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NDIC Reaffirms Depositors’ Fund Protection, Remits N950bn to FG

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By Tony Obiechina, Abuja

The Nigeria Deposit Insurance Corporation (NDIC) said it has contributed about N950bn to the Federal Government’s Consolidated Revenue Fund (CRF), while reaffirming its commitment to safeguarding depositors’ funds and strengthening the stability of the country’s financial system.

The Managing Director and Chief Executive of the NDIC, Dr.

Thompson Sunday, disclosed this on Monday during the second-quarter Citizens and Stakeholders’ Engagement Session organised by the Federal Ministry of Finance in Abuja.

According to him, the corporation’s contribution to government revenue underscores its growing role in supporting national economic reforms beyond its statutory responsibility of protecting depositors and resolving failed banks.

He stated that the NDIC had contributed approximately N950bn to the Federal Government’s Consolidated Revenue Fund, including about N274bn remitted in the previous year.

Sunday reaffirmed the corporation’s commitment to supporting the Federal Government’s Renewed Hope Agenda through a resilient financial system, stronger deposit protection, enhanced financial inclusion and sustained confidence in the banking sector.

He explained that the NDIC Act 2023 empowers the corporation to provide deposit insurance, supervise insured financial institutions alongside the Central Bank of Nigeria (CBN), resolve distressed banks and liquidate failed financial institutions.

According to him, deposit insurance guarantees customers’ funds whenever a bank’s operating licence is revoked by the CBN, while the corporation also carries out routine on-site examinations and off-site surveillance to ensure financial stability.

Sunday said the 2023 Act significantly strengthened the deposit insurance framework by increasing the maximum insured deposit for deposit money banks from N500,000 to N5m, while coverage for microfinance banks and primary mortgage banks was increased from N200,000 to N2m.

He added that customers of payment service banks and mobile money operators are now also protected up to N5m, with the reforms extending deposit insurance coverage to about 98.98 per cent of deposit money bank customers.

The NDIC boss said the corporation had also reduced the time required to reimburse insured depositors from the statutory 30 days to 72 hours after the revocation of a bank’s licence by leveraging the Bank Verification Number (BVN) and the Nigeria Inter-Bank Settlement System.

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He noted that the corporation paid insured depositors of Heritage Bank within four days of the bank’s licence revocation and completed payments to customers of Union Homes and ASO Savings within 72 hours.

Providing further updates, Sunday disclosed that the NDIC currently supervises 914 licensed financial institutions with over 281 million deposit accounts across the country.

He said the corporation had paid N51.04bn as insured deposits to Heritage Bank customers following the bank’s closure and had also disbursed N33.59bn as liquidation dividends to uninsured depositors, while efforts to recover more assets continue.

According to him, the corporation has recovered billions of naira through debt recovery, investments and the disposal of assets belonging to failed financial institutions.

Sunday also revealed that the NDIC conducted on-site examinations of 287 financial institutions in 2025 and resolved about 85 per cent of depositor complaints received during the period.

He maintained that Nigerian banks remain among the country’s most regulated institutions because of their critical role in protecting depositors’ funds and supporting economic stability.

Earlier, the Permanent Secretary, Federal Ministry of Finance, Raymond Omachi, said continuous engagement with citizens and stakeholders was essential for improving transparency, accountability and public understanding of the Federal Government’s fiscal reforms.

Omachi described the NDIC as a critical component of Nigeria’s financial safety net, noting that its role in protecting depositors and maintaining confidence in the banking system remains indispensable to economic stability.

Foreign News

Pakistani Strikes Kill 36 Civilians, Wound 163

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Pakistani strikes in three eastern provinces of Afghanistan killed 36 civilians and wounded 163, the Taliban government’s deputy spokesman said on Monday.

“The attacks carried out last night resulted in the martyrdom of 36 civilians, including women and children, while 163 others sustained injuries,” Hamdullah Fitrat posted on his X account.

Pakistani security forces Sunday carried out a ground operation along the Pakistan-Afghanistan border, followed by “calibrated strikes” against militant hideouts and safe havens, officials said.

In a post on X, Pakistani Information Minister Attaullah Tarar said the operation was launched in response to multiple militant attacks across the country. There was no immediate response from Afghanistan.

Pakistan has witnessed a surge in militant attacks targeting police and security forces in recent years. Authorities have blamed the Pakistani Taliban, known as Tehrik-e-Taliban Pakistan, or TTP, and allied militant groups for most of the violence.

It comes a day after militants armed with guns and explosives targeted the regional headquarters of the paramilitary Rangers in the southern port city of Karachi, killing three soldiers. Security forces killed three attackers and arrested another assailant, whom the military identified as an Afghan national in wounded condition.

Jamaat-ul-Ahrar, a breakaway faction of the Pakistani Taliban, claimed responsibility for the Karachi attack in a statement Saturday night.

Tarar said Pakistan’s latest operation along the Afghan border targeted hideouts and safe havens of the Pakistani Taliban. The Pakistani Taliban are a separate militant group from the Afghan Taliban, although the two are allies. The Afghan Taliban returned to power in neighboring Afghanistan in 2021.

The latest operations are likely to further strain already tense relations between Islamabad and Kabul.

Sunday’s cross-border strikes and ground operation came less than three weeks after Pakistan’s military launched airstrikes on what it said were militant hideouts in Afghanistan. They ended about a month of relative calm following what Islamabad had described as an “open war” between the neighboring countries, despite international efforts to broker a lasting peace.

The escalation follows months of tit-for-tat military action between the two countries. Hundreds of people have been killed in cross-border fighting since February, when Afghanistan launched retaliatory strikes after Pakistan carried out airstrikes inside Afghan territory.

Multiple rounds of internationally mediated peace talks have failed to secure a lasting ceasefire. China also hosted the two sides in April and Beijing later said Pakistan and Afghanistan had agreed not to escalate their conflict and to explore a solution.

Pakistan since last year has carried out multiple strikes along the border and inside Afghanistan, targeting alleged hideouts of TTP and other militants. Pakistan accuses Afghanistan’s Afghan Taliban government of harboring militants who carry out deadly attacks inside Pakistan, especially the TTP. Kabul denies the charge.

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NEWS

Boat Mishap Claims Two Siblings in Rivers, Driver Arrested

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Two siblings have died after a boat carrying them and five other passengers capsized on a river in Ahoada Town, Ahoada East Local Government Area of Rivers.

The victims, identified as Mekalachi Gogochuri, 25, and Rejoice Gogochuri, 23, reportedly drowned on Saturday evening while returning home from work through the Aliya (Over Head) River in the community.

Their elder brother, Abraham Gogochuri, told journalists in Port Harcourt on Monday that the incident occurred at about 7:45 p.

m. when his siblings boarded the boat to cross the river.

According to him, the two victims were among seven passengers travelling in the boat when it suddenly capsized.

“They were coming back from work and boarded a boat to cross the river because it is the route residents use to access our community.

“Unfortunately, the boat capsized and my brother and sister drowned. Although there were about seven passengers on board, only the two of them lost their lives,” he said.

Gogochuri blamed the incident on the poor condition of the boat and the absence of safety measures, including life jackets.

He claimed the vessel was already taking in water before the journey began and was unfit for transportation.

“It was an ordinary canoe paddled by hand. The boat was already leaking, and parts of it had been covered with wrappers to reduce the leakage.

“There were no life jackets for passengers. We believe this contributed significantly to the tragedy,” he said.

Gogochuri also accused the construction company handling road works in the area of failing to provide safe transportation alternatives for residents affected by the project.

He said the company ought to have provided stronger boats and adequate safety equipment for commuters using the route.

He further lamented that a bridge previously constructed in the area had collapsed and had not been rebuilt, forcing residents to rely on unsafe boats for transportation.

Gogochuri called on the authorities to investigate the circumstances surrounding the incident and implement measures to prevent a recurrence.

Confirming the incident, the spokesperson of the Police Command in Rivers, ASP Blessing Agabe, said that investigations had commenced.

Agabe said the bodies of the deceased had been deposited in the mortuary while a suspect linked to the incident had been arrested.

“The key suspect, who is the driver of the boat, is currently in police custody and is being interrogated.

“Investigations will determine the exact cause of the boat mishap,” she said. (NAN) (www.nannews.ng)

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Education

FG to Unveil Digital Education Data System July 1

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The Federal Ministry of Education said it will officially unveil the Digital National Education Management Information System (DNEMIS) on July 1 to strengthen education planning, governance and service delivery through reliable data.

National Project Coordinator, Special Programmes Operations and Implementation Unit (SPOIU), Office of the Minister of Education, Adebayo Onigbanjo made this known on Monday at a news conference in Abuja ahead of the unveiling.

Onigbanjo said the initiative was a key component of the Nigeria Education Sector Renewal Initiative (NESRI), being implemented under the leadership of the Minister of Education, Dr.

Tunji Alausa.

He said the ministry had prioritised education data as a strategic national asset to improve governance, accountability and evidence-based decision-making.

“For many years, education planning and administration relied on fragmented systems, inconsistent reporting processes and limited access to reliable and timely data.

“These challenges constrained effective planning, weakened accountability and limited the sector’s ability to respond to emerging realities,” he said.

He explained that the ministry developed the Nigeria Education Data Infrastructure (NEDI) to coordinate, standardise and strengthen education data management across all levels of education.

According to him, DNEMIS is a flagship component of NEDI, designed to provide timely, reliable and accessible information to support planning, policymaking, budgeting, monitoring and service delivery.

He added that the platform would ensure every learner, school, teacher and education investment was captured in a system that supports evidence-based decision-making.

“The progress recorded through NEDI and the implementation of DNEMIS reflects the ministry’s broader commitment to ensuring that reforms are not only announced but effectively coordinated, implemented and measured.

“Data is no longer a back-office function. It is becoming the engine of education reform in Nigeria,” Onigbanjo said.

Also speaking, the Special Assistant to the Minister on Digital Communications and E-Learning, Ms Mojoyin Adebajo, said DNEMIS marked a major milestone in Nigeria’s digital education transformation.

Adebajo said the platform would digitise the Annual School Census process and provide government with timely information to support planning, budgeting, policymaking and improved service delivery.

She explained that the portal would, for the first time, make selected official education data publicly accessible through an interactive platform.

According to her, the portal would enable government institutions, researchers, development partners, civil society organisations, the private sector, journalists and members of the public to access and engage with education information.

“This represents an important step towards expanding access to information and encouraging broader participation in conversations that shape the future of education in Nigeria,” she said.

She added that the ministry remained committed to leveraging technology and innovation to strengthen education governance and improve learning outcomes across the country.

The NEDI Coordinator, Abubakar Isah, said the ministry had taken adequate measures to ensure compliance with Nigeria’s data protection laws and safeguard education data.

Also, Saka Ibraheem, Education Specialist, Planning, Monitoring, Data and Research at UNICEF, said the goal was to integrate all education management platforms into a single system.

“Before next year, we hope to have the Education Management Information System (EMIS), Teacher Management Information System (TMIS) and individual learner records in one system.

“One system for education and one system for Nigeria,” he said.

He added that the integrated system would have a unique identifier to track school enrolment and out-of-school children across the country.

According to him, the system would help reduce school dropouts by enabling seamless tracking of learners as they move through the education system.

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