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Rivers State govt flags off free transportation scheme for residents

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5 months ago

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Rivers State Governor, Siminalayi Fubara has formally flagged off a free transport intervention scheme to mitigate the economic challenges faced by residents of the state as a result of the removal of fuel subsidy.

Speaking during the flag-off at the Rivers State Transport Company Complex in Port Harcourt, Governor Fubara said the State Government under his watch was aware and concerned by the difficulties the fuel subsidy removal has caused the populace, which necessitated the decision to initiate the intervention.

The governor who was represented by his Deputy, Professor Ngozi Odu, noted that the introduction of the Free Transport Scheme was in line with the social contract his administration has with the Rivers people who gave them the mandate to serve.

She said, “I am indeed very delighted to perform the flag-off ceremony of the Rivers State Government mass transit scheme.

“The Rivers State Government is aware and concerned about the economic challenges faced by the populace as a result of the removal of fuel subsidy.

“Consequently, this scheme flagged off today, is a deliberate intervention by the Rivers State Government, to mitigate the effect of these economic challenges.

“Therefore, it is a gift given to us, and we must treasure it,” She added.

In his remark, the State Commissioner for Transport, Jacobson Nbina who commended Governor Fubara, said seventeen luxury buses, designated to ply various routes will carry people free of cost.

“This free transportation is not only for civil servants, it is also for students and other Rivers people.

“This project is going to have a multiple effect on the people of Rivers State.

“We are going to use free buses, it’s going to create job opportunities for our people.

“Drivers will be employed, conductors will be employed, and other people that will maintain the car will be employed.

“So, it’s an additional employment opportunity that His Excellency has created for the people of Rivers State.”

The Head of Service, George Nwaeke who also spoke at the event, expressed delight that the Governor has fulfilled the promise he made to labour leaders who visited him a few weeks ago.

Nwaeke assured the governor that his office will collaborate with the transport ministry to ensure the smooth operation of the scheme.

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Tinubu will restore peaceful co-existence in Plateau – Shettima

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7 hours ago

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December 9, 2023

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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.

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

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7 hours ago

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December 9, 2023

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

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7 hours ago

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December 9, 2023

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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.
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