BUSINESS
We’ll Refund Distressed Banks’ Depositors – NDIC
By Joseph Amah, Abuja
The Nigeria Deposit Insurance Corporation on Thursday in Kaduna said it had enough funds to pay depositors whose money is trapped in 23 distressed banks across the country. The Managing Director of the NDIC, Bello Hassan, disclosed this at the ‘NDIC day’ at the ongoing 43rd Kaduna International Trade Fair, Kaduna on Thursday.
He said the corporation has moved for the commencement of payment to the affected depositors. This is just as he assured that the era of failed banks in the country, was over, adding that the NDIC was living up to its mandates of contributing to financial stability in the country. The fair is organized by the Kaduna Chambers of Commerce Industries, Mines & Agriculture.Hassan said part of its core mandate was to protect banks insured by the corporation and ensure financial stability in the nation’s economy. Represented by the Director of Communication and Public Affairs, Bashir Nuhu, the NDIC boss said apart from proving deposit insurance cover Microfinance banks, commercial banks, non-interest banks, said each depositor were insured up to N500,000 in the event of failure while N2m insures coverage for depositors of Microfinance Banks. He, however, reiterated that depositors who have funds in excess of the insured limits are paid dividends from the proceeds of assets and debt recovery in respect of the failed banks.
The NDIC boss said, “the NDIC has been living up to its mandate and public policy objectives of contributing to financial system stability. “The corporation provides deposit insurance cover to Microfinance Banks (MFBs), Deposit Money Banks (DMBs), Non-Interest Banks (NIBs), Primary Mortgage Banks (PMBs), subscribers of Mobile Money Operators (MMOs) and also to the recently licensed Payment Service Banks (PSBs).“Presently each depositor of DMBs, NIBs, PMBs and subscribers of MMOs are insured up to the maximum limit of N500,000.00 per bank in the event of failure; while the maximum insured coverage for depositors of MFBs is N200,000.00 per bank.” He added, “It may interest you to note that from its dogged liquidation activities, the Corporation has declared 100 percent liquidation dividends to depositors of 22 DMBs in liquidation. “What this means is that NDIC has realized enough to pay all depositors of the concerned 23 DMBs 100 percent of their money trapped in those banks. “As a result, the Corporation has since moved on to commence payment of liquidation dividends to creditors and shareholders of some of the banks, indicating that their depositors can access their full payment whenever they file their claims. “It is on this note that I like to call on depositors of banks in liquidation to avail themselves of the Corporation’s physical and online platforms for claiming their trapped deposits. “The online claim verification platform has been incorporated into the Claim Page on our website (www.ndic.gov.ng) to facilitate processing of claims from the comfort of depositors’ houses and offices.”
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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