NEWS AGENCY OF NIGERIA
Business

Tinubu backs Africa-led credit rating agency

140 total views today

By Salif Atojoko

President Bola Tinubu says he strongly supports an Africa-led credit rating agency (ACRA), saying it will provide fairer, more transparent credit assessments for African economies.

The President said this at the 38th Ordinary Session of the Assembly of the African Union (AU) Heads of State and Government in Addis Ababa, Ethiopia, on Sunday.

“An independent Africa-led rating agency will help provide fairer assessments of African economies and reduce the bias often observed in existing global rating agencies,” the President said.

President Tinubu commended the African Union (AU), the African Development Bank (AfDB), and the Specialised Technical Committee (STC) on Finance for their visionary leadership in advancing an African framework for financing development among member states.

He affirmed that the Africa Financing Stability Mechanism (AFSM) is crucial as the continent continues to face significant challenges.

He identified the challenges as rising borrowing costs, debt overhang, low domestic resource mobilisation, and limited access to long-term affordable financing.

“The establishment of the AFSM underscores the collective commitment of member states to addressing financial vulnerabilities and fostering economic resilience across the continent.

“This mechanism is envisioned to support member states in achieving their national development objectives, and it will also help create economic opportunities for citizens,” he said.

The Nigerian leader acknowledged the significant progress made at the 5th Extraordinary Session of the Specialised Technical Committee on Finance, held in November 2024 in Abuja, Nigeria, which reached key decisions.

“The adoption of the AFSM by member states is expected to enhance financial stability, strengthen resilience against external shocks, and provide a more coordinated approach to managing financial risks across the continent,” he said. (NAN) (www.nannews.ng)

Edited by Emmanuel Yashim

Business

Abuja chamber educates SMEs on insurance for business sustainability

99 total views today

 

 

By Vivian Emoni

The Abuja Chamber of Commerce and Industry (ACCI) hosted a webinar on Tuesday to educate Small and Medium Entrepreneurs (SMEs) on the significance of insurance in strengthening business sustainability in Nigeria.

Mr Agabaidu Jideani, Director-General of ACCI, explained that the purpose of the session was to raise awareness among entrepreneurs about the importance of insuring their businesses.

The webinar, organised by ACCI’s National Policy Advocacy Centre (NPAC), aimed to bridge the knowledge gap by highlighting the strategic significance of insurance and debunking common myths.

It also provided practical guidance on selecting the right insurance products to ensure business resilience.

“By giving SMEs a deeper understanding of insurance, we hope to strengthen the resilience and sustainability of Nigerian businesses,” Jideani said.

He emphasised that businesses, regardless of size, face risks such as natural disasters, financial crises, and unforeseen challenges, which could threaten their survival.

“Unfortunately, many small and medium-sized businesses in Nigeria fail to consider insurance as a fundamental risk management strategy, leaving them vulnerable to economic shocks.”

Jideani assured participants that the insights from the webinar would be conveyed to the relevant authorities to inform policies aimed at fostering business growth and development.

Mr Olusegun Omosehin, Chief Executive Officer of the National Insurance Commission (NAICOM), represented by Hajia Aisha Bashir, Head of Microinsurance at NAICOM, discussed the obstacles faced by Micro, Small, and Medium Entrepreneurs (MSMEs).

He emphasised the importance of insurance for the long-term viability of these businesses.

“Insurance is essential for business stability, continuity, and growth,” Omosehin stressed.

He explained that a strong insurance portfolio improves an MSME’s creditworthiness, making it easier for them to secure loans for expansion and investment.

He also noted that NAICOM was committed to making insurance accessible and affordable for MSMEs across the country, introducing insurance literacy programs to help business owners make informed decisions about their coverage.

Omosehin urged SMEs to view insurance not as an expense but as an investment in their business’s future.

He said that with the right coverage, their business would not only survive but also thrive. (NAN) (www.nannews.ng)

 

Edited by Abiemwense Moru

Business

Abia Govt., Radisson Blu sign MoU to promote tourism, hospitality

166 total views today

 

By Rukayat Moisemhe

The Abia State Government and the management of Radisson Blu Hotels on Friday signed a Memorandum of Understanding (MoU) to revive the state’s hospitality industry.

Dr Alex Otti, Governor of Abia, at the signing ceremony in Lagos, stated that the agreement was to facilitate the building of a hotel facility in Aba area of the state.

Otti, who was represented by Mr Ikechukwu Uwanna, the state’s Attorney-General and Commissioner for Justice, said the development would further showcase the economic viability of the state.

He pledged that the state, under his leadership, would continually revitalise its broad plan of economic viability.

The governor said that due diligence was carried out to ensure that the contract was mutually beneficial and in the best interest of the concerned parties.

He added that the state would continue to create modalities to ensure its success.

“The Radisson brand is of high standard and the state would do its best to meet the specifications in the building of an international hotel of repute.

“There are well laid structure in the agreement that covers all parameters including dispute resolution.

“With regards to safety and security in the state, Abia State has been relatively safe as throughout the festive season, there were no incidences on insecurity.

“We would continue to invest in the state’s security infrastructure to guarantee safety of persons, businesses and investments in the state,” he said.

In his remarks, Mr Erwan Garnier, Senior Director, Development, Africa, Radisson Blu, noted that the tourism and hospitality industry in the country was getting more robust.

Granier revealed that the hotel was a state-owned asset and that Radisson was its operator with its operations based on the hotel’s international standards in line with best practices.

He said that Radisson had been expanding its operations in Africa since 2000 and that Nigeria was top priority of its expansion with plans to increase its locations from 13 to 25 hotels by 2025.

“We have created a strategy that focuses on key cities and key state cities such as Abia and that has birthed this partnership,” he said.

Mr Ukeje Uche, Director-General, Greater Aba Development Authority, said the hotel’s first phase consisting of 125 rooms, would help create 500 direct and about 5,000 indirect jobs.

He added that the development would help the state increase its Internally Generated Revenue and engender a robust presence in state’s hospitality industry.

“With this development, a lot of people that would otherwise not come to Abia would now come because of the guarantee of the Radisson brand.

“While this has been in the pipeline, the state’s current leadership has ensured its actualisation.

“The government has made provisions to fund the project projected to cost close to $50 million and has an aggressive timeline to complete the project in two years,” he said.

Chief Geoffrey Uzoagbara, President, Aba Chamber of Commerce, Industry, Mines and Agriculture, commended the governor for his stride in developing the property. (NAN)(www.nannews.ng)

Edited by Obinna Unaeze/Chinyere Joel-Nwokeoma

Business

Digital disruption strategic for innovation, growth- TEXEM boss

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Dr Alim Abubakre of These Executive Minds (TEXEM) has described digital disruption as a strategic tool for leaders to enable innovation and growth in their organisations.

 

At a Strategic Leadership Programme in Oxford, Abubakre said that this would ensures that their organisations remain competitive in the fast-changing global markets.

 

In a paper titled “Strategic Leadership in a Disruptive World”, he urged leaders to take digital disruption as a launch pad to moving forward.

 

On the programme, Abubakre said: “(It) was a transformative initiative that empowered leaders to excel in a world characterised by digital disruption and rapid change.

 

“With a blend of academic excellence, actionable insights, and innovative methodologies, the programme left participants inspired and equipped to drive growth, resilience, and sustainability in their organisations.

 

“The programme’s benefits were evident from the start and organisations whose leaders participated stand to gain significantly. Leaders left with enhanced strategic agility, enabling them to anticipate and adapt to market shifts, customer demands, and technological advancements.

 

“This agility ensures that their organisations can remain competitive in fast-changing global markets.

 

“Participants also developed the ability to make improved decisions, grounded in a deeper understanding of big data, analytics, and AI. By leveraging these tools, leaders can navigate complexities, identify opportunities, and optimise operations, driving their organisations toward sustainable success.

 

“A significant outcome of the programme was the cultivation of stronger organisational cultures. Leaders are now better equipped to inspire their teams, fostering environments that prioritise adaptability, inclusion, and continuous learning.

 

“Such cultures empower employees to think creatively and embrace innovation, a critical component of success in today’s fast-paced world.”

 

Col. Andrew Clarke, in a presentation on Cyber Security, said leaders must be aware of importance of cyber security in their operations.

 

Clarke said it provides them with the tools to safeguard organisational assets, protect sensitive data, and foster trust.

 

“This heightened cybersecurity awareness is especially critical for organisations operating in all sectors including fintech and technology.”

 

During this programme, participants engaged in peer-to-peer learning and networking with leaders from diverse industries and regions.

 

“These connections open doors to international collaborations, enhancing organisational influence and reach in an increasingly interconnected world.”

 

Clarke said that by prioritising ethical governance, environmental, social, and governance (ESG) compliance, and future-ready strategies, leaders are prepared to steer their organisations through uncertainty while ensuring enduring success.

 

“They are building organisations not just for today but for the future, creating systems capable of thriving amidst challenges and seizing emerging opportunities.”

 

The Strategic Leadership Programme, designed and delivered by TEXEM, UK, utilised a tested and proven methodology, including games, observation practice, self-reflection, and case studies, making learning both engaging and impactful.

 

“Leaders departed not only with enhanced skills but also with renewed vision and purpose, ready to redefine success in their organisations.

 

“This programme was more than a capacity development session; it was a call to action for leaders to champion innovation, inspire change, and create a legacy of growth and resilience.

 

“For organisations in Nigeria, it offers a pathway to building visionary leaders who can transform industries and contribute to nation-building.”

 

Mr Ismael Yahaya, the General Manager of Production Operations at SEPLAT and a participant in the programme, said: “This leadership programme has been incredibly impactful.

 

“It provided me with the opportunity to learn from top-notch resources from across the globe, coupled with highly engaging participation.

 

“While I previously viewed digital transformation from a different lens, this experience has given me a clearer understanding of effective leadership in a digitally evolving environment.

 

“I’m confident I can apply these insights to my current role, ensuring measurable improvements moving forward.”

 

Anne Omezi, the Director of ICT at NMDPRA and a participant, said: “This has been an enriching and transformative experience for me. I’ve gained valuable insights and skills that I’m eager to take back to Nigeria and put into practice.

 

“The true essence of training lies in its application, and I’m confident that implementing what I’ve learned here will drive meaningful change- not just within my department but across the organisation as a whole.”(NAN)

PR:

Business , Defence/Security

Defence chief, others bag security, emergency management award

320 total views today

By Sumaila Ogbaje

The Chief of Defence Staff (CDS), Gen. Christopher Musa, received the Award of Excellence at the 2024 Security and Emergency Management Award (SEAMA), on Thursday in Abuja.

The event was organised by Emergency Digest, a publication of Image Merchants Promotion Limited (IMPR), in collaboration with the Centre for Crisis Communication (CCC).

The award featured different categories which include, crime prevention, public information management, cybercrimes prevention, emergency management, community service, diligent investigation, civil-military relations among others.

It also includes outstanding crisis communicator;outstanding law enforcement officer; outstanding security officer; outstanding military officer and outstanding; defence journalist and awards of excellence.

In his remarks, Musa emphasised the need for all segments of the society to engage on how best to achieve sustainable national security and emergency management through civil military collaboration.

He said the SAEMA was also an annual event that recognised outstanding contributions to security, emergency management and humanitarian service.

The CDS said the military was making deliberate efforts towards deepening civil military collaboration to enhance national security.

According to him, civil military synergy has impacted significantly on the armed forces operations in the North East and new models are being developed to meet peculiarities in the other geo-political zones across the country.

“Thus, the theme, “Civil – Military Relation for National Security and Stability” is apt and relevant at this critical period of our national existence.

“The threats we face as a country are multi-faceted, ranging from terrorism and insurgency to socio-economic issues and community unrest.

“Arising from these complex dynamics, it has become increasingly evident that no single institution can solve these issues in isolation of others.

“Thus, a whole of society effort that brings together every segment of our nation is needed to build lasting peace, security and progress.

“This can only be achieved by integrating our collective expertise, resources and influence of various stakeholders with a view to creating a resilient framework for both security and emergency management strategies through civil-military relations,” he said.

Musa gave assurance that the military would remain committed to ensuring peace in Nigeria and protecting democracy.

The Minister of Information, Muhammed Idris, represented by the Director-General of Voice of Nigeria (VON), Jibrin Baba-Ndace commended the management of Security Digest for the awards and support for the military and other security agencies.

Idris said the security narrative has continued to change, saying that actions of a single black sheep should not be used to demonise an institution that had continued to make sacrifices for the nation.

“This is the time for us as a country to continue to support our armed forces.

“This war is a people’s war. It is what they first call the war among the people where the enemy is the neighbor who does not wear uniform or some who have double identity.

“So it is a difficult war. It is a war that is in the media space and therefore it is important that the nation will come together and that is why this celebration is very important,” he said.

The Publisher of PRNigeria and other titles, Mallam Yushau Shuaib, said the annual event recognises outstanding gallantry contribution to safety, security and emergency management in Nigeria.

He said the 2024 edition recognised the CDS for his expertise in the vital field of inter-agency collaboration and civil military relations making him the ideal speaker for the occasion.

According to him, the award unit selection process remains rigorous and transparent with their jury that comprises security experts, industry professionals an~d independent observers ensuring that deserving individuals and organisations are recognised for their exceptional achievement. (NAN)

Edited by Sadiya Hamza

Business

BoI partners NGOs to empower women with solar-powered smart kiosks

283 total views today

 

 

 

By Joy Akinsanya

 

A Non-Governmental Organisation (NGO), Adeola Azeez Community Care Foundation (AACCF), in partnership with the Bank of Industry (BOI) and Neighbours Shop, has empowered 50 women with solar-powered smart retail kiosks.

 

The founder of AACCF, Mrs Adeola Azeez, disclosed this on Thursday during the inauguration and handing over of the solar-powered kiosks in Ijebu-Ode Local Government Area, Ogun.

 

Azeez said 35 women in Ijebu-Ode benefitted from the initiative, while 15 other beneficiaries were captured from Ikorodu Local Government Area in Lagos State.

 

She added that each kiosk had been stocked with items to sell, including a solar-powered freezer and a digital tablet.

 

She said the launch of the solar-powered kiosk empowerment project was about unveiling opportunities for growth, transformation, empowerment and sustainability.

 

According to her, the foundation seeks to empower women, children and youth to reach their full potential through initiatives that drive collective prosperity.

 

“Our project aligns with our unwavering commitment to drive financial independence and support community development.

 

“Today, we are taking a giant step towards achieving one of our goals of empowering women and transforming communities in the micro-retail business sector by confronting the challenges of informal hurdles, financial exclusion, energy deficiency and safety concerns.

 

“This achievement is a testament to the power of collaboration,” she said.

 

Azeez appreciated BOI for supporting the vision and for being the beacon of inclusion and empowerment.

 

“It is with great joy that I acknowledge and celebrate our exceptional partner, the Bank of Industry, whose generous grant transformed a good idea into a life-changing reality,” she said.

 

She said the women selected for the phase of the programme were trained by Neighbours Shop, the idea initiator.

 

The Managing Director of BoI, Mr Olasupo Olusi, said the project testified to the bank’s shared commitment to creating opportunities and enabling women to take their rightful place as economic growth drivers.

 

The News Agency of Nigeria (NAN) reports that Olusi was represented by Mr John Akinde, an official of the bank.

 

Olusi said BOI recognised that women constitute more than half of the population and were vital contributors to the economy of the household, community and the nation at large.

 

“The solar part feature of this course also aligns with our commitment to sustainability and innovation.

“By leveraging renewable energy, we are not only reducing the environmental footprint of this project but also ensuring that women in even the most remote areas can access consistent and affordable power to support their businesses.

 

“This is a step towards addressing the energy challenges that have historically constrained productivity in many rural and semi-urban areas,” Olusi said.

 

The founder of Neighbours Shop, Muyideen Sanwo-Ola, explained that beneficiaries would be paid weekly by a profit-sharing formula as designed by the system.

 

“For example, a bottle of coke bought for N80 and sold for N100 gives a profit margin of N20, which, with the algorithm in the system, gives the associate (beneficiary) 60 per cent of the profit and us, 40 per cent.

 

“The system keeps on adding profits on all transactions. So, they can see their profits on their tablets – how much they make for the day and for the week,” he said.

 

Sanwo-Ola noted that each kiosk is being monitored online to ensure the empowerment did not end up like other political empowerment programmes.

 

He says goods sold daily will be restocked the following day by a route manager, who supplies goods to all the kiosks.

 

According to him, any beneficiary who fails to abide by the laid-down guidelines will have her kiosk reallocated to another person.

 

“However, those who manage their kiosks successfully and diligently will become full owners of the kiosks after three years,” he said.

 

He disclosed that BOI supported the project with a grant of N97 million.

 

The wife of the Ogun governor, Mrs Bamidele Abiodun, represented by Mrs Bolanle Oduyale, said the state government remained steadfast in its commitment to supporting initiatives that promote sustainable development.

 

“We have championed education, healthcare, and entrepreneurship for women, ensuring they are equipped to lead and contribute meaningfully to society,” she said.

 

Speaking on behalf of other beneficiaries, Mrs Olamide Babalola, appreciated AACCF, BOI and Neighbours Shop for the kind gesture.

 

She promised they would make judicious use of the kiosks. (NAN)(www.nannews.ng)

Edited by Moses Solanke

Business , Defence/Security

Drug abuse destroying Nigeria’s future leaders – Etsu Kwali

457 total views today

By Philip Yatai

Mr Luka Nizassan, Etsu of Kwali, Kwali Area Council of the Federal Capital Territory (FCT), says Nigeria’s future is at stake following the high rate of drug abuse among the youths.

Nizassan expressed the concern in Abuja on Tuesday, at a one-day Rise Above Conference, with the theme, “United for a Drug-free Life.”

The conference was organised by Al Masaareef Foundation, in collaboration with the National Drug Law Enforcement Agency (NDLEA), targeting more than 500 secondary school students.

He pointed out that Nigeria was losing potential future leaders who were addicted to drug and substance abuse.

He said that the prevalence of drug and substance abuse was alarming, not only among the youths, but even adults, particularly parents.

“Unfortunately, even some of the mentors and educators ate into drugs and it has become conventional that nobody sees anything wrong with it.

“The songs that we listen to today are promoting drugs.

“Drug abuse is prevalent everywhere, in the market, it’s in mosques, it’s in churches, in villages and in the government; it is everywhere.

“Until we decide to be concerted in our efforts towards dealing with drug related issues, our nation will not have the leaders that will take over this country tomorrow,” he said.

He said that the key stimulant to insecurity in the country was drug abuse, adding that a lot of persons were making money out of it, “yet, it is destroying the fabrics of this nation.”

The royal father advised students to be among persons that would rise above drug abuse, responsible for 40 per cent of Nigeria’s problems, particularly insecurity.

Nizassan said that insecurity had continued to stall development in the country because the problem of drug abuse, its key stimulant, had not been addressed.

According to him, stakeholders must stop paying lip service to drug abuse and be deliberate about addressing the menace.

“First, we need to crack down all the channels where these drugs are made available.

“As stakeholders, we need to wake up to our responsibilities and tackle the challenge, from where the drugs are produced to where the end users are.

“We all have roles to play at various stages of the supply chain, and when we wake up to our roles, we will be able to address the issue of drugs squarely.

“Until stakeholders wake up to their responsibilities, Nigeria will not be able to address the problem of drug abuse that is already affecting the future of children in the country.”

At community level, the royal father said that community leaders have a role to play in changing the narrative through concerted advocacies against drug abuse.

“We will continue to speak to our people, speak to our women, to our children, and our religious leaders,” he said.

Earlier, the founder and Chief Executive Officer of Al Masaareef Foundation, Dr Hauwa Wambai, said that the 500 secondary school students were being mobilised to fight drug abuse among youth in the FCT.

Wambai explained that each of the 500 students, drawn from 62 wards across the six area councils of the FCT, would be expected to train five persons.

She added that each of the five persons would also train at least one person, adding that the strategy was expected to reach at least 2,500 youths with key messages against drug abuse. (NAN)

Edited by Maureen Atuonwu

Business , Defence/Security

Navy confiscates 8.1m barrels of stolen crude, apprehend 120 barges – Official

317 total views today

By Sumaila Ogbaje

The Nigerian Navy confiscated more than 8.1 million barrels of stolen crude oil and 86,500 metric tonnes of illegally refined Automotive Gas Oil (AGO), also known as diesel in four years.

The Chief of Training and Operations (Navy), Rear Adm. Olusegun Ferreira, made this known while briefing newsmen on the activities of the navy on Monday in Abuja.

Ferreira also said that the navy confiscated 788,312 litres of illegally sourced PMS and about 21 million litres of Kerosene within the same period.

The navy, he said, also apprehended 120 barges, 181 speed boats, 1,453 wooden boats laden with stolen products as well as 118 vehicles conveying stolen petroleum products in the last four years.

According to him, anti-oil theft operations remain the navy’s most critical function due to the contribution of oil revenue to Nigeria’s economic survival.

He added that the navy deactivated more than 1,528 illegal refining sites and 8,790 storage tanks, and arrested 392 suspected oil thieves.

“The suspects were handed over to relevant law enforcement agencies for further investigation and prosecution.

“Of particular note were the arrests of MT SWEET MIRI and MT VILLANIRIS I both filled with a combined quantity of four million litres of stolen crude oil.

“In view of its transnational nature, the fight against oil theft, also involves collaboration with our neighbours such as Cameroon, Benin and Togo who assisted in the apprehension of vessels such as MT NEW ANGEL and MT JASMINE involved in crude oil theft,” he said.

Ferreira said the navy recently hosted “Exercises CROCODILE LIFT and GRAND AFRICAN NEMO”, which are multinational exercises involving Nigerian Navy Ships, boats and aircrafts as well as ships from regional navies and partners such as France, UK and Spain.

This, according to him, is part of navy’s regional efforts to enhance maritime security,

He said the exercises were geared toward enhancing their international partnership and collaboration to curb maritime crimes in the Gulf of Guinea.

He added that the Nigerian navy has ensured compliance for legitimate upstream and downstream operations on behalf of the regulators.

According to him, the Nigerian navy’s efforts have greatly curbed oil theft and led to a significant increase in Nigeria’s daily crude oil production output from 1.23 million barrels in October 2022 to 1.8 million barrels in October 2024 as revealed by the NUPRC.

Ferreira lamented that there had been misrepresentations in certain quarters aimed at tarnishing the image of the navy by mischief makers whose freedom of action in oil theft were severely degraded by the navy.

“In spite of the disruptions by these unpatriotic elements, the Nigerian Navy has remained critical in the success of several strategic initiatives such as the Presidential Crude Oil Barging Regime.

“The Nigerian navy will continue to remain focused in carrying out our functions as a highly professional and dedicated force in line with our statutory roles.

“In doing so, the Navy will continue to work with Sister Services, partners and credible stakeholders in line with the whole-of-society approach in protecting our nation’s resources for economic prosperity and national development,” he added. (NAN) (www.nannews.ng)

Edited by Sadiya Hamza

Dangote Group logo
Business

Kano fair: Dangote Pavilion turns focal point for customers

334 total views today

 

The pavilion of the Dangote Group at the ongoing 2024 Kano International Trade Fair has become Mecca of a sort, attracting customers excited to make inquiries and purchases as the year winds down.

 

Organised by the Kano Chamber of Commerce, Industry, Mines, and Agriculture (KACCIMA), the fair, themed “Non-Oil Export for Economic Prosperity,” aligns closely with Dangote Group’s vision of economic diversification.

 

A statement from the Branding and Corporate Communications Department of the Dangote Group said the Trade Fair, running from Nov. 23 to Dec. 7, has seen the Dangote pavilion actively engage visitors with designated help desks.

 

It said: “Nigeria is a powerhouse for non-oil export, but only if it taps into its numerous resources and potentials. At Dangote we have demonstrated this with our huge investments in fertiliser, sugar, salt and cement products spread across several African countries.”

 

A visit to the stand revealed significant engagement, particularly from distributors and retailers.

 

Many are taking advantage of the Trade Fair to stock their warehouses in preparation for the upcoming end-of-year festive season, ensuring they are well-equipped to meet the heightened demand.

 

The company, therefore, urged participants to leverage on the opportunity to visit the company’s pavilion and take advantage of the various products on display.

 

They include Dangote Cement, Dangote Sugar and Dangote Salt and Dangote Fertiliser.

 

Minister of Defence Mohammed Abubakar extolled the role of Public Private Partnership in the development of the Nigerian economy.

 

While visiting the Dangote pavilion at the fair, he told participants that the President Bola Tinubu-led administration recognises the role of the private sector as key.

 

Badaru reaffirmed Federal Government’s commitment to restoring peace and stability and urged Nigerians to continue supporting the government with prayers while maintaining confidence in the security forces.

 

He said the security agencies’ unwavering dedication is crucial to sustaining these achievements.

 

Meanwhile, President of the Chamber, Alhaji Garba Imam commended the Dangote Group for its support and partnership, adding that the company has been consistent in its sponsorship of the annual event.

 

Speaking to newsmen, the Director General of KACCIMA Alhaji Sabiu Umar Yola said: “The relationship between KACCIMA and Dangote has been very supportive and a great partnership.”

 

He said the theme for this year was meant to encourage Nigerians to source for other commodities for export instead of crude oil.(NAN)

PR:

Business , General News

NDIC reassures Heritage Bank depositors of prompt payment

387 total views today

 

By Grace Alegba

 

The Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of the defunct Heritage Bank that challenges delaying access to guaranteed sums above N5 million are being resolved.

 

Mr Bello Hassan, Managing Director, NDIC, gave the reassurance on Saturday during the 2024 edition of the NDIC Editors Forum in Lagos.

 

The theme of the conference is: “Strengthening Nigeria’s Financial Safety-Net: The Role of Deposit Insurance”.

 

Hassan, represented by NDIC’s Executive Director, Operations, Mr Mustapha Ibrahim, said that the corporation was working diligently to facilitate payments.

 

Hassan explained that depositors with amounts above the maximum insured limit of N5 million were being reimbursed through liquidation dividends derived from asset recovery and debt realisation efforts.

 

“The corporation has initiated the process of debt recovery and realisation of investments as well as physical assets of the defunct bank to ensure timely payment of uninsured deposits,” he said.

 

 

He added that NDIC’s responsibilities also extend to creditors of the defunct bank, who would receive payments after all depositors had been fully reimbursed.

 

“This orderly process, based on asset realisation and prioritisation of claims, is essential for maintaining public trust in the banking system and promoting financial stability,” Hassan noted.

 

 

According to him, the theme of the conference is in line with the corporation’s recent engagement with business editors and finance journalists.

 

He emphasised NDIC’s mandate to protect depositors, especially the uninformed, and its commitment to financial system stability.

 

Established over three decades ago, the commision’s boss said that NDIC safeguards depositors’ funds and mitigates risks in the banking sector.

 

Responding to questions, Hassan provided updates on Fortune Bank, liquidated over a decade ago.

 

He told the News Agency of Nigeria (NAN) that NDIC faced challenges collating depositor data due to the absence of Bank Verification Numbers (BVN) at the time of the bank’s operation.

 

Bello, however, assured Nigerians of prompt payment of depositors of defunct Fortune Bank Plc.

 

He stated that litigation also delayed NDIC’s intervention, but added that payments had started for insured deposits, with efforts underway to pay the uninsured portion and other claimants.

 

“We’ve already paid the insured portion and are now paying the uninsured portion and other claimants,” Hassan said.

 

He assured of the commision’s continued awareness efforts to encourage more depositors to come forward.

 

Hassan commended the media for its role in the successful implementation of the deposit insurance system.

 

The Managing Director of the News Agency of Nigeria (NAN), Malam Ali Muhammad Ali, described the forum as an “eye-opener” for editors, enhancing their understanding of global financial sector trends.

 

Ali said the theme of the conference was apt and addressed worries caused by turbulence in the financial sector, especially in the banking sector.

 

Ali praised NDIC’s ability to secure 98 per cent to 99 per cent of depositors’ funds, reinforcing public confidence in the banking system.

 

According to him, the forum is a learning curve every year and editors are kept abreast with new information on the health of the global economy and the Nigerian economy.

 

Mr Eze Anaba, President of the Nigeria Guild of Editors, emphasised the forum’s importance, stating, “It is reassuring to know our banking sector remains stable despite the challenging economic situation.”

 

“We know how challenging the economic situation is. And it will be a double job if our banks are also not healthy. And listening to you here today, it’s reassuring for us to know that things are well,” he said. (NAN)

 

Edited by Olawunmi Ashafa

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