News
NDIC lauds CBN recapitalisation of banks
The Nigeria Deposit Insurance Corporation (NDIC) has lauded the Central Bank of Nigeria (CBN) for its move to recapitalise banks to achieve economic resilience in the country.
The Managing Director of NDIC, Mr Bello Hassan, made the commendation on Friday during the NDIC Special Day at the ongoing 35th Enugu International Trade Fair.
The News Agency of Nigeria (NAN) reports that the fair, which began on April 5, is themed: “Promoting made-in-Nigeria products for global competitiveness.”
Hassan pledged that the NDIC would continue to collaborate with the apex bank in ensuring a seamless transition while safeguarding depositors’ interest.
According to him, in the light of the ongoing global economic dynamics, the CBN has stepped up regulatory efforts to ensure the resilience and stability of the Nigerian banking sector.
The managing director said that significant stride in this direction remained the recent revision and pegging of higher minimum capital requirements for banks operating in Nigeria.
“Under this proposal, commercial banks would be required to maintain minimum capital levels of N500 billion, N200 billion, and N50 billion for International, national, and regional institutions.
“As well as N50 billion for merchant banks, while national and regional non-interest banks are required to maintain N20 billion and N10 billion respectively.
“This strategic recapitalisation initiative is in line with President Bola Tinubu’s administration urge to grow Nigeria’s economy to the ranks of $1 trillion base economies.
“This will not only strengthen the banking system but would also enhance the sector’s ability to withstand financial shocks,’ he said.
Hassan revealed that since the CBN revoked the licenses of 179 Microfinance Banks and four Primary Mortgage Banks in 2023, the NDIC had continued to efficiently disburse insured sums to verified depositors of these closed institutions.
He noted that depositors, who have undergone verification and have provided alternative account details, had received their payments seamlessly within a record period of five working days.
“While it is worth noting that depositors with amounts exceeding the insured limit will receive liquidation dividends once debts are recovered and assets of the closed banks are disposed.
“Moreover, the NDIC strongly encourages depositors of the affected banks to come forward with their Bank Verification Number (BVN), proof of account ownership, proper identification, and/or alternative account details.
“Various channels are available for claims, including visiting nearest NDIC offices in person, using the NDIC App online, or accessing the Claims Page on the NDIC website: www.ndic.gov.ng.
“Additionally, they can reach out through our Toll-Free Help Desk Line at 0800 634 424 357 for further inquiries as we remain steadfast in fulfilling our mandate and prioritising the safety of depositors funds,” he said.
Earlier, President of Enugu Chamber of Commerce, Chief Odeiga Jideonwo, said that NDIC had given Nigerians sleep and rest of mind that their deposit is safe.
Jideonwo appreciated the work of the Corporation as it had ensured financial stability, growth and confidence in the financial sector, adding those days when depositors are worried about their deposits are gone.
He also said that NDIC had been in the forefront of using the fair to enlighten depositors on how to safe guard their bank accounts/deposits against fraudulent practices in the banking/financial sector.
“The Chamber is happy that the decade-long relationship with NDIC is very healthy and we envisage higher synergy in years to come,” he said.
The Minister of Solid Minerals Development, Dr Dele Alake, has unveiled a document for Women in Mining in Nigeria (WIMIN) strategy document.
Speaking at the event, he described the strategy as a significant mile stone in the sector.
He said that the move was a demonstration of the commitment of the Ministry of Solid Minerals Development (MSMD)` and Ministry of Steel Development in fostering diversity.
He said that the strategy is aimed at promoting gender equality and women`s empowerment, adding that its focused on driving productivity for the nations` sustainable development.
“It also focuses on improving the opportunities for women to benefit from both sectors sustainably in policy, regulatory, operational, and commercial (large scale, medium scale, small scale, and artisanal levels), and value and supply chain roles.
“This strategy is not just a document but a call to action and a blueprint for all stakeholders to create a more inclusive and gender-balanced mining and steel sector.
“It provides a guideline and framework to guide both ministries, their agencies, and stakeholders to integrate gender equality and women’s empowerment priorities in their policies, programmes, and initiatives, “ he said.
He acknowledged the indispensable contributions of women to the success and sustainability of the mining sector, saying that their talents, expertise, and perspectives are critical to the success and growth of the industry.
According to him, Nigeria is not immune from the biases perpetuated against women in these two sectors.
In addressing the situation, he said that the Federal Government has prioritised gender equity and female participation in its “Roadmap for the Growth and Development of the Nigerian Mining Industry.
He said as part of the efforts of MSMD and Ministry of Steel Development to implement the roadmap, the Mineral Sector Support for Economic Diversification (MinDiver) engaged a consultancy to develop the gender strategy.
He said that to achieve the objectives of the strategy, its institutional capacity would be strengthened for effective gender mainstreaming.
He added that that women’s participation in leadership and governance roles within the mining sector and communities would be increased.
“Promoting women’s economic empowerment and rights and eliminating all barriers (structural and systemic) that hinder women’s meaningful participation, access and control over mining resources and benefits, “ he said.
The minister added that they were committed to building partnerships across a wide range of stakeholders in achieving the vision of the strategy.
He said that the WIMIN strategy was firmly rooted in the principles of equality, diversity, and empowerment, and a call to action for stakeholders mobilisation toward a more inclusive and gender-balanced industry.
Earlier in her remarks, the National President of WIMIN, Dr Janet Adeyemi, described the launch of the strategy as an opportunity to galvanise support and implement actions to address the entrenched gender disparities within the mining and steel sectors.
Represented by the National Secretary, Mrs Emily Ofodile, she said that women within these industries continue to encounter multifaceted barriers that hinder their full participation and advancement.
On her part, the Permanent Secretary of MSMD, Dr Mary Ogbe, urged, women to be change agents at all levels, and urged all organisations to have gender focal persons to help in coordinating all related matters.
The Lagos Governor, Babajide Sanwo-Olu, will host a Justice Reform Summit with the theme: “Enhancing The Administration of Justice For Economic Growth, Investment Protection And Security in Lagos State,” on May 27 and 28.
This is contained in a statement issued by Mrs Titilayo ShittaBey-Jeje, Solicitor, General/Permanent Secretary, Lagos State Ministry of Justice, on Wednesday.
ShittaBey -Jeje said that Sanwo-Olu would be the Chief Host at the summit which would take place at Marriott Hotel, GRA Ikeja, Lagos.
She said the Chief Justice of Federation, Justice Olukayode Ariwoola would be the Chairman, while the Attorney-General of the Federation and Minister for Justice Prince Lateef Fagbemi (SAN), would be the special guest of honour.
ShittaBey-Jeje said the Lagos State Government had became a pathfinder for justice reform following its various landmark and innovative achievements over the years.
She, however, noted that being the economic nerve centre of the country, there were real and new challenges to address.
ShittaBey-Jeje said the summit would explore diverse perspective towards effective and efficient administration of justice for economic growth and investment protection in the state and Nigeria at large.
She said the ministry had created an avenue for stakeholders and members of the public to express their views, observations and recommendations for the reform in order to gather insights from a wide spectrum of Nigerians.
“Therefore, the stakeholders and members of the public can send their contributions to [email protected], whatsapp no: 07032276146, facebook – @Lagosmoj, twitter- @Lagosmoj and instagram-@Lagosmoj,” she said.
Seyi Tinubu has offered to reconcile Wizkid, Davido – Lege Miami
Vinicius’s double earns Real Madrid 2-2 draw at Bayern Munich
Alake unveils gender strategy for mining, steel sector
Rt.briscoe, FBNH, Others halts negative performance of stock market
Court orders Sen. Victor Umeh to repay N136m bank debt to AMCON
UNDP, FG partnership needed to achieve inclusion, equity- Minister
-
capital market2 years ago
Rt.briscoe, FBNH, Others halts negative performance of stock market
-
Finance3 months ago
Court orders Sen. Victor Umeh to repay N136m bank debt to AMCON
-
Abuja Update2 months agoUNDP, FG partnership needed to achieve inclusion, equity- Minister
-
Abuja Update1 month ago
Banks drive stock market performance with N147bn gain
-
Business1 week ago
Tingo Group unveils Tingo Electric, Tingo Cola drink at Lagos launch
-
Health2 weeks ago
Capacity training will reduce migration of health workers- NPHCDA
-
News4 months ago
Oil thieves sponsoring malicious media campaign against Navy – Spokesman
-
Infotech1 month ago
World Backup Day: NITDA urges Nigerians to ensure backup of data
