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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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Fuel Hike: Experts Seek Speedy Intervention of FG 

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Some Economic Experts on Thursday urged the speedy intervention of the Federal Government following the hike in the Pump Price of Premium Motor Spirit (PMS) by the NNPC Ltd..

Checks by our correspondent showed that barely three weeks after increasing the pump price, the NNPC Retail Outlets in the FCT on Tuesday increased its fuel pump price again to N1,060 per litre as against N1,030.

our checks also revealed that most filling stations operated by the major marketers retained their old prices.

TotalEnergies and Cornoil fuel stations opposite the NNPC Ltd. Towers still sell at N1,109, Ardova Plc. and NIPCO sell at N1,125 and N1,150 respectively, while Kopdem Nig Ltd.

sell at N1,170 without queues.

An oil and gas expert who spoke under annonymity, said the change by the NNPC Ltd. while other marketers maintained their former prices signified that the NNPC Ltd. was trying to catch up with the existing price.

The expert urged the Federal Government to hasten intervention measures towards assisting common Nigerians to convert their vehicles to Compressed Natural Gas (CNG) to alleviate the suffering being experienced due to high price of fuel.

Also speaking with newsmen, Dr Chijioke Ekechukwu expressed worry over the adjustment of pump price, the third time in two months, adding that the increase in price was an additional stress to the hardship being experienced currently.

“We cannot over emphasise the impact these constant increases are having on the hardship being experienced by Nigerians currently.

“Disposable incomes have continued to be eroded, and the quality and standard of living are at their lowest ebb.

“I expect an urgent intervention in this regard to alleviate the sufferings of Nigerians,” he said.

Another expert, Mr Yushau Aliyu who decried inflation said the NNPC Ltd. would continue to adjust pump prices upward unless the domestic functional refineries registered their supply strategy.

“The NNPC Ltd. are bent on using inferior price models grossly influenced and guided by poor exchange rates regime and devastating inflationary measures,” he said. (NAN)

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Vet Doctor Calls for Law to Guide Abattoir Operations in Nigeria

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Dr Mutiu Oladele-Bukola, Veterinary Doctor at the Institute of Agricultural Research and Training (IAR&T), Obafemi Awolowo University, Moore Plantation, Ibadan, has called on  governments to institute laws guiding abattoir operations.

Oladele-Bukola made the call in an interview on Thursday in Ibadan.

He said that governments should also enforce absolute compliance to the law for a standard operation by the abattoirs.

He said that the waste management practices in many Nigerian slaughter houses were poor, posing public health and environmental hazards to inhabitants.

According to him, open dump waste disposal and direct disposal of effluents into water bodies are still common practices in many abattoirs.

“These practices expose inhabitants and neighbouring communities to pathogens, with great risks to public health.

“Bacteria and fungi break down these organic materials to produce biomass leading to cellular multiplication.

“Most abattoir effluents are channeled to surrounding water bodies, causing water pollution.

“Many communities in Nigeria get their drinking water directly from rivers and streams that receive these effluents from abattoirs,” he said.

The veterinarian added that these water bodies also served as sources of water for farming activities, exposing plants and animals to pathogenic microbes.

“Polluted animals can lead to food-borne diseases, which could be life-threatening, especially in immune-compromised individuals,” he said.

Oladele-Bukola emphasised the need for improved sanitary conditions and optimal waste management in abattoirs across Nigeria.

He advocated a robust and holistic review of the policies and legislative framework guiding abattoir activities and management in the country.

“Efforts must be made to expedite the passage, and enforcement of the Meat Inspection and Hygiene Act, currently before the National Assembly.

“The said Act should also be reviewed to accommodate expert views on contemporary methods of waste management.

“New policies should reflect and enforce modern standards of waste treatment and disposal in line with global best practices.

“The traditional practice of floor slaughter and carcass dressing should be replaced with the rail system which ensures minimal carcass contamination,” he added.

Oladele-Bukola equally called for improved technology for waste treatment and energy conversion.

He stressed the importance of training for veterinary officers, butchers and abattoir staff for an acceptable level of hygiene and waste management.

“To attract individuals with a good level of formal education to the sector, government and major players must make abattoir jobs socially and economically appealing.

“Proper implementation of waste management systems, education of abattoir workers and enforcement of regulations and compliance to international standards, would contribute to the promotion of both public and planetary health,” Oladele-Bukola said. (NAN)

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Minister Appoints Kingsley Igwe, CRFFN Registrar

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The Minister of Marine & Blue Economy, Alhaji Adegboyega Oyetola, has approved the appointment of Mr Kingsley Igwe as Registrar of Council for the Regulation of Freight Forwarding in Nigeria (CRFFN).

Mr Ismail Omipidan, the ministers spokesman, said this in Statement to newsmen on Thursday in Lagos.

Oyetola said the appointment  was  part of efforts to reposition CRFFN for better efficiency and management.

He said that Igwe, who was also the National Secretary, National Association Government Approved Freight Forwarders (NAGAFF), took over from the acting Registrar, Mrs Chinyere Uronta.

The appointment was announced in a letter signed on behalf of the Minister by the Director, Maritime Services, Mr Babatunde  Sule.

Oyetola said that his appointment was in accordance with the relevant provisions of CRFFN Act 2007  for a duration of four years in the first instance.

He said that Igwe, from Imo State, had Master’s degree in Transportation and also an active member of the CRFFN.

The Minister stated that the appointment was with immediate effect.

Report says  that in August 2024, Igwe was the best performing participant at a CRFFN training supervised by the Minister in Lagos.

It would be recalled that the Council had been enmeshed in crisis of confidence and insolvency, leading to its inability to pay salaries since January 2024.

However, Oyetola has stepped in to arrange a bailout loan for the payment of salaries till August. (NAN)

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