NEWS
Why Deposits in Closed Banks Remain Unclaimed – NDIC
By Tony Obiechina, Abuja
The Nigeria Deposit Insurance Corporation (NDIC) has stated that a limited understanding and the widespread misconception of the Deposit Insurance System (DIS) in Nigeria was largely responsible for the pool of unclaimed deposits following bank closures.
The Executive Director (Corporate Services) of NDIC, Mrs Omolola Abiola-Edewor made this disclosure while speaking at the opening ceremony of the 2020 Sensitization Seminar for Judges of the Federal High Court in Abuja with the theme: The Challenges to Deposit Insurance Law and Practice in Nigeria.
According to her, this phenomenon has informed the concerted efforts by NDIC to continuously collaborate with the Judiciary and other stakeholders in promoting sound knowledge and understanding of the deposit insurance system over the years.
Abiola-Edewor who said the situation was a global challenge to deposit insurance system commended the active collaboration by the honourable judges of the Federal High Court and the National Judicial Institute in the last nine years that the Corporation commenced the annual seminar.
She said the NDIC would continue to jealously guard the relationship with the Judiciary, adding that the current economic situation occasioned by the COVID-19 Pandemic has further underscored the need to strengthen the collaboration towards enhancing the stability of the financial system.
While describing judgments against the Corporation for liabilities of failed banks under liquidation as another challenge confronting the Corporation, the Executive Director noted that effective resolution of legal issues affecting the administration of the deposit insurance system was critical to the enhancement of safety and soundness of the banking system.
She said the Corporation would be looking forward to drawing from the rich knowledge and experience of the Federal High Court judges on ways of addressing these challenges.
The Chief Judge of the Federal High Court, Honourable Justice John Tsoho noted that the seminar had gone a long way in broadening the knowledge of judges, not only in deposit insurance law and practice, but also in the workings and operations of the financial system.
He noted that this had enhanced the discharge of the judges’ duties in the last nine years that the seminar was initiated.
The Administrator of the National Judicial Institute (NJI), Hon Justice Rosaline Bozimo in her goodwill message stated that the seminar was aimed at consolidating on the gains of the NJI and NDIC in exposing judges to best practice in deposit insurance law in particular and the financial system in general. She was represented by the Director of Research, Mr. Gbenga Omotesho.
The papers presented at the seminar included: An Overview of the Companies and Allied Matters Act 2020 by Hon. Justice Nelson Ogbuanya of National Industrial Court of Nigeria and discussed by Garba Abubakar, Registrar-General of the Corporate Affairs Commission; Evolving Cyber Risk and Future of Virtual Banking in Nigeria by Dr. Adekemi Omotubora of Faculty of Law, University of Lagos and discussed by Dr. Kabiru Katata, Deputy Director, Research, Policy and International Relations Department of the NDIC; and Non-interest Banking and Deposit Insurance in Nigeria by Prof. Ahmad Bello Dogarawa, Director and Member, Advisory Committee of Experts, Jaiz Bank and discussed by Mr. Galadima Gana, Director, Insurance & Surveillance Department of the NDIC.
From Dan Amasingha, Minna
Worried by the recent high cost of Agricultural produce and its attendant effect on cost of Living, Niger State Government has vowed to ensure Food Security in the Country by partnering with YTO Agricultural Machinery giant to enhance the State’s effort to ramp up food security.
Commissioner of Agriculture, Hon. Salihu Bawa Bosso gave the assurance during a presentation done by a delegation from YTO Group Corporation at the Ministry’s Headquarters in Minna on Wednesday. .
He said part of the focus of the present administration under the leadership of Farmer Governor Mohammed Umar Bago was aimed at attaining food sufficiency for all.
Hon Bawa Bosso disclosed that the government is cultivating 250,000 hectares of land across the state in the first year of the present administration stressing that Niger State in the next few years would become the Agriculture food hub in Nigeria.
“We are happy that we are here to collaborate to ensure that we redirect the minds of our people into Agriculture. His Excellency, the Farmer Governor is committed to solving the critical problems bedevilling the society using Agriculture as a strategy to ensure that our people can feed themselves all round the year
“We are happy to receive this Company so as to partner towards ensuring that mechanised agriculture is delivered to Nigerlites and Nigerians by extension.
“His Excellency, the Governor has already demonstrated commitment to revamping the agric sector as we have acquired over 1000 tractors, including planters, harvesters, power tillers and I’m sure we want more of these equipment” Bawa Bosso said.
During his presentation, YTO Company to Niger State Government, the Head of Procurement and Administration, Mr. Akintunde Akinkumi described YTO Group Corporation as a Chinese Agricultural and Construction Machinery Manufacturer owned by the Central Government of China adding that as the the largest Tractor Manufacturer in Asia, the Company was founded in 1955.
“As a result of the Company’s manufacturing expertise, YTO Group Corporation is a Company that we can introduce to participate in the agricultural transformation agenda of Niger State and Nigeria through their main authorised vendor; Tee-Pama Nigeria Limited in order to supply tractors and other farm equipments like Harrows, Plough, Harvesters among others.
“YTO brand has a lot of economic benefits as it is a 2024 model Tractor with Eighty HorsePower (80HP) and fuel consumption of four and half litres per honour when compared to other brands” Akintunde stressed.
He said the YTO equipment are technologically tracked to identify their location for security purposes emphasising that the tractors among other farm implements manufactured by Company, are highly durable and cost effective hence the need to partner the state government to deliver mechanised Agriculture to the good people of Niger State.
He expressed optimism that the Company will have a robust partnership with the State Government through the Ministry of Agriculture in line with the agricultural agenda of the present administration.
By Anthony Nwachukwu
No fewer than 2,000 indigent students across the country will benefit from the 2024 scholarship of the Ajoke Ayisat Afolabi Foundation (AAAF), as the philanthropic arm of SIFAX Group sets a huge target for the year.
The Executive Coordinator, AAAF, Foluke Ademokun, who disclosed this while reviewing the non-governmental organisation’s activities for the first quarter the year, said the initiative is aimed at supporting indigent parents, as well as tackling the menace of out-of-school children.
“We are focused on helping the government to reduce the number of out-of-school children,” she said.
“So, in our way, we have provided a platform where we source and pay school fees for indigent students across Nigeria so they can access quality education, despite the financial circumstance of their parents or guardians.
“We have been doing this since the inception of the foundation about 15 years ago. Thousands of underprivileged children have benefitted from the foundation.
“In the first quarter of 2024, we have paid for over 237 students in Lagos and Zaria and are optimistic that before the end of the year, we will reach over 2,000 students. The AAAF also plans to equip the students with in-demand skills, promote life-long learning opportunities, and reduce inequalities in access to quality education.”
According to Ademokun, AAAF also extended support to Umunna Comprehensive Secondary School, Umuosu, in Isiala Ngwa North Local Government Area of Abia State with 3-in-1 desks and seats to foster a good learning environment and improve the students’ overall learning experience.
“When we visited the school and saw that the environment, especially the tables and desks, were not conducive for learning, we knew that an intervention was necessary to make the school attractive to the students,” she explained.
Other projects executed by the AAAF and SIFAX Group in the first quarter of the year, according to Ademokun, included daily meals for the indigents and start-up grants for women in Zaria, Kaduna State, and foodstuffs to over 1,000 Lagos residents.
Others were also free medical outreaches in Lagos and Ogun states, digital training for market women in Lagos, and distribution of energy-efficient stoves to women in Abia State.
Commenting on the various projects, the Executive Director, Corporate and Governmental Affairs, SIFAX Group, Basil Agboarumi, said the company was committed to investing in underprivileged Nigerians through its various intervention projects aimed at improving the quality of their lives.
From Joseph Amedu, Lokoja
Kogi State House of Assembly has screened and confirmed a new Commissioner Nominee, Hon. Acharu Okpanachi whose name was transmitted to by Governor Ahmed Usman Ododo for screening and approval.
Okpanachi who was screened and confirmed at Wednesday plenary sitting of the House in Lokoja hails from Idah Local Government Area in Kogi East Senatorial District of the state.
Upon her appearance for the screening and after reading her resume, a member of the House representing Idah State Constituency, Hon. Usman Ochidi moved that the nominee be honoured by asking her to take a bow and leave.
Ochidi described her as a loyal APC member who had contributed immensely to the success of the party in Idah and its environs.
He held that in view of her contributions aside from encouraging and giving opportunity for more women to join the cabinet of His Excellency, Governor Ododo, she should rather be congratulated than subjected to questions.
Chairman of the Committee of the Whole who is also Speaker of the House, Rt Hon. Aliyu Umar Yusuf, acting on the overwhelming support for the motion, asked the nominee to take a bow and go.
Meanwhile, the 7th Legislative Assembly in the State also at Wednesday’s plenary gave First Reading to a private member Bill for the protection of the rights and dignity of persons living with HIV and AIDS in Kogi State.
The bill was titled: “A Bill For A Law To Provide For The Prevention Of HIV And AIDS Based Discrimination And Protection Of The Rights And Dignity Of People Living With And Affected By HIV And AIDS And For Other Related Matters, 2024.”
The Bill is being supported by a coalition of Civil Society Organizations (CSOs) working on HIV/AIDS in the state, led by the Initiative for Grassroots Advancement in Nigeria (INGRA).
It was presented to the House at plenary on Thursday March 29, by its sponsor, Hon. Bin Ebaiya Shehu-Tijjani (APC-Lokoja I).
The Bill, when passed into law, is expected to among others, prohibit all forms of stigmatization and discrimination against Persons Living with HIV (PL-HIV) in the state.
In similar vein, a Bill on Multi-door Court House and other matters connected therewith, bill 2024, was also given First Reading at Wednesday’s plenary as the House thereafter adjourned sitting to 30th April.
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