All Posts in "Day: October 29, 2024"

NDIC Bill Advances To Final Reading In Senate

 

Mohammed Shosanya

 

 

The Senate, Tuesday passed for final reading a bill to strengthen the capacity of the Nigeria Deposit Insurance Corporation’s capacity to safeguard depositors.

 

 

 

 

The bill would also ensure the stability of financial institutions, and promote trust in the banking system.

 

 

 

 

The legislation, titled, “Nigeria Deposit Insurance Corporation Act No 33 of 2023,” was sponsored by Senator Mukhail Adetokunbo Abiru (Lagos East) and all the members of the Senate Committee on Banking, Insurance and other Financial Institutions.

 

 

Abiru presented the report of the panel at plenary on Tuesday,saying the bill would also make the NDIC more effective, safeguard its independence and autonomy and bring it in line with current realities and best practices.

 

 

 

The Bill consolidated the power of the President to appoint the Chairman and members of the board of the NDIC while the Central Bank of Nigeria (CBN) which hitherto recommended to the appointees, would now concentrate on supervising the corporation.

 

 

 

The NDIC, based on the new amendment of its Act, would focus on the examination of the banks.

 

 

 

He noted that despite the fact that the NDIC 2023 Act made substantial improvements to the 2006 Act, its implementation had been fraught with continuous debates.

 

 

He specifically said stakeholders had consistently been engaging in a series of appeals on the need for an amendment of the Act to address all the issues that have been raised concerning it.

 

 

 

He said,:“The Nigerian Deposit Insurance Corporation (Amendment) Bill, 2024, is thus a critical piece of legislation aimed at strengthening the Nigerian financial system.

 

 

 

 

“The proposed amendments will enhance the NDIC’s capacity to safeguard depositors, ensure the stability of financial institutions, and promote trust in the banking system.

 

 

 

“Given the rapidly evolving nature of the financial sector, this Bill represents a timely response to the challenges and opportunities that lie ahead.”

 

 

 

Abiru added that the current Bill would lay to rest once and for all, the claims that the bill that was assented to by the former President Muhammadu Buhari, was materially different from what was passed by the 9th National Assembly.

 

 

 

He said, “To further empower the corporation by guaranteeing its independence in performing its statutory functions in line with Section 1 (3) of the principal Act.

 

 

“The principal (2023) Act curiously restricts the President’s power to appoint the Managing Director and Executive Directors and provides that they are to be to persons recommended by the Central Bank of Nigeria Governor.

 

 

“The (2024) bill (now) seeks to amend this provision to bring it in line with and in consonance with Mr. President’s power of appointment as enshrined in the Constitution of the Federal Republic of Nigeria 1999 (as amended).

 

 

 

“The provisions of the principal Act which makes the Permanent Secretary, Ministry of Finance the Chairman of the Board is also being reviewed.

 

 

 

“This is because the workload and busy schedule of that office is such that makes such appointment untenable.

 

 

 

“The importance of the need for the Minister of Finance to constitute an Interim Management Committee for the Corporation within 30 days after the expiration or termination of the tenure of the Board is also introduced in the bill.

 

 

 

“This is to forestall the recent situation where the Corporation faces challenges in its operations as a result of the absence of a board.”

 

 

 

 

Abiru said there was a general agreement among stakeholders of the importance of the NDIC as it was set up for the purpose of the protection of depositors and to guarantee the settlement of insured funds when a deposit-taking financial institution can no longer repay their deposits, thereby helping to maintain financial system stability.

 

 

He said, “Considering the above therefore, the general consensus among stakeholders was that it is important that the legal framework is reviewed.

 

 

“This is to make the Corporation more effective to discharge its functions, safeguard its independence and autonomy and to bring it in line with current realities and best practices.

 

“This is particularly because the Corporation plays a vital role in safeguarding the interests of depositors and promoting confidence in the financial sector.

 

 

 

“The evolving challenges in the global and domestic banking environments necessitate the amendment of the current law to keep pace with these developments and ensure the NDIC remains fit for purpose.”

 

 

Abiru said over 30 written memoranda and numerous oral submissions were received. All the written memoranda and oral presentations at the hearing supported the bill.

Online Editor by — October 29, 2024 in News 0
Blackout:Protect Power Equipment Against Vandals,FG Begs Northerners

               Mohammed Shosanya
The Federal Government,Tuesday lamented the persistent blackout in the Northern part of the country,saying it would be fixed in few days.
The Minister of Power, Adebayo Adelabu, expressed this  at the press briefing organised by the Transmission Company of Nigeria (TCN) in Abuja,
The minister,who said  vandalisation of transmission equipment in the North is not strange,disclosed that the act was responsible for the long blackout in the region.
He implored Northerners to redouble their efforts in protecting the power equipment against the nefarious activities of vandals.
“We’re only appealing to our brothers to help us protect these equipment because the resources that could have been used for other projects are being channeled into repairing the vandalised infrastructure. We’re working and hopefully, light will be restored before the end of the week. We’re exploring alternative solutions while we continue to work to fix the vandalised towers,” he added.
He said the government will continue to work on the vandalised lines.
He also said that arrangements have been concluded for provision adequate security by relevant security chiefs including the National Security Advisor, the Chief of Naval Staff, the Chief of Air Staff, and the Chief of Army Staff.
He said:“We will still continue to work on the vandalised lines. This must have actually affected a number of parts, not just lines. Amongst the first parts, we know that a lot of single work needs to be carried out before the direct power can show that they are standing properly before the streaming of the light to the south. So, in a matter of two or three days, more than 70 to 80 per cent of the northern part, which is affected, will have light. That is the assurance that we give you.
“This is not the first time we will be having issues in that line. We’ve had vandalism there before but nobody noticed it because we fixed it within days. But this time it was more severe and the repairs were delayed because of security threats.”
The minister disclosed that there is a bill before the National Assembly for capital punishment for perpetrators of vandalism.
“We want stiffer punishment for these criminals. Also, we need to look at stopping the sale of scrap metals in the country. They are those who encourage vandalism because they buy these things from criminals cheaply.”
Speaking,the Managing Director/Chief Executive Officer, TCN, Sule Abdulaziz explained that the Shiroro-Mando 330kv line 1 tripped on 9 September, noting that the patrol of the safe area was done, but the faulty section could not be reached due to insecurity.
“Efforts were made by using local vigilantes who confirmed a snap conductor on a tower but they could not identify the tower number. Arrangements were made to use the local group to escort our engineers in the night to effect repairs in order to evade the bandits in the location. Unfortunately, we did not succeed because the bandits got wind of our intentions and laid siege to the area,” he added.
He also said minimum supply was maintained to the North-west corridor through the second circuit until 13th October when the second line tripped and failed to stay on the trial reclosure.
He further explained that local vigilantes were again engaged to comb the area but could only access part of the safe area.
He said the TCN solicited the support of the Nigeria Air force, Kaduna for unmanned aerial surveillance on 17th October and the impacted towers were identified.
Online Editor by — October 29, 2024 in Power 0
Refinery:I’m Running At Loss,Dangote Tells Tinubu

        Mohammed Shosanya
Chairman of Dangote Group, Alhaji Aliko Dangote,Tuesday claimed that his refinery has over 500million litres of fuel currently stored in his tank farm,but marketers refused to buy same and distribute  to Nigerians in need.
He said his  refinery has capacity to produce more than 30million litres of fuel daily but since he is not in the business of retailing, the products cannot get to Nigerians who need it because the retailers are not coming to buy it.
At a meeting with President Bola Tinubu on Tuesday,Dangote lamented that he is running at a loss by storing huge stocks of fuel in hjs tanks, while Nigerians are groaning in the streets without stocks.
 “Yes, we have enough supply of crude, we can actually produce much more than 30 million litres every day.  At full capacity, we can even supply whatever is being consumed. But what I estimated as consumption, which I believe may be about 30, 32 million that one we can even start producing that by next week.
“It is not really an issue, because, as we speak today, we have 500 million liters, you know, in our tanks. So 500 million liters in our tanks even if there’s no production from anybody or no imports. This will take the country more than 12 days, you know, with no imports, with no production, nothing.
“So we are very ready. We are more than ready. And you know, I’m also putting my own name on the line by giving Mr President my word that, yes, we will be able to supply the market minimum 30 million litres per day, and we’ll be ramping up. So we’re ready. We’re more than ready,”he told State House Correspondents after the meeting.
Asked the reason for storing millions of litres of fuel products in his tank farm that can last for 12 days, but the common man on the street has no access to the product,said”Well, you know on the streets, one thing that you have to understand is that we are producers.
“I have a refinery. I’m not in the business of retail. If I’m in the business of retail then you hold me responsible. But what I’m saying is that the retailers should please come forward and pick, if they don’t, come forward and pick, what do you want me to do? That’s something that I can do. So I don’t expect either NNPC or the marketers to stop importing, they should come and pick because we have what they need.
“And you know, as they remove, I will be pumping. I don’t know whether you understand what it takes to keep half a billion liters inside our tank. It’s costing me money every day. If I will be able to collect the naira, I can actually charge somebody 32% in interest. So right now, that’s what I’m losing. And you are talking about 500 million, you know, I mean, we don’t print money. But the issue is that if they come and collect then you will not see any queues in the filling stations.
“We have what it takes for them to come and collect. We are not retailers. We also don’t have trucks to send. We have a factory, we have where they can load. If they come and pick the ones…and they have been doing that with importation. So if they’ve been doing that with importation, if it’s true, they are doing 55 million, I see no reason why they won’t come and collect our own and distribute”.
Online Editor by — October 29, 2024 in Oil&Gas 0
PhD Certificates:PSC Elevates Four Officers In Police Academy

         Mohammed Shosanya
The Police Service Commission Tuesday, promoted four Police Officers currently teaching at the Police Academy, Wudil, Kano, who have successfully completed different academic programmes and acquired PhD certificates.
The Officers,who appeared before the Commission today; are CSP Favour Fadawag; Inspector  Shide Sunday; Inspector Oparaji Benjamin  Chetachi Ukwu and Inspector Benjamin Wanger.
CSP Fadawag was promoted to Assistant Commissioner of Police while the three Inspectors were promoted to Assistant Superintendents of Police for now until they are confirmed for further proper placement.
PSC Chairman, DIG Hashimu Argungu rtd mni, who presided over the extraordinary management meeting of the Commission said other Police Officers with additional professional certificates and have been engaged in such professional duties such as Lawyers will soon be upgraded in line with the public Service requirements.
DIG Argungu,in a statement,said the Commission will henceforth encourage merit and personal development as motivation to greater dedication and commitment to duty.
He noted that the Commission will continue to promote transparency and accountability in the conduct of its constitutional mandate and assured serving Police Officers that their welfare including proper placement will receive the Commission’s attention.
He said all lecturers in the Police Academy who have additional certificates will be considered for promotion. He also announced that while the Commission gives attention to Police welfare, it will not fail to fight corruption not only in the Commands, Departments etc but also in Police Colleges and the Academy.
DIG Argungu said the Commission’s policy on whistle blowing will soon be taken to the Police Academy and all the Police Colleges  and anyone found with corrupt tendencies will be sanctioned.
“We have to expose the enemies of our country, anyone found collecting money for admission into the Academy or recruitment into the Police will be dealt with according to the law of the land”, he remarked.
He congratulated the newly promoted Officers and charged them to go and give off their best in the service of their fatherland.
DIG Taiwo Lakanu rtd, fdc, commended the Chairman for his remarkable courage to pull through the promotion of the Officers with PhD certificates and had continued to lecture with Inspector ranks.
DIG Lakanu said he will continue to stand by him and ensure that the Commission succeeds in turning around the Nigeria Police Force for the better.
Online Editor by — October 29, 2024 in News 0
Stop Violating Customers’ Right,FCCPC Warns Banks

        Mohammed Shosanya
The Federal Competition and Consumer Protection Commission (FCCPC),has expressed concern about the continuing disruptions in online banking services across Nigeria, warning banks against violation of customers right.
A statement on Tuesday issued by Mr. Tunji Bello, Executive Vice Chairman/ Chief Executive Officer, FCCPC, said these disruptions, which have hindered customers from accessing their funds, making payments, and carrying out essential transactions, have negatively impacted millions and have serious implications for individuals and businesses alike.
He explained that under the Federal Competition and Consumer Protection Act (FCCPA) 2018, bank customers have specific rights to guarantee fair and accountable service delivery.
He said:”A key provision is the right to quality service, which mandates that all service providers, including banks, maintain acceptable levels of functionality and reliability.
“When banks cannot maintain access to essential financial services, they are arguably failing to meet this standard, potentially leading to significant financial hardship, loss of trust in the banking system, and damage to the overall economy.
“The FCCPA further grants consumers the right to reasonable access to goods and services—a principle that is compromised when technical failures impede customers’ access to their own funds.
“At a time when Nigeria’s economy is increasingly cashless, online banking is no longer a mere convenience but a necessity.
“Interruptions that impede consumers from engaging in transactions or accessing essential funds are not only an inconvenience, but they may also be a violation of this right.
“Service providers are required by the FCCPA to be transparent and communicate with customers in an open and accurate manner.
“During service disruption, it is essential that banks keep their customers fully informed about the causes, scope, and anticipated duration of any service issues.
“Regrettably, many consumers are left in the dark, a situation that increases frustration and leaves customers feeling unsupported.”
He noted that the FCCPA allows consumers to seek redress for services that do not meet the necessary standards.
“As such, bank customers can seek redress, if they are adversely affected by substandard services.
“The FCCPC is currently reviewing the situation to determine if consumers’ rights to redress are being upheld and if more action is needed to enforce accountability.
“The FCCPC is actively working with relevant regulatory authorities, financial institutions, and stakeholders to address these disruptions and ensure the protection of customers.
“The Commission will pursue all necessary actions to ensure the protections of the FCCPA are upheld.
He assured the affected bank customers that their concerns are being taken seriously, while urging banks and financial institutions to take swift action to restore services, prioritise customer support, and enhance communication to manage customer expectations transparently and responsibly.
He further advised consumers to reach out to the FCCPC through the following channels to report complaints:Website: www.fccpc.gov.ng and Email: contact@fccpc.gov.ng
He said: “We are committed to safeguarding the rights of Nigerian consumers and making certain that every service provider adheres to the statutory mandates provided in the FCCPA 2018”.
Online Editor by — October 29, 2024 in News 0
FG Will Restore Electricity To North This Week-Adelabu

        Mohammed Shosanya
Mr Adebayo Adelabu, Minister of Power has promised that in five days, electricity would be restored to the 17 northern states suffering power failure on account of vandalisation of the Shiroro-Kaduna transmission line.
Adelabu,who spoke on Monday while briefing State House correspondents after a meeting with President Bola Tinubu, said the vandalized transmission line would be repaired between three to five days.
The president,he said,had already instructed the National Security Adviser, NSA and security chiefs to provide the required security for the people that will fix the demolished line.
He promised that with the provision of full security, the Transmission Company of Nigeria, TCN staff will have the confidence, together with the contractors, to go to the field and fix the problem.
He added:“I’m appealing to our northern brothers and sisters, fathers and mothers, to bear with us that very soon, light will be restored, and we must all collectively protect our national grid to avoid further vandalisation”
Online Editor by — October 29, 2024 in Power 0
Gaska Foundation Announces Inaugural Winners Of Professor Daniel Oladele Adefolalu Prizes

           Mohammed Shosanya
 The Shola Adefolalu Gaska Foundation has announced  the inaugural recipients of the Professor Daniel Oladele Adefolalu Prizes: Ebunoluwa Omosalewa Olusanya and Odieli Osita.
Ebunoluwa,who has been recognized as the Best Student in Geography (SSS 3), and Odieli, awarded as the Best Student in National Values Education (JSS 3), are both exceptional students from Queen’s College, Lagos.
These prestigious awards were established in honor of the late Professor Daniel Oladele Adefolalu and are presented in collaboration with the QCOG 84 set.
The awards are particularly meaningful to the foundation, as its Founder and  Chief Errand Girl, Salt (Abimbola) Essien-Nelson, is a proud alumna of Queen’s College Lagos. This initiative serves as a tribute to Professor Adefolalu’s legacy and his commitment to education, a statement said on Monday.
“We are delighted to celebrate the achievements of Ebunoluwa and Odieli,” said Afolake Olayinka, a representative of the Shola Adefolalu Gaska Foundation. “Their dedication to their studies exemplifies the spirit of excellence that these awards aim to promote. We also extend our heartfelt congratulations to their supportive parents.”
The Shola Adefolalu Gaska Foundation wishes Ebunoluwa and Odieli continued success in their educational journeys and hopes that their achievements inspire other students to strive for excellence.
Online Editor by — October 29, 2024 in Next Level 0