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Succour As NDIC Pays Over N1.7bn To Customers Of Closed Banks

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Nigeria Deposit Insurance Corporation (NDIC) says it has paid insured sum of over N1.7 billion to customers, following the revocation of licenses of Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs).

Mr Bello Hassan, Managing Director/Chief Executive Officer, NDIC, said this at the 2023 NDIC Editors Forum, on Saturday in Lagos.

The News Agency of Nigeria (NAN) reports that the meeting had the theme, “Stocktaking of Deposit Insurance Practice: Assessing the Past, Evaluating the Present and Forecasting the Future.”

Hassan said, “recall earlier this year the Central Bank of Nigeria revoked the licenses of 183 institutions comprising Microfinance Banks and Primary Mortgage Banks.

READ ALSO: Banks, Trains Grounded As Lagos Workers Join Strike

“And we quickly advertised and told affected depositors to get the required documents and come forward for verification so that we can pay them the insured amount.

“So, in terms of insured amount, we have paid more than 1.7 billion to more than 22,000 customers and we are calling on those customers that had no Bank Verification Number attached to their accounts to come forward to get their claims verified so that we can pay them the insured amount.

“We are still on that. So, I’m using this opportunity to appeal to those depositors to come forward so that they can be verified and their claims paid.”

The insured deposit is the first claim that NDIC pays to depositors upon revocation of a bank’s licence by the CBN.

READ AL ALSO: Naira Falls Unprecedentedly At Parallel Market

The maximum specified limits for the MFB and PMB sub-sectors are N200,000 and N500,000 per depositor per bank, respectively.

The NDIC boss said the Deposit Insurance System implemented by the corporation was an important component of the nation’s financial safety net.

He said the corporation’s operations focused on minimising banks’ risks and failures through strict banking supervision, reimbursement of insured depositors in the event of failure, and orderly liquidation of failed banks.

“It complements the efforts of the Central Bank of Nigeria to achieve a secure and stable banking system as well as support the fiscal authority in maintaining stability within the broader financial system, serving as the foundation for economic growth and development,” he said.

READ ALSO: Cardinal Sentenced To 5.5 Years In Vatican Fraud Trial

Hassan also said the corporation, like other financial safety net players in Nigeria, had been faced with similar challenges that had impacted the nation’s financial system.

These challenges, he said, were caused by two main factors: macroeconomic factors and the changing dimensions of the financial services industry.

“Though some of the challenges are universal, others are unique and domesticated.

“It is within this context that the NDIC aligns itself with the Central Bank of Nigeria’s efforts towards strengthening the banking industry through enhancing prudential thresholds and other regulatory instruments,” Hassan said.
(NAN)

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JUST IN: Popular Gospel Singer Is Dead

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Popular Gospel singer Morenikeji Adeleke, also known as Egbin Orun, is dead.

Her colleague Esther Igbekele, confirmed the death in an Instagram post on Sunday.

The gospel singer expressed shock and sadness, sayin Egbin Orun departed suddenly without bidding farewell.

According to her, the two had recently spoken, unaware of the impending tragedy.

READ ALSO: How God Saved Me From Firing Squad – Gospel Artiste, Buchi

Igbekele praised Egbin Orun’s beauty, kindness, and strong support for her ministry.

She wrote, “I got home from my program to hear about this great loss.. Prophetess Morenikeji Egbin Orun you left without saying goodbye..

“We spoke together last week not knowing you are about to embark on a journey to the great beyond.. You are such a beautiful and kind hearted woman and a very good supporter of my ministry.

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“I am deeply saddened with your demise but God knows best. You will be greatly missed and your good deeds will continue to linger in our hearts.

“Ah Egbin Orun. Good night! Keep resting in the bosom of Christ.. Ah Gone too soon..Yeeee.”

The cause of her death remains undisclosed and no official statement has been issued.

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How God Saved Me From Firing Squad – Gospel Artiste, Buchi

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A popular gospel singer, Buchi Atuonwu, simply known as Buchi, has revealed how God saved him from firing squad.

During an interview on Channels Television’s Morning Brief program on Friday, Buchi said he and some other people were already lined up for execution by the firing squad.

He said despite not being religious, his desperation to be alive made him call on God and make a promise to dedicate his life to serving Him in exchange for his life if spared.

He narrated, “At a point in my life, we were laying up for execution. Indeed, the people who were to execute us were already kneeling, ready to fire. It is true that I called out to a God that I didn’t know, saying if you save me, I will serve you. Since we don’t have all the time, let me just say that He saved me from that firing squad.

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“Then I devoted my life to serving him. To see that my music is not empty and that it becomes an extension of a classroom for me having been a teacher in the university. The stage became an extension of the classroom. Who says musicians can not sing about GMOs, government policies, trends, events, and happenings that inform the quality of life of the people?”

Speaking on what influenced his choice of music, Buchi said his background and an intention to make a change after being spared from death were the factors responsible for his style of music.

I come from a peculiar background. Night club DJ and at the same time a university lecturer and transiting to the choir of a church having been involved in the campus confraternity, drug abuse, and youth violence amongst others.

“My kind of music has to be somewhat different. Influenced by that background and also with an intention to make a change, it led me to the kind of stories that you are referring to. Stories that manured the songs that I put out, such as gun running and violence,” he stated.

READ ALSO: Man Jumps Into Lagoon, Dies After Being Chased By Mob For Alleged Stealing

No relationship between reggae music and weed

Speaking on a controversial comment that every musician must use performance-enhanced drugs to perform at their best, Buchi said it is a narrative sold by people, adding that there is no relationship between reggae music and weed.

“It is a narrative sold by people interested in the matter. It’s like saying to watch a good movie, I need popcorn. yes, they go together, people buy it and do it. They practice it. It is also like saying to watch a good football match. I need a particular kind of drink with me.

“It is okay to sell your products and ideas but I don’t have to accept it absolutely because I know that I can watch a good movie without popcorn and I can also watch a good football game without the drinks in question. In the same way, there is no relationship between reggae music and weed.

READ ALSO: Lawyer Drags NERC, AGF, Minister Of Power To Court Over Electricity Tariff Hike

“Yes, I have been there, and now I am here. I know for sure that the substances that I took at that time did not enhance my performance. It is true that you have to be in a certain state of mind to give your best, but drugs don’t take you there. There are so many other things like deep thinking and concern for what you are that can take you there.”

In January, the music star refuted claims that his genre of music— reggae was connected to his past romance with marijuana.

His response followed criticisms from those who questioned the inspiration behind a book he published.
PUNCH

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UNIBEN Ex-deputy VC Is Dead

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A Former Deputy Vice-Chancellor (Academic) of the University of Benin, Edo State, Prof. Pius Iribhogbe, is dead.

Until his demise, Prof. Iribhogbe was also a consultant trauma surgeon, head of the Department of Surgery and coordinator of the School of Paramedics at the University of Benin Teaching Hospital.

The academic scholar passed on in Saudi Arabia.

UNIBEN’s Public Relations Officer, Dr Benedicta Ehanire, who confirmed the surgeon’s death said the school was yet to issue a statement.

 

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