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NDIC Pays over N1.7bn to Liquidated Banks’ Customers

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By Tony Obiechina, Abuja

The Nigeria Deposit Insurance Corporation (NDIC) said it has paid an insured sum of over N1.7 billion to customers of Microfinance banks and four Primary Mortgage Banks whose licences have been revoked by the Central Bank of Nigeria (CBN).

The Managing Director/Chief Executive Officer, NDIC, Mr.

Bello Hassan said this at the 2023 NDIC Editors Forum at the weekend in Lagos with the theme: ‘Stocktaking of Deposit Insurance Practice: Assessing the Past, Evaluating the Present and Forecasting the Future.’

Hassan said following the revocation of the licences of 183 institutions comprising Microfinance Banks and Primary Mortgage Banks by the CBN earlier this year, “we quickly advertised and told affected depositors to get the required documents and come forward for verification so that we can pay them the insured amount.

“So, in terms of insured amount, we have paid more than N1.7 billion to more than 22,000 customers and we are calling on those customers that had no Bank Verification Number attached to their accounts to come forward to get their claims verified so that we can pay them the insured amount.

“We are still on that. So, I’m using this opportunity to appeal to those depositors to come forward so that they can be verified and their claims paid.”

The insured deposit is the first claim that NDIC pays to depositors upon revocation of a bank’s licence by the CBN.

The maximum specified limits for the MFB and PMB sub-sectors are N200,000 and N500,000 per depositor per bank, respectively.

The NDIC boss said the Deposit Insurance System implemented by the corporation was an important component of the nation’s financial safety net.

According to him, the corporation’s operations focused on minimising banks’ risks and failures through strict banking supervision, reimbursement of insured depositors in the event of failure, and orderly liquidation of failed banks.

“It complements the efforts of the Central Bank of Nigeria to achieve a secure and stable banking system as well as support the fiscal authority in maintaining stability within the broader financial system, serving as the foundation for economic growth and development,” he said.

Hassan also said the corporation, like other financial safety net players in Nigeria, had been faced with similar challenges that had impacted the nation’s financial system.

These challenges, he said, were caused by two main factors: macroeconomic factors and the changing dimensions of the financial services industry.

“Though some of the challenges are universal, others are unique and domesticated.

“It is within this context that the NDIC aligns itself with the Central Bank of Nigeria’s efforts towards strengthening the banking industry through enhancing prudential thresholds and other regulatory instruments,” Hassan said.

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DBN Signs $61m Credit Deal With AfDB, Unveils Support Initiative Report

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By Tony Obiechina, Abuja

The Development Bank of Nigeria Plc (DBN) has launched DAWN: DBN Action for Women in Nigeria, unveiled its Impact Report and presented MSME Data Assets at the seventh edition of Annual Lecture held in Abuja.

DBN, in a statement on Thursday, said while delivering a welcome address, its Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said the central challenge was no longer reforms themselves but ensuring benefits reach businesses at end of the chain.

He asked how to make sure benefits reach traders in Onitsha, fabricator in Aba, farmer in Kebbi and young founder in Yaba, noting that MSMEs accounted  for about half of Nigeria’s GDP and more than eight in every ten jobs, adding that when reform works for MSMEs it works for most Nigerians.

He explained that reform becomes prosperity only when entrepreneurs can act on it whether through long tenor loans to buy equipment, banks willing to take risk or skills and records needed to grow.

He said working through Participating Financial Institutions DBN provides longer term funding, partial credit guarantees through subsidiary Impact Credit Guarantee Limited and capacity building including Entrepreneurship Training Programme.

He disclosed that as at December 2025 DBN had disbursed a cumulative N1.4 trillion to MSMEs through 84 Participating Financial Institutions creating about 1.6 million jobs nationwide.

Under the new five year strategy, the Bank aims to reach more than two million MSMEs with deliberate targets for women led businesses, youth led businesses and underserved states.

On DAWN, Okpanachi said finance alone had not enabled enough women-led businesses to scale.

He said initiative brings together financing, guarantees and credit support, technical assistance, outcome linked grants and market linkages delivered through banks, microfinance institutions, fintechs, aggregators, cooperatives and direct channels.

Its priority sectors are agriculture and exports, healthcare, arts and creatives, technology and green business.

He said DAWN is about moving gender focused lending beyond intention and turning access into opportunity.

On the sidelines of the lecture DBN and African Development Bank held a signing ceremony of AfDB DBN 61 million United States dollars Gender Line of Credit development that reinforces Bank commitment to women led enterprises.

Okpanachi urged Participating Financial Institutions to extend lending into sectors and states where access to finance has been limited, policymakers and regulators to measure reform by what changes for business at end of chain and MSMEs to formalise, keep good records and use support now available.

The Vice President as Special Guest of Honour was represented by Dr Fred Iklaga Senior Technical Adviser in the Office of Special Adviser to the President on Economy.

Keynote speakers were Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and Chairman of Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya.

Fireside chat featured Chief Executive Officer of Sterling Bank Abubakar Suleiman, manufacturing and trade entrepreneur Mrs Omoyemi Chukwurah and by video Kola Masha of Babban Gona.

The Secretary to the Government of Federation, represented by Augusta Warren Bekaredebo, said 2026 tax reforms would bring relief to many small businesses expressing optimism that a lot of businesses will be smiling by next year because they will be exempted from tax.

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NLC Threatens Nationwide Action as Talks With FG Collapse

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By Tambaya Julius, Abuja 

The Nigeria Labour Congress (NLC) has threatened possible nationwide industrial action following the failure of talks with the Federal Government over workers’ welfare, petrol prices and other outstanding labour demands.

The warning came after a meeting between the government and organised labour at the Ministry of Labour in Abuja on Thursday, October 22, ended without an agreement.

The congress has given the Federal Government until Tuesday, October 27, to make meaningful progress on the issues, warning that its relevant organs would decide the next line of action if the next meeting fails to produce concrete commitments.

The NLC has also directed its affiliates, state councils and civil society allies to begin mobilising members for possible nationwide action.

In a statement issued after the meeting, the NLC Acting General Secretary, Benson Upah, expressed disappointment over what he described as the government delegation’s lack of preparedness for the negotiations.

According to the congress, organised labour presented its demands in good faith but left the meeting without any concrete commitments from the government.

The demands include a reduction in petrol prices to 2024 levels, renegotiation of the national minimum wage, implementation of agreed tax relief measures and resolution of the terms of settlement involving the Joint Health Sector Unions (JOHESU).

The congress also called for the resolution of issues raised by the Joint Public Service Negotiating Council (JPSNC) over peculiar allowances, wage awards and hazard allowances.

The NLC said the government delegation lacked the necessary authority to engage meaningfully on the issues presented by labour representatives.

“The meeting between the Federal Government and organised labour, convened at the Ministry of Labour in Abuja on 22nd October 2026, has ended without resolution,” the statement said.

It added that the Minister of Labour requested that the meeting be adjourned until October 27 to allow the government to prepare adequately for further discussions.

The preparations, according to the statement, would include bringing relevant ministers and heads of departments and agencies to the negotiating table.

The congress said it remained open to dialogue but would not accept continued delays in addressing workers’ concerns.

“We will report back to our organs, and if no meaningful progress is made on Tuesday, the relevant organs of the NLC will decide the next line of action,” it said.

The labour body urged workers and members of the public to remain calm while the negotiations continue, even as it directed its affiliates and allies to prepare for possible industrial action.

“However, we urge all affiliates of NLC and TUC; all state councils and our civil society allies to be alert and start mobilising for a possible action across the nation while we hope that the tenets of our demands are met by the government,” the statement added.

The October 27 meeting is expected to provide another opportunity for both sides to address the outstanding issues and prevent a possible escalation of the dispute.

However, the NLC’s decision to begin mobilisation suggests that tensions could rise if the next round of talks fails to produce meaningful progress.

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Election Campaigns: FRSC Bars Officers from Politicians’ Escort

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The Federal Road Safety Corps (FRSC) has barred its personnel from escorting politicians during campaigns for the 2027 general elections.

Zonal Commanding Officer, RS6, ACM Abimbola Owolabi, gave the directive during her maiden visit to the Cross River Command in Calabar on Wednesday.

Owolabi said patrol vehicles and sirens must not be used for political activities or private engagements, including weddings and funeral processions.

She directed officers deployed to campaign venues to focus exclusively on traffic management to prevent congestion and road crashes.

The zonal head warned personnel against leading political convoys or providing escorts for politicians, stressing that official vehicles must not be used for unauthorised purposes.

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