All Posts in "Month: October 2023"

Why I Cut Off My Girlfriend’s Body – Rivers Suspect

Suspected murderer of Justina Otuene, a 20-year-old Biochemistry student of the University of Port Harcourt, Damian Okoligwe,has disclosed why he allegedly dismembered his late girlfriend’s body after killing her.

He spoke while he was being paraded along other suspects before journalists during a media briefing at the Police Command Headquarters,Port Harcourt

The suspect, who reportedly invited his girlfriend to his house where he killed her, removed some parts and attempted to dispose of the body before he was arrested by the Police, admitted to have dismembered the body, but denied having anything to do with her death.

He said, he only found out about his girlfriend’s death the following morning after she slept over in his house, adding that he decided to dispose the lifeless body therefore to avoid receiving the blame.

He said, “I put her into a Ghana must go bag when I was trying to get rid of her body, because I was thinking in my head that if I report this thing I would surely be blamed for everything that is going on.

“So I was trying to wrap and get rid of the body which was very wrong of me to do.”

He admitted that the victim was his girlfriend,but denied inviting her over to his house, explaining that the victim slept over in his house in error because he slept off and forgot to discharge her to go home.

He said:”We used to date for a while, we kept on going back and forth. She entered bolt and came to my house. We planned that we were going to see each other on the day she came.

“She came to the house on her own around 4 o’clock and she was supposed to leave that night but I slept off because I was already sick and when I woke up, she was already lying down on the bed in the room while I slept in the parlour.

“I don’t know how she died, I didn’t cut her into pieces, I only borrowed a wheelbarrow from a security guard to dispose the body

“She visited me in my house and slept over and in the morning, I became very sick. I went to check on her but she was not moving at all, she was stiff and strong.

“I did not know what to do, I had to carry her body into another room and I called my brother to come to the place, he came and took me out of the place, without knowing that there was a dead body there.

“He (my brother) took me to his place where I received my treatment because I was very sick like I said. So as I came back to the house that Wednesday to wrap her body, that was when the Police issue came about.”

admin by — October 28, 2023 in Crime/Metro 0
Don’t Embark On Strike,Oyo Govt Begs Workers

Mohammed Shosanya

Oyo State Government has implored workers to shelve strike in the state,urging them to compliment the efforts the government is making on their welfare .

In a release by the Commissioner for Information and Civic Orientation, Prince Dotun Oyelade, on Friday, no state in the federation places more emphasis on the well-being of its workers than the present administration: Not even richer states.

The Nigeria Labour Congress, Oyo State branch,had given the state government till the end of October, 2023 to increase minimum wage by N30, 000 for civil servants and N20, 000 for pensioners, as approved by the Federal government, to cushion the effect of fuel subsidy removal.

Prince Oyelade said that without being advised by the state NLC, the Oyo State governor, Engr. Seyi Makinde, out of his personal discretion, set up a committee on June 5, 2023, to review salaries of workers, barely a week after President Tinubu’s announcement of the removal of subsidy.

According to him,the same administration has consistently for 55 months, paid workers’ salaries on or before the 25th of every month, and paid 13th month salaries for 4 years, which now includes state pensioners.

He urged workers and the people of the state to remember that the Seyi Makinde-led administration at inception increased payment of gratuities to pensioners from N100m to over N200m every month. In fact, only last month, cheques worth N208m were released as gratuities to pensioners in Oyo state.

“While it is a fact that the financial state of the nation requires increment of workers’ salaries, Oyo State workers equally reserve the right to seek local solutions in dialogue with a friendly government, especially on issues that are not caused by the state government, such as the fuel subsidy removal”,he added.

According to the release, the state government has responded swiftly and effectively to cushion the effect of the subsidy removal by setting up the Sustainable Action for Economic Recovery (SAfER) intervention in the State, which is addressing the current economic realities in the state.

The statement said different types of essential food items are being distributed to the poorest of the poor, while 46 buses are plying roads in Oyo state, at subsidised fares.

It also said farmers and young entrepreneurs are being assisted with N1.5bn soft loans, through zonal Microfinance banks, while pensioners and other vulnerables in the society are being assisted through specially designed free healthcare schemes.

The third face of SAfER will take off in due course.

It further said that the Oyo state government started the implementation of the N30,000 minimum wage, over 3 years ago, yet up till now, some states in the federation are still struggling to pay the old wage.

The challenges of paying N7.3 billion monthly salaries notwithstanding, the Seyi Makinde administration distributed 7,000 letters of promotion to qualified civil servants just last week,the statement added.

Prince Oyelade said:”We are talking about an administration that has made a covenant with its workforce and local dialogue and understanding should take precedence over instructions from elsewhere.

“Beyond ultimatum and deadline, labour leaders should take advantage of the cordial relationship that exists between them and the government and accept the olive branch”

admin by — October 28, 2023 in News 0
AITEO Moves To Boost Nigeria’s Oil Output

Mohammed Shosanya

AITEO, has launched a unique and strategic crude oil movement innovation aimed at boosting the country’s oil output.

Aiteo,said in a statement that it has resolved to revamp the hitherto inactive Nembe Creek, among other innovative solutions aimed at repositioning the sector.

It explained that by the move, Aiteo is involved the Nigerian firm employing smaller river-going tankers to transport Nembe Creek from inland production sites to the global market.

This ingenious crude transport model will help guarantee higher production and boast the forex market stability in the country.

It explained that the step is aimed at revamping the Nembe Creek trunk pipeline, which has been inactive since February 2022.

Aiteo acquired the pipeline which was formerly under the management of Shell Plc in 2015.

The new approach adopted by the Aiteo, is to use smaller vessels to navigate the waterways of the Niger Delta and ensure the uninterrupted flow of Nembe Creek oil.

“Aiteo’s solution involves smaller ships meeting larger tankers, ensuring continuous oil flow.

“The innovative oil blend is designed to overcome existing barriers” the statement said.

Experts have described the move as a very innovative strategy,noting that while the strategy may incur higher costs, it puts Nigeria on a better stead to maintain its oil production levels considering impending OPEC quotas.

Besides, Aiteo’s strategic approach, also includes the deployment of a floating storage offloading vessel, the Galilean 7, positioned near the Brass terminal.

A group of ethnic youth leaders under the aegis of the Nigerian Ethnic Youth Leaders Council (NEYLC) has hailed Aiteo’s founder, Benedict Peters, over what it described as his ingenious business model.

The group noted that the move will help Nigeria out of economic and forex problems caused by a drop in crude oil production caused by sabotage.

The NEYLC is made up of the Arewa Consultative Youths Movement (ACYM), Ohanaeze Ndigbo Youths Movement, Oduduwa Youths and Middle Belt Youths.

The group in a statement on Friday, by the Ohanaeze Secretary-General and Head of Coalition’s secretariat, Nwada Ike Chiama, stated; “We, the ethnic youth leaders across the country, have noted with delight the great leap taken by Aiteo under the visionary leadership of Benedict Peters.

“We are of the view that this giant step will go a long way in repositioning the nation’s oil sector and ultimately lead to a significant increase in oil production.

“This, of course, is in tandem with the present administration of President Bola Tinubu’s desire to increase oil production.

“We know for a fact that Benedict Peters’ ingenious business model will help Nigeria out of economic and forex problems caused by drop in crude oil production caused by sabotage.

NEYLC therefore commended Benedict Peters and Aiteo, and urge the Federal Government, through its relevant Ministries, Departments and Agencies to cooperate and encourage the firm to achieve its goals within the shortest possible time.
END.

admin by — October 28, 2023 in Oil&Gas 0
We’re Committed To Values Of Deregulated Downstream Sector-NNPC Retail Ltd

Mohammed Shosanya

NNPC Retail Limited, a subsidiary of NNPC Limited,has reiterated its commitment to a deregulated downstream sector and implored players in the sector to ensure customer service optimization. This statement was made by

The company’s Managing Director Mr. Huub Stokman,disclosed this at the recent 17th edition of the Oil Trading and Logistics, OTL Africa Downstream Week

Themed Energy, Synergy, and New Beginnings, this year’s OTL Africa, presented participants with insightful panel sessions and dynamic speakers who have contributed to shaping the industry.

The panelists addressed the topical issue of deregulation and its attendant impacts on marketers, their roles in a competitive market and its effects on consumers.

They also explored the diverse options available to marketers and consumers in optimizing operational values against the backdrop of the current realities of pricing and the country’s economic situation.

At the session,Huub Stokman spoke about the company’s vision of a deregulated market:

“We wanted deregulation to happen, and we understand that it is not an easy feat. Looking at the deregulation across other countries, the transition process has always been a challenge, especially if it was a regulated market for many decades. Stakeholders within the value chain, including us in the retail business, must understand and get used to the process and what this means for the sector.” Huub said.

According to him,the industry needs to innovate to maintain business operations while understanding the new realities of the industry.

“The future of retail in Nigeria started with deregulation, and we need to explore different measures to ensure smooth business operations at our facilities, while providing the best services to our consumers. In addition, the business environment is competitive, which means our customers can go anywhere. Our goal is to ensure we adopt a progressive approach in bringing other benefits, that will remain valuable for the consumers.” he added.

The panelists, contributors, players and stakeholders at the OTL Africa 2023 collectively urged the federal government to modify and implement policies that would encourage regulators and stakeholders to work in unity to ensure the growth of the industry.

admin by — October 28, 2023 in Oil&Gas 0
Mohbad: House Invites Naira Marley Over Late Singer’s Royalties

Mohammed Shosanya

The Nigerian House of Representatives through its Committee on Justice, Youth and Legislative Compliance, invited the manager to the late singer, Jiggy Adeoye to an interactive session slated to hold next week Tuesday.

This development was part of the moves to secure proper compensation and royalties for late singer, Ilerioluwa Aloba (Mohbad) for his musical works, the house of Representatives has summoned controversial singer Azeez Fashola popularly known as Naira Marley to appear before the House Panel.

Mohbad, an ex-signee of Naira Marley’s record label died at 27 under unclear circumstances on 12 September.

“The House had resolved to wade into the matter following the adoption of a motion moved by Babajimi Benson (APC, Lagos).

Hon. Benson had called for a review of relevant laws guiding the entertainment industry as well as copyright laws, while expressing concerns about the contracts and agreements that entertainers are compelled to sign

The lawmakers during the debate on the matter at the plenary session on September 26 also assured the family of Mohbad of its commitment to secure proper compensation and royalties from his musical works.

The House further resolved to monitor the investigation surrounding his death and royalties accruing to him.

In a letter dated October 26, 2023, signed by the Committee’s Clark, Barr. Yusuf Ibrahim, the house said both Naira Marley and Mohbad’s manager were needed to guide the committee on further legislative action.

The letter was routed through the President, Performing Musicians Associations of Nigeria.

The letter reads: “The House Committee on Justice, Youth and Legislative Compliance invites you and the legal team of MOHBAD for an interactive meeting session as regard a referral received being a resolution of the House of Representatives during their plenary session on Tuesday 26th September 2023 with respect to the circumstances surrounding the royalties and other benefits of Mohbad and to ascertain the level of your interaction with other relevant copyright organizations, such information will guide the committee on further legislative action.

“In view of the above, you are kindly invited for an interactive session with the chairman, Committee on Justice, Youth and legislative compliance scheduled as follows;Tuesday 31st October 2023
at 2:30pm”

admin by — October 27, 2023 in News 0
I’m Sorry,Ondo Dep Gov Begs Akeredolu

Mohammed Shosanya

Ondo State Deputy Governor Lucky Aiyedatiwa,Thursday to Governor Oluwarotimi Akeredolu over the recent negative reports portraying the state in a bad light as a result of political crisis created by some ambitious individuals in the state.

He tendered the apology during a press conference in his office at Governor’s Office, Alagbaka, Akure, the state capital.

Aiyedatiwa exonerated himself from all the allegations of disloyalty bandied about by some political gladiators in the state.

He said he has not had the opportunity of defending himself before the governor since he returned from his medical leave.

He revealed that the crisis has not granted him the chance to give account, before the governor, of his stewardship on the three months he acted as the governor of the state when the governor was away on medical leave.

He expressed his displeasure at the embarrassment caused the governor and the state by the barrage of negative reports emerging from the state which have brought the state to global view in last couple of weeks.

He blamed the development on some ambitious individuals who are desperate to succeed Governor Akeredolu in office.

Lauding the governor for his role in the intervention of the national leadership of All Progressives Congress (APC), Aiyedatiwa disclosed that the governor was instrumental to the members of state House of Assembly who attended the reconciliatory meeting in Abuja a couple of weeks ago.

He, however, dissociated himself from any group calling for the impeachment of Governor Akeredolu, saying he had no relationship with or authorised any person or group of persons making such unholy call.

He said: “Let me begin by thanking my principal, Mr. Governor, Arakunrin Oluwarotimi Odunayo Akeredolu SAN, CON, who provided me with this platform to serve as the deputy governor of Ondo State. I must say it has been a worthwhile experience for me working with him for the benefit of the good people of our dear State.

“However, I am deeply saddened by the embarrassment and discomfort that Mr. Governor has faced due to the barrage of negative news in the State as a result of the events of the last few months. I tender my sincere apology to Mr. Governor on this as our Leader in the State.

“Our beloved State has witnessed a series of events triggered by the health challenges faced by Mr. Governor which gave rise to a lot of assumptions, falsehoods, insinuations, misunderstandings, misconceptions, and exploitation by political contenders preparing for the upcoming 2024 gubernatorial election in the state.

“We have continued to read in the media, all sorts of lies fabricated to create crisis just for the purpose of election. The recent impeachment attempt by the House of Assembly and the ensuing reactions have further created division and chaos, with my loyalty to Mr. Governor being questioned.

“It is, therefore, imperative for me to put on record that there has never been any issue between Mr. Governor and myself and I have never undermined him. Political actors have only taken advantage of his absence to create a non-existent crisis for their own selfish interests.

“Let me say it here that I am profoundly grateful to Mr. Governor for his intervention and role in persuading the distinguished members of Ondo State House of Assembly to embrace the political solution offered by our great party, the All Progressives Congress (APC), in the face of the impeachment move.

“It is in reference to all of the above that I tender my unreserved apologies to Mr. Governor for the embarrassment and discomfort that the political chaos of these past months has caused him and the good people of Ondo State.

“I remain fully committed to the principles of good governance that Mr. Governor has established, and I pledge my unwavering loyalty to him and I will continue to submit myself under his able, courageous and selfless leadership.

“I completely distance myself from any group or individuals holding protests or calling on the Governor to resign. I have never commissioned any individual or group to engage in such protest or campaign.

“I wish to thank the national leadership of our great party, APC, for the intervention on the impeachment move against me while I also pledge my commitment to the reconciliation efforts aimed at restoring peace in the state.

“I have a lot of respect for the Speaker, members of the House of Assembly and members of the State Executive Council, and I do not hold any grudge. We must all work together for the smooth running of government.

“I want to appeal to all political actors in the State to put an end to this needless crisis and allow peace so that we can all concentrate on the development of our dear State.”

Answering questions from journalists, the deputy governor disclosed that “I had met Mr. Governor on two occasions since he returned back to the country, the first day was when we welcome him back at Ibadan, when he actually resumed the work with the letter given to the State House of Assembly and in such occasion you cannot discuss much.

He added:The second time was when he invited me to the Ibadan on a Sunday of the same particular week on a particular matter and because there was no time, waiting for him to return to Akure, back to office so that I can present my three months stewardship as acting Governor but you all know that he has not been in Akure since then. I have not seen the opportunity really to sit down with him, on to give him details briefing what transpired.

“I thank Mr Governor for allowing the State House of Assembly to embrace the political solution offered by the National body of our great party, APC. You recalled that the members of the state assembly were invited to Abuja by the National Secretariat and they consulted with the Mr. Governor and he gave them the permission for me to attend that meeting and whatever is the decision of the national leaders they should also bind and that should that Mr. Governor is a democrat, that allows for discussion.

“So, that is what we have been able to have the peace we are enjoying right now. The truth is that Mr. Governor allowed them to embraced that.

“The lession that I learnt, was that as a human being, you will continue to learn everyday, I have learnt about humans dynamics, people can take you out of context, misconception and all of that. But what matter is that you should remains stable, and be consistent, remain loyal in respective of whatever they said the truth will always prevail at the end of the day.

“So I have learnt that loyalty pays, being honest and stable pays. So let me say it again that I tender unreserved apology to Mr. Governor because of the embarrassment and discomfort that he faced because of the negative news concerned the state. Because the event has actually brought the state to the attention of the whole world.

“Considering all of that, he deserves all the apology, while I’m also in the centre of the news and as a number one citizens of the state, a leader of the state, Governor Akeredolu deserves the apology.”

admin by — October 27, 2023 in Politics 0
Police Arrest Rivers Student For Killing Girlfriend

Mohammed Shosanya

The Police in Rivers State have arrested a 400 level Petrochemical Engineering student of the University of Port Harcourt, identified as Demain Okoligwe, after he allegedly killed and harvested his girlfriend’s body parts at his residence in Road 20, near Nigerian Television Authirity, Ozuoba, Obio/Akpor Local Government Area of Rivers State.

The prime suspect, a 24-year-old indignene of Orlu in Imo state, was arrested on Wednesday around 2pm by the Police after he packed the lifeless body of the victim in bag popularly called ‘Ghana must go’.

The state Commissioner of Police, Nwonyi Emeka,told newsmen the suspect was arrested after a concerned neighbour alerted the Police about an offensive odour that was oozing out of the suspect’s apartment.

He revealed that the suspect before his arrest had attempted to dispose the lifeless butchered body of the female victim, Justina Otuene, a 20-year-old, 300-level Biochemistrys student of the University of Port Harcourt.

He said:”On Wednesday, 25/10/23 at about 1530hrs, operatives of Ozuoba Division received a complaint from a good Samaritan and neighbor name withheld of Road 20, back of NTA Ozuoba.

“On Wednesday, at about 1400hrs that he went to his house where one Demain Okoligwe ‘m’ a fellow tenant and perceived a very bad odour and immediately rushed to the police station, where the DPO led detectives to the scene.

“On arrival, the door was forcefully opened, and a Ghana must-go bag containing a lifeless body was recovered, back to the station and in a search of the fleeing suspects and boyfriend of the decease, one Demain Okoligwe ‘m’ 24yrs old, a petrochemical engineering 400 level student of Uniport boyfriend of the victim, occupant of the house, now the prime suspect who was traced last with the decrease was arrested for an inquiry.

He added, “The lifeless body and butchered body of Justina Otuene ‘f’ 20yrs old, a biochemistry 300-level student at Uniport, was recovered and deposited at the mortuary.

“Preliminary investigation is in progress, the case has been transferred to SCID for discreet investigation. Meanwhile the Command has condoled with the family of the deceased victim while urging young ladies to be cautious and careful about person they involve with in any form of relationship.”

The CP also disclosed that operatives following Intelligence led policing smashed a child trafficking syndicate and recovered four trafficked children from different locations of the state and outside.

Emeka,who identified the the child trafficking syndicate’s prime suspect as Enyinnaya Iheukwumere, also known as Dr. Hagi, added that while the children were trailed and rescued from different locations in Port Harcourt, Rivers State and Benue State.

He noted that while the supplier of the children, a 25-year-old identified as Angel Shimeson from Makurdi still at large, the Police had launched a manhunt on her as investigations continued.

He added:”Following a case of abduction reported on 09/09/2023 at about 1650hrs by One Ijeoma James ‘f’, 35 years old, in Awalama Rumuokoro, Port Harcourt, on 16/08/2023 one Promise ‘m’ came into their compound and stole her 4-year-old son Prosper James, and all efforts to locate her child proved abortive.

“Police detective’s Special Area division undercover swung into action by means of intelligence led policing, one Ifesinachi Opara ‘m’ was arrested, which also led to the arrest of one Happiness, Enyinnaya Iheukwumere, A.K.A. Dr. Hagi, to whom he sold the child.

“Further investigation also led to the recovery of three more children trafficked by Dr. Hagi from different locations of the country: three from Benue State, Benedict Kpaaka one year, seven month old, Godgift Julius 4 years old, and one Philomina ‘f’ 6 years old, all rescued from different locations in Port Harcourt where they had been sold.

“Further investigation revealed that one Angel Shimeson ‘f’, 25 years old, from Makurdi still (at large), is the supplier of the children to Dr. Hagi. Effort is being intensified to arrest the culprit.”

admin by — October 27, 2023 in Crime/Metro 0
Mobil Loses Bid To Stop NMDPRA’s Regulation Of IOCs’ Operations

Mohammed Shosanya

Justice Inyang Ekwo of a Federal High Court sitting in Abuja, has dismissed a lawsuit brought by Mobil Producing Nigeria Unlimited (Mobil) against the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Mobil had approached the court to challenge the competence of NMDPRA to regulate certain aspects of its operations like butane lifting which it maintained were integrated to its Oil Mining Leases (OMLs) and thus within the exclusive regulatory purview of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Through its originating summons filed on 19 June 2023 in suit No.FHC/ABJ/CS/844/2023, the company’s lawyers argued that the implicated operations were designated as ‘integrated petroleum operations’ in accordance with the Petroleum Industry Act 2021 (PIA) and consequently prayed the court to restrain NMDPRA from all attempts towards licensing or any other form of regulation of those operations.

NMDPRA through its lawyers Ama Atuwewe (SAN) and Dr. Emeka Akabogu argued that NMDPRA was empowered under the PIA to regulate all midstream and downstream petroleum operations in Nigeria and that the particular operations in question were outside of what the law envisaged as ‘integrated petroleum operations’. After the hearing of the case, the court reserved its judgment for 25th October 2023.

Mobil on the day fixed for verdict, applied to discontinue the proceedings, and moved the court to strike out the suit. In response, Counsel to the Authority moved the court to dismiss the suit, arguing that issues have been joined and there was need for a settled precedent from the court. The court ruled that the proper order to make in the circumstances is one for dismissal of the suit.

.

Responding to the development, NMDPRA’s counsel, Dr. Emeka Akabogu stated that the win is also a big step in the country’s efforts against oil theft, as it ensures separate monitoring of activities in the different streams of the oil and gas value chain undertaken by related interests.

The ruling of the court is also in consonance with the directive of Mr President that NMDPRA shall be the exclusive Technical and Commercial Regulator in respect of the petroleum operations and facilities from the exit of the crude oil export terminals and the entry gate of the natural gas processing plant.

admin by — October 27, 2023 in Law/Human Rights 0
IGP Decorates 12 AIGs, 19 CPs

….As PSC Approves Elevation Of 5,687 Officers

Mohammed Shosanya

The Inspector-General of Police, Ag. IGP Kayode Adeolu Egbetokun,Thursday decorated twelve 12 Assistant Inspectors General of Police (AIGs) and nineteen 19 Commissioners of Police (CPs) with their new ranks in a ceremony that took place at the Goodluck Ebele Jonathan Peacekeeping Hall, Force Headquarters, Abuja.

The Force Spokesperson, ACP Olumuyuwa Adejobi in a statement said, the decoration ceremony was sequel to the approval of the NPF recommendation for the promotion of these 31 AIGs and CPs, as well as 5,687 other dedicated senior officers within the Nigeria Police Force.

According to the statement, “The IGP, in his address, charged the promotees to continue to exhibit the core values of service, sacrifice, and selflessness in the discharge of their duties.

“He also commended their dedication and hard work, which has earned them these well-deserved promotions.

“He noted that the newly decorated officers have demonstrated exceptional commitment to maintaining law and order in their respective duty posts and as such, new ranks symbolize their added responsibilities and the trust placed in them to continue leading by example.”

The occasion had in attendance the Governors of Abia, Akwa Ibom, Edo, Kogi, and Lagos States, Dame Patience Ebele Jonathan, Retired IGP Usman Alkali Baba and his wife, Senator representing Kogi Central, Royal Fathers from Kogi and Lagos States, members of the Force Management Team and other senior police officers, relatives and loved ones of the promotees, and well-wishers.

The Inspector General of Police congratulatesd all the promoted officers and encourages them to redouble their efforts in service to our great nation.

He also appreciated the Police Service Commission for their thorough and objective evaluation of the officers’ performances assuring of improved collaborative efforts in the to deepen excellence and uphold the NPF’s duty to serve and protect the people of Nigeria.

admin by — October 27, 2023 in News 0
NDIC Needs Judiciary To Fulfil Its Mandate

Mohammed Shosanya

The Nigeria Deposit Insurance Corporation (NDIC) needs the judiciary to fulfill its mandate in the country.

The agency also said an effective collaboration with the judiciary was necessary in view of its critical role in resolving disputes that often arise from revocation of banking licences, liquidation of failed banks and termination of liquidation activities.

Bashir Nuhu, the Director, Communication and Public Affairs, in a statement, noted that NDIC Managing Director/Chief Executive, Mr. Bello Hassan gave the commendation in his welcome address at the 2023 Sensitization Seminar, organized by the Corporation in partnership with the National Judicial Institute (NJI) for Judges of the Federal High Courts with theme: “Strengthening Depositors Confidence in Banks and Other Financial Institutions through Speedy Dispensation of Justice”, held in Uyo, Akwa-Ibom State.

According to the statement, the Corporation also commended the judiciary on its better understanding of the deposit insurance practice towards promoting stability of the nation’s financial system.

He stated that the overarching objective of the Deposit Insurance Scheme in Nigeria, is to protect depositors in the event of failure of the insured institutions, thereby engendering confidence and curtailing the incidence of bank runs in the system.

He noted that in carrying out its mandate efficiently, the Corporation required an effective collaboration with the judiciary, in view of its critical role in resolving disputes that often arise from revocation of banking licences, liquidation of failed banks and termination of liquidation activities.

Stating that the Corporation, since inception, has been confronted with many challenges such as misconception of its mandate and basic principles of Deposit Insurance, the NDIC Boss expressed gratitude that the seminar organized in collaboration with the NJI, has resulted in a better understanding of the Corporation’s distinct roles by members of the Bar and the Bench as well as speedy dispensation of cases involving banks in-liquidation for the sake of financial system stability in Nigeria.

admin by — October 27, 2023 in News 0