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Senate Passes NDIC Bill to Safeguard Bank Depositors’ Fund

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The Senate on Tuesday at plenary passed  a bill to strengthen the capacity of  the Nigeria Deposit Insurance Corporation’s(NDIC) to safeguard depositors fund  and strengthen financial institutions in Nigeria.

This followed adoption of report of Senate Committee on Banking, Insurance and other Financial Institutions on  the bill titled, “Nigeria Deposit Insurance Corporation Act 2023″

The bill was sponsored by Sen.

Adetokunbo Abiru (APC-Lagos) and all the members of the Committee.

Abiru while  presenting  the report said the bill would make the NDIC, more effective, safeguard its independence, autonomy and bring it in line with current realities and best practices.

He said the bill consolidates the power of the President to appoint the Chairman and members of the board of the NDIC while the Central Bank of Nigeria (CBN) which hitherto recommends the appointees, would now concentrate on supervising the corporation.

According to him, the NDIC based on the new act will focus on the examination of the banks.

He said: “the Nigerian Deposit Insurance Corporation (Amendment) Bill, 2024, is thus a critical piece of legislation aimed at strengthening the Nigerian financial system.

“The proposed amendments will enhance the NDIC’s capacity to safeguard depositors, ensure the stability of financial institutions, and promote trust in the banking system.

“Given the rapidly evolving nature of the financial sector, this Bill represents a timely response to the challenges and opportunities that lie ahead.”

He said, “to further empower the corporation by guaranteeing its independence in performing its statutory functions in line with Section 1 (3) of the principal Act.

“The principal (2023) Act curiously restricts the President’s power to appoint the Managing Director and Executive Directors and provides that they are to be to persons recommended by the Central Bank of Nigeria Governor.

“The 2024 bill now seeks to amend the provision to bring it in line with and in consonance with Mr President’s power of appointment as enshrined in the Constitution of the Federal Republic of Nigeria 1999 as amended.

“The provisions of the principal Act which makes the Permanent Secretary, Ministry of Finance the Chairman of the Board is also being reviewed.

“This is because the workload and busy schedule of that office is such that makes such appointment untenable.

“The importance of the need for the Minister of Finance to constitute an Interim Management Committee for the Corporation within 30 days after the expiration or termination of the tenure of the Board is also introduced in the bill.

“This is to forestall the recent situation where the Corporation faces challenges in its operations as a result of the absence of a board.”

Abiru said there was consensus among stakeholders on the importance of the NDIC as it was set up for the purpose of protecting depositors fund, guarantee settlement of insured funds .

This, he said would help maintain financial system stability.

“Considering the above therefore, the general consensus among stakeholders was that it is important that the legal framework is reviewed.

“This is to make the corporation more effective to discharge its functions, safeguard its independence and autonomy and to bring it in line with current realities and best practices.

“This is particularly because the Corporation plays a vital role in safeguarding the interests of depositors and promoting confidence in the financial sector.

“The evolving challenges in the global and domestic banking environments necessitate the amendment of the current law to keep pace with these developments and ensure the NDIC remains fit for purpose.”(NAN)

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Abuja Stampede: Wike Directs Free Treatment for Victims

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Federal Capital Territory (FCT) Minister, Nyesom Wike has directed government hospitals to provide free treatment to the people that sustained injuries during a stampede at the Holy Trinity Catholic Church in Maitama, Abuja.Wike gave the directive in a statement signed by his Senior Special Assistant on Public Communications and New Media, Mr Lere Olayinka, in Abuja on Saturday.

No fewer than 10 people including children lost their lives while 10 others sustained injuries to the stampede, during the distribution of food items to less privileged and the elderly by the church.
The sad incident occurred around 6:30 a.m on Saturday.Wike said that the FCT Administration would ensure that the injured received adequate medical attention.
The minister, who commiserated with the victims, also directed that henceforth, police permission should be obtained by individuals or organizations planning public distribution of palliatives, either food items or cash.Describing the incident as “painful”, Wike prayed for the repose of the souls of the lives that were lost and fortitude for their families to bear the irreparable loss.He commended the Police and other security agencies for their prompt intervention, saying, “the promptness in which security agencies responded to the incident was commendable.”In a related development, the FCT Emergency Management Department (FEMD), equally commiserated with the victims of the stampede.The acting Director General of the department, Mr Abdulrahman Mohammed, in a statement said that nine out of the 10 injured persons earlier taken to Maitama District Hospital, have been treated and discharged.Mohammed also appealed to organisations that intended to give out food items to the less privileged to involve security agencies or FEMD for adequate planning to ensure safety of beneficiaries.He also advised the use of coupons and segregation of the beneficiaries into groups to avoid crowd and rowdiness that could lead to stampedes.Similarly, the Police Command in the FCT has ordered organisations, religious bodies, groups, or individuals to notify the police when planning public events, charitable activities, or large gatherings in the territory.In a statement by the Police Public Relations Officer in the FCT, SP Josephine Adeh, said that the notification was to enable the police to deploy adequate security measures for public safety.According to her, failure to comply with the directive will result in the organisers being held liable for any incident or loss of life resulting from negligenceMeanwhile, the Nigeria Police Force has issued a warning against the unorganised distribution of palliatives and funfairs, which have led to stampedes and fatalities among vulnerable citizens.The Force Public Relations Officer, ACP Olumuyiwa Adejobi, gave the warning during a media briefing on Saturday in Abuja.Adejobi explained that the warning came in response to the increasing number of stampedes resulting in injuries and deaths, particularly during palliative distributions. (NAN)

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NDA Records Successes in Military Training, Academics in 2024

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The Nigerian Defence Academy (NDA), says it has recorded a lot of successes in military training and academic activities in 2024.

The Commandant of NDA, Maj.-Gen. John Ochai, said this at the Nigerian Defence Academy Social Activities (NDASA), held at the headquarters of the academy Afaka  on Friday in Kaduna.

Ochai said the essence of NDASA was to end training activities of the year.

He said the 2024 NDASA was unique because the academy marked 60 years of existence from 1964-2024.

Also of significance, Ochai said,  NDA had passed out the largest number of officers commissioned into the Armed Forces of Nigeria in 2024.

Equally, he said, in the same year (2024), the academy had the largest number of officers trained outside the country.

He emphasised that the NDA does not only train leaders for the Nigerian Armed Forces, but those for the Nigerian nation and humanity at large.

“After five years of training, we imbibe in officers leadership qualities that are everlasting.

”The traditions, ethos, characters that we instill in our cadets follow them forever and become very useful in all spheres of human endeavors,” Ochai said.

Mr Martins Amaram, Country Security Manager, Nigeria Breweries, PLC , who was the Special Guest of Honour, said the event fostered unity, cultural awareness and comradeship among the cadets and the larger community.

Amaram said, “The academy has always been a beacon of excellence in producing military leaders  for integrity, resilience and capacity to face in a dynamic and complex world .

“Beyond academics and military training the academy still values cultural respect and social engagement, recognising the diversity of our great country. Nigeria.”

He commended NDA for creating the platform where cadets can appreciate the rich cultures and build bonds that transit borders.

Amaram added, “The Armed Forces of Nigeria are playing a critical role in ensuring the stability and progress of our nation. “

He urged the academy to continue to record more successes in its mission of excellence and service to the nation.

Report says that awards were given to deserving soldiers who distinguished themselves in 2024.

report says that 22 soldiers were decorated from Warrant Officer(WO) to Master Warrant Officers(MWO). (NAN)

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Corps Member Donates Delivery Kits to Pregnant Women in Katsina

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A Corps member serving in Katsina State, Blessing Ene-Ameh, has distributed free delivery kits to 50 pregnant women in Mani town, Mani Local Government Area of the state

The corps member distributed the delivery kits to the expectant mothers in Mani on Friday as part of her personal Community Development Service (CDS)project.

Eneh-Ameh said that she visited a hospital in the area during one of her group CDS programmes and observed that the hygiene of women in the antenatal and children’s wards was not too good.

The corps member also stated that she had noticed that the turn up of pregnant women for antenatal care was very low.

She said, ”This attracted my attention to the need to educate pregnant women on its importance.

“There is also the need for them to keep themselves and their surroundings very neat to avoid infections for themselves and their babies.

“The aim was also to educate them on the importance of planning for the future of the baby.

”They also need to be staying clean to reduce the risk of contracting infections and other diseases by both the mothers and children, as well as the community in general.

“The training will empower the women to be able to handle and bring up children for the family,”  Eneh-Ameh explained.

The NYSC Coordinator in the state, Alhaji Sa’idu Ibrahim, commended the corps member for her ingenuity and magnanimity to carry out the project.

Represented by the Local Government Inspector, Alhaji Abdulrazak Ismail-Tsiga, the coordinator urged the corps members serving in the state and other parts of the country to emulate her. (NAN)

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