NEWS AGENCY OF NIGERIA
Drug abuse destroying Nigeria’s future leaders – Etsu Kwali

Drug abuse destroying Nigeria’s future leaders – Etsu Kwali

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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

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

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

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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

Ecobank Nigeria reaffirms commitment to construction, design sector growth

Ecobank Nigeria reaffirms commitment to construction, design sector growth

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By Grace Alegba

Ecobank Nigeria has reaffirmed its dedication to the sustainable growth of Nigeria’s construction and design sector by empowering businesses, fostering economic development and strengthening partnerships across the industry value chain.

 

Mrs Omoboye Odu, Head of SME, Partnerships and Collaboration, Ecobank Nigeria, disclosed this during a news conference on Monday in Lagos to announce the upcoming five-day Design & Build Expo 2024.

 

The event, slated for Nov. 27 to Dec. 1, will showcase the latest trends, innovations, and sustainable practices in architecture, construction, building materials, and interior design with the theme “Building Nigeria Together”.

 

According to Odu, the expo aims to be a hub for innovation, collaboration, and networking, providing industry professionals with opportunities to learn, connect, and discover technologies shaping the future of construction and design.

 

She said that the five-day exhibition, a hub for innovation and collaboration, aims to be the go-to destination for industry professionals, offering an opportunity to network, learn and collaborate.

 

Odu noted that the event will feature 54 exhibitors with access to tailored financial solutions, including mortgage plans, construction loans and investment opportunities to support their projects.

The banker explained participants would also benefit from expert insights through knowledge exchange sessions on architecture and finance from Thursday Nov. 30 to Saturday, Dec. 2.

 

She alao said that the expo would also provide networking opportunities, enabling exhibitors to connect with like-minded professionals and build lasting relationships.

 

Odu highlighted that the event serves as a form of Corporate Social Responsibility (CSR) by Ecobank, offering a platform for established and upcoming companies to showcase Nigerian businesses’ capabilities to both local and international audiences.

She maintained that Ecobank had been instrumental in fostering creativity and innovation through some initiatives.

 

Odu cited some of these initiatives as the Adire Lagos Experience, Photography, Art, and Design Exhibition (PADE) to commemorate World Photography Day in 2022 and partnerships with renowned artists and organisations.

 

According to her, the Design & Build Expo 2024 is another step in this direction, by providing a platform for industry professionals to connect, collaborate, and learn.

 

Odu listed the bank’s partners to include Saba Steel Industrial Nigeria Ltd, Coleman Wire & Cables, Donna Spectre Ltd., Dulux Paints and HTL Africa, an architectural firm and ITB Nigeria Ltd, a construction company.

 

Others are Mota Engil Nigeria, a multinational construction company; Chapel Hill Denham, an investment banking, securities trading, and investment management firm as well Spazio Ideale, an interior design company.

 

According to her, the bank remains a key driver of the Nigerian Creative Industry, Partnerships and Small, Medium and Enterprises (SMEs).

 

Odu added that the bank recognises the industry as an essential driver of economic growth, wellbeing and global connectivity, noting that this resonates with its Pan African Bank’s policy of promoting the economic development of the African continent. (NAN)

 

Edited y Olawunmi Ashafa

Investment bankers celebrate resilience, successes

Investment bankers celebrate resilience, successes

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By Olawunmi Ashafa

 

The year 2023 was of both challenges and successes for Nigeria’s investment banking sector.

 

In spite of a volatile economic landscape, investment bankers displayed remarkable resilience, successfully executing landmark deals that have shaped the nation’s economic trajectory.

 

The 2023 Investment Banking Awards Dinner, hosted by the Association of Issuing Houses of Nigeria (AIHN) recognises the sector’s outstanding achievements.

 

AIHN President, Mrs Kemi Awodein, acknowledges the critical role played by investment bankers in facilitating transformative deals.

 

Two of these deals include Heineken’s acquisition of Nigerian Breweries and Sahara Group’s purchase of Egbin Power.

 

“These transactions highlight the unwavering commitment of our members to drive growth and innovation, even in the face of adversity,” Awodein said.

 

The year wasn’t without its hurdles. Economic uncertainties, regulatory challenges and geopolitical tensions posed significant obstacles to deal-making.

 

Investment bankers had to adapt to a rapidly changing environment, leveraging their expertise and creativity to navigate complex transactions.

 

However, with these challenges, the sector witnessed a surge in capital raising activities, with companies across various industries tapping into both domestic and international markets.

 

Seplat Energy’s 650 million dollar bond issuance and Airtel Africa’s 500 million dollar capital raise are prime examples of the sector’s success in securing vital funding.

 

“The prominent transactions are Seplat Energy’s $650m bond issuance, aimed at expanding its energy operations, and Airtel Africa’s $500m capital raise, which was used to enhance telecommunications infrastructure.

 

“These initiatives were made more feasible by the improved economic environment following the reforms,” the AIHN president says.

 

According to her, improvements in transaction processing and time-to-market cannot be overemphasised and represent positive developments in the market.

 

Celebrating success, the awards ceremony honoured the industry’s top performers, with Chapel Hill Denham and Stanbic IBTC emerging as key players.

 

Chapel Hill Denham’s Chief Executive Officer, Mr Bolaji Balogun, attributes the firm’s success to its focus on client needs and its ability to execute complex deals.

 

“We are proud to have played a significant role in shaping Nigeria’s economic landscape.

 

“Our commitment to excellence and innovation has enabled us to deliver exceptional results for our clients,” Balogun says.

 

Investment bankers were also urged to increase public awareness of investment risks, particularly ponzi schemes.

 

Mr Bola Ajomale, Executive Commissioner of Operations, Securities and Exchange Commission (SEC), emphasises the importance of providing accurate information about opportunities and threats in the market.

 

This, he argues, will bolster investor confidence and contribute to sustainable growth.

 

Meanwhile, Mr Akeem Oyewale, CEO of Marble Capital, highlights the crucial role of capital raising in empowering private enterprises.

 

“Recognising the individuals who diligently aggregate capital and ensure regulatory compliance is commendable.

 

“The investment community has consistently demonstrated its readiness to support the government’s economic objectives,” he adds.

 

Stanbic IBTC’s Head of Real Estate Finance, Mr Tola Akinhanmi, emphasises the importance of building strong relationships with clients and understanding their evolving needs.

 

“In a challenging market, it’s essential to be agile and responsive,” he says.

 

The 2023 Investment Banking Awards Dinner served as a platform to celebrate the sector’s achievements and recognise the tireless efforts of its professionals. (NAN)

Edited by Olawunmi Ashafa

CBN raises interest rate to 27.50%

CBN raises interest rate to 27.50%

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By Kadiri Abdulrahman

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has further raised interest rate by 25 basis points to 27.50 per cent from 27.25 per cent.

The Governor of the CBN and Chairman of the MPC, Yemi Cardoso, announced the raise on Tuesday in Abuja, while presenting a communiqué after the 298th meeting of the committee.

Cardoso, however, announced that the committee also decided to hold all other parameters constant.

The MPC, thus, retained the Cash Reserved Ratio (CRR) at 50 per cent for Deposit Money Banks (DMBs) and 16 per cent for merchant banks, retained the Liquidity Ratio at 30 per cent, and also retained the Assymetric Corridor at +500/-100 basis points around the MPR.

Cardoso said that the decisions were unanimously adopted by all 12 members of the MPC who were present at the meeting.

The News Agency of Nigeria (NAN) reports that Tuesday’s decision is the sixth consecutive tightening of the MPR since Cardoso assumed office as CBN governor.

The first decision under Cardoso was an aggressive hike in the MPR by 400 basis points from 18.75 per cent to 22.75 per cent in February.

In March, the committee, again, increased the MPR by 200 basis points to 24.75 per cent, followed by subsequent hikes to 26.25 in May, 26.75 per cent in July, and 27.25 basis points in September.

Cardoso has, thus, raised the MPR by 875 basis points since he assumed office.

These decisions are aimed at combating inflation, stabilising the economy, and promoting economic growth.(NAN)(www.nannews.ng)

Edited by Kevin Okunzuwa/Sadiya Hamza

Association, CITN partner to boost Nigeria’s business-tax ties

Association, CITN partner to boost Nigeria’s business-tax ties

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By Rukayat Moisemhe

The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) on Monday forged an alliance with the Chartered Institute of Taxation of Nigeria (CITN) to enhance the business and taxation systems in the country.

Mr Chimezie Ihekweazu, President of BRIPAN, during a business visit to CITN in Lagos, stated that the partnership aims to bridge knowledge gaps in business recovery and taxation processes in Nigeria.

Ihekweazu explained that the collaboration would offer a more comprehensive package for business solutions and management.

He added that BRIPAN, an association of lawyers, bankers, and accountants specialising in insolvency and business recovery, is committed to improving businesses within the framework of the law.

He further stated that the joint venture between the two institutions would support policy and advocacy efforts to drive reforms in business management, professional competencies, and rescue operations.

“There is no functional business or company that can operate without understanding tax systems and business recovery dynamics,” he said.

“Taxation is essential, especially when we consider the need for development in the country. As an association, we recognise that taxation is one of the factors contributing to insolvency issues.

“Therefore, it is crucial to support insolvency practice while respecting taxation laws.

“By driving this partnership, we can foster growth in these areas, ultimately enhancing business sustainability and the country’s economic development,” he added.

In his remarks, Mr Samuel Agbeluyi, President of CITN, emphasised the importance of addressing the existing gaps in tax and insolvency practices to create greater value and impact for the business community.

Agbeluyi acknowledged that taxation, if mishandled, is a major challenge that could lead to business failure (insolvency).

He noted that the aim of the collaboration is to help businesses thrive, simplify the business-tax system, and benefit society and the nation as a whole.

He also called for the advancement of the Tax Reform Bill, particularly to provide foreign investors in Nigeria with greater certainty regarding their expectations and returns in the coming years.

“This collaboration will benefit members of both organisations as they begin to master the business recovery process in relation to taxation, and vice versa,” he said.

“We understand that businesses will face challenges, but the manner in which these challenges are addressed, particularly with regard to the rule of law on insolvency and taxation, is crucial.

“This is also an opportunity to advocate for the proper use of taxes collected, which will help rebuild trust in government and encourage citizens to pay taxes”. (NAN)(www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma

Kano fair: Dangote Pavilion turns focal point for customers

Kano fair: Dangote Pavilion turns focal point for customers

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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:

African leaders urge collective action to secure future

African leaders urge collective action to secure future

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L-R: The Minister of International Relations of Botswana, Dr Phenyo Butale, Ms Ahunna Eziakonwa, UNDP Assistant Secretary-General, President Duma Boko of Botswana, Mr Claver Gatete, UN Under-Secretary-General of ECA and Prof. Kevin Urama, AfDB’s Vice-President and Chief Economist at the opening of the AEC 2024 in Gaborone, Botswana on Saturday.

 

By Lucy Ogalue

African leaders say as global uncertainty rises, there is an urgent need for bold, collective action to secure Africa’s economic future and foster resilience.

 

Botswana President Duma Boko, speaking on Saturday at the ongoing  2024 African Economic Conference (AEC) in Gaborone, Botswana, said Africa needs to take its rightful place globally.

 

The News Agency of Nigeria (NAN) reports that the theme of the conference is: “Securing Africa’s Economic Future Amid Rising Uncertainty.”

 

Boko called for economic transformation, urging greater value addition to Africa’s vast resource base and the development of regional value chains to boost employment and economic diversification.

 

“Africa has unparalleled potential to transform these obstacles into opportunities, thus, the critical importance of Africa’s youthful population as the continent’s greatest asset.

 

“With nearly 70 per cent of Africans under 30, there is the need for substantial investment in education, technology, and jobs to harness the potential of the next generation of innovators, entrepreneurs, and leaders,” he said.

 

The president reiterated the need to ensure peace and stability on the continent, which he said must be anchored on accountable and responsive governance.

 

According to him, this is a fundamental human right for every African citizen and setting the requisite bedrock for any measure of our economic development and sustainability.

 

He said that to attract foreign investment and build sustainable growth in Africa, we must demonstrate a commitment to transparency, accountability, and respect for the rule of law on the continent.

 

“The African Continental Free Trade Area holds significant prospects for transforming Africa’s economic landscape to foster investment, create jobs, and promote industrialisation.

 

“It is critical for us to capitalise on the AfCFTA and leverage its potential to enhance intra-Africa trade and position the continent as a global economic powerhouse.

 

“Beyond trade, regional cooperation must extend to shared physical infrastructure, resource management, and conflict resolution.

 

” Ending armed conflicts that hinder development by ‘Silencing the Guns in Africa’ will create a stronger and more integrated Africa.

 

“An Africa better equipped to navigate the global trade dynamics and challenges,” he said.

 

Mr Claver Gatete, UN Under-Secretary-General and Executive Secretary of the Economic Commission for Africa (ECA), echoed these sentiments of addressing Africa’s significant economic challenges.

 

“The global financial system as it stands, is failing Africa. There is a need for urgent reforms that will prioritise financing for the Sustainable Development Goals (SDGs), climate adaptation, and equitable growth.

 

“Africa has vast renewable energy potential, critical mineral reserves, and the transformative power of digital innovation.

 

“There is a need for leaders to act decisively to unlock the continent’s potential as Africa’s future lies in its ability to transform resources into value-added products,” he said,

 

Gatete further outlined the need for de-risking investment environments through improved governance, transparency, and innovative mechanisms to attract private sector investment.

 

Ms. Ahunna Eziakonwa, the Assistant Secretary-General and Director, Regional Bureau for Africa, United Nations Development Programme (UNDP), decried how Africa had continued to bear the burden of climate change despite its little contributions.

 

“The challenge of these global uncertainties is to rise up, invest, and ensure innovative financing. The gathering was a dynamic platform to develop solutions to Africa’s challenges.

 

“We must strengthen resilience to shocks by decreasing dependency on food and fuel, investing in tech infrastructure skills that will provide sustainable and affordable energy for all and prioritising diversification of our economy.

 

“We need to mobilise resources at scale and take steps to ensure Africa’s abundant resources finance its growth. Africa’s money must work for Africa.

 

“It is time for Africa to lead. This continent is unstoppable and will remain so when we have leaders who care. Let us start sowing the seed of human rights to eliminate poverty and not just reduce it,” she said.

 

Also speaking, Prof Kevin Urama, Vice President and Chief Economist of the African Development Bank (AfDB), restated the importance of homegrown solutions embedded in local realities to drive growth on the continent.

 

“The AEC provides a leading platform for stakeholders to think together. It provides a golden opportunity to review Africa’s developing experience and find solutions relevant for Africa by Africa to move Africa forward.

 

” We must try to stem the leakages from African economies as the continent loses. We must find new African ways to help address African challenges,” he said.

 

Speaking Earlier, Dr Phenyo Butale, the Minister of International Relations, Botswana, welcomed participants and said the gathering would shape the future of Africa, thus emphasising the importance of collective action.

 

He expressed the commitment of the country to mitigate volatility to economic shocks, ensure inclusive growth, and leverage technology and innovation, among others on the continent.

 

The conference which opened on Saturday will end on Nov. 25. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

NDIC reassures Heritage Bank depositors of prompt payment

NDIC reassures Heritage Bank depositors of prompt payment

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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

NMCO decries lack of capacity among mining title holders

NMCO decries lack of capacity among mining title holders

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By Martha Agas

The Nigeria Mining Cadastre Office (NMCO) has expressed concerns that some mining title holders, who possess multiple cadastral units, lack the capacity to operate them.

This was disclosed by the Director General of NMCO, Dr Obadiah Nkom, at a presentation at the ninth Nigeria Mining Week in Abuja.

According to Nkom, the lack of capacity among some mining title holders was affecting the entry of genuine investors into the sector.

He noted that some small-scale operators have acquired titles that were beyond their capacity to operate.

He said to address this issue; the NMCO introduced a new mining regime in July, aimed at sanitising the sector and ensuring that mining titles are allocated to capable operators.

Nkom said the regime operated on the principle of “first come, first served” and “use it or lose it.”

Nkom stated that the new regime was yielding positive results, with an increase in the number of investors in the sector and the revocation of licenses that were not being used.

He emphasised that the NMCO plays a crucial role in ensuring transparency, efficiency, and compliance in the administration of mineral rights.

“The NMCO is tasked with managing Nigeria’s mineral resources responsibly, attracting investments, and fostering economic growth while protecting the environment.

“By aligning its operations with international standards and national priorities, the NMCO is positioning Nigeria’s mining sector as a cornerstone of the nation’s economic diversification agenda.”

The News Agency of Nigeria (NAN) reports that the theme for the Mining Week is ‘From the Inside Out: Building the Mining Sector to be the Cornerstone of the Economy’.(NAN)(www.nannews.ng)

Edited by Abiemwense Moru

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