn its huge youth demography into an asset and not a liability.

The former Minister of Agriculture who was conferred with an honorary doctorate degree by the institution, announced that Nigeria had been listed among 10 other African countries to benefit from the Bank’s $20 billion Desert-to-Power initiative.

He noted that the power project was conceived to develop 10 GW of solar power, being the largest solar zone in the world when completed.

He listed other countries to benefit from the initiative as Burkina Faso, Cameroon, Chad, the Gambia, Guinea, Mauritania, Mali, Niger, Eritrea, and Senegal.

He also announced AfDB’s adoption of the Veritas University as a Centre of Excellence for Computer Coding for Employment.

“What Africa lacks is not money. What Africa lacks is lack of bankable ideas. Remember, money will always follow great ideas,” he said.

“As you join the workforce, technology and Artificial Intelligence will play a big role in your lives and in your enterprises.

“I expect to see many of you provide creative solutions to many of our challenges through analytics and data aggregation. There are huge opportunities in smart and digital economies of the future.

“All this matter to me personally because I do not want to see the continued exodus of young people who risk their lives to dangerously cross land and sea to go to Europe at all cost.

“The fastest way for Nigeria to dramatically expand the wealth of its economy, create jobs and provide decent work opportunity for its youth is to implement bold, effort-oriented, industrial manufacturing actions.

“This will rapidly expand foreign exchange earnings, boost income per capita and provide quality and well-paying jobs for millions of its young people,” he added.

Adesina charged the youth, both in Nigeria and Africa as a whole, to dream again while urging Africa to make us of the largest reserves of cobalt, lithium, diamonds, cocoa, nickel, copper, platinum and uranium in the world.

According to him, those resources could boast of 65 per cent of the world’s arable land and the largest deposit of solar potentials but has not materialised into wealth for the continent.

The Vice Chancellor of the University, Prof. Hyacinth Ichoku, revealed that the institution’s undergraduate enrollment had increased from 1,200 in 2018 to over 6,000.

Also, the Pro-Chancellor and Chairman Governing Council of the institution, Most Rev. Matthew Kukah urged the graduating students to be good ambassadors of the institution.

Kukah, in a bid to give back to the institution, announced a donation of N3 million to three students who demonstrated their ideas to the gathering.