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Tag: NDIC

  • NDIC, CBN to conduct Risk Based Supervision in banks

    NDIC, CBN to conduct Risk Based Supervision in banks

    The Nigeria Deposit Insurance Corporation (NDIC), says it will continue to work with the Central Bank of Nigeria (CBN) to conduct Risk Based Supervision (RBS) in its insured financial institutions.

    RBS is a comprehensive, formally structured system that assesses risks within the financial system, giving priority to the resolution of those risks.

    The NDIC in the Corporation’s official Twitter handle on Tuesday quoted its Managing Director, Mr Bello Hassan, as saying this.

    Hassan said that the RBS was a proactive measure toward anticipating all risks, macro and micro as well as global and domestically to address same continuously.

    According to him, we have tried to immunise the system to withstand whatever shocks that may be impacting on the Nigerian economy and the financial system.

  • PenCom denies least paid staffer receives N3 million monthly

    PenCom denies least paid staffer receives N3 million monthly

    The National Pension Commission (PenCom) said that the highest paid official of the commission earns less than N1million a month, an official has said.

    The Head, Corporate Communications of PenCom, Mr Abdulqadir Dahiru, made the statement available to newsmen on Saturday in Abuja.

    He said, ”it was illogical and improbable that the least paid staffer receives a monthly salary of N3 million.”

    Dahiru said that it was earlier alleged that the least paid PenCom employee earns a salary of N3 million per month.

    ”This has fueled all sorts of false allegations and unfair insinuations. We understand that there is an element of mischief and possible blackmail on the commission’s compensation package.

    “From our understanding, it appears someone calculated all staff costs, including training, staff exit benefit scheme and employer’s pension contribution.

    ”He divided the total by the number of the commission’s employees and concluded that the least paid employee is on a monthly salary of ₦3 million. There is a clear difference between staff cost and staff salaries,” he said.

    Dahiru said that there was a false and misleading information on the compensation package of the commission being circulated in the traditional and social media.

    He that said from the inception of the commission in 2004, the Federal Government mandated its board to adopt an employee compensation policy.

    Dahiru stated that the policy favorably compared to comparative government bodies in the financial services sector,

    He said that they include Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC) and Securities and Exchange Commission (SEC).

    “Section 25(2)(b) of the Pension Reform Act 2014 also empowers the board of the commission to fix the remuneration, allowances and benefits of the employees.

    “We made all these facts known in a recent submission to the House of Representatives Committee on Finance over the compensation package of the commission.

    “We also stated that the last compensation package review was done in 2017 with the approval of the Office of the Secretary to the Government of the Federation (OSGF).

    “No review has been done in the last five years and this has affected the ability of the commission to attract, hire and retain staff with competitive skills,” he said.

    Dahiru urged the public to ”ignore the false and mischievous information on the staff compensation package.

    ”The commission has nothing to hide and will continue to run a transparent and an accountable system.”

  • Failed banks: NDIC publishes final dividend declaration call to depositors, creditors

    Failed banks: NDIC publishes final dividend declaration call to depositors, creditors

    The Nigeria Deposit Insurance Corporation (NDIC), has published a final dividend declaration notice to depositors of 20 failed banks.

    The NDIC also published a final dividend declaration notice to creditors of five banks in-liquidation.

    The notice published on the Corporation’s website on Friday, listed the banks to include ABC Merchant Bank Ltd., Commercial Trust Bank Ltd. and Continental Merchant Bank Plc.

    Others are Merchant Bank of Africa Ltd., Pan African Bank Ltd., Kapital Merchant Bank Ltd., Eagle Bank and Allied Bank of Nigeria, among others.

    The Corporation also listed creditors’ banks to include Cooperative & Commerce Bank, Nigerian Merchant Bank, Rims Merchant Bank, Alpha Merchant Bank and Continental Merchant Bank.

    NDIC said depositors and creditors who did not establish their claims to the satisfaction of the Director, Claims Resolution Department within 21 days from the date of the publication, would be expunged.

    The Corporation said that the director would after the expiration of the date proceed to make a final dividend payment without regard to such claims.

    “NDIC, the official liquidator of the under-listed defunct banks (in-liquidation), hereby notifies the general public of the final call for dividend declaration to depositors, creditors of these banks.

    “We, therefore, advise all eligible depositors and creditors of these banks to either meet NDIC officials in any of the NDIC Offices.

    “They can also visit the claims page on NDIC website on www.ndic.gov.ng for the verification of their claims, commencing from Sept. 5 till Oct. 14,’’ the Corporation said.

    The Corporation also said it was in the process of paying insured and uninsured deposits to depositors of Eurobanc Savings and Loans,Grace field Microfinance Bank and Okporo Microfinance Bank(MFB).

    It said it was also in the process of paying liquidation dividends to the depositors and ex-staff of MFBs.

  • Collaborative measures crucial to preventing bank failure in Nigeria – EFCC

    Collaborative measures crucial to preventing bank failure in Nigeria – EFCC

    The Chairman of the Economic and Financial Crimes Commission (EFFC) Abdulrasheed Bawa, has called for collaboration from stakeholders in the financial sector to prevent banks in the country from becoming insolvent.

    Bawa made the call in Lagos on Wednesday, while delivering a goodwill message at the opening of a two-day workshop organised by the Nigeria Deposit Insurance Corporation (NDIC), with the theme: “Effective Investigation and Prosecution of Banking Malpractices that Led to the Failure of Banks”.

    The EFCC Chairman, who was represented by the Commission’s Lagos Zonal Commander Ahmed Ghali, said forensic analysis of the annual reports, bank statements and other financial documents of some of the failed banks investigated by the EFCC clearly showed a pattern necessitating collaborative efforts aimed at making the nation’s banking sector work more effectively.

    He noted that many households, small businesses and large corporations rely on commercial banks to provide their financial needs, and urged bank officials to avoid engaging in fraudulent activities that can lead to a breach of public trust.

    TheNewsGuru.com (TNG) reports that between 1994 and 2006, 45 banks in the country have had their licences revoked by the Central Bank of Nigeria (CBN), having been termed failed banks.

    The Federal High Court issued orders for them to be wound up and appointed the NDIC as Liquidator of the banks.

    Below is the list of the failed banks:

    S/NO NAME OF BANK UNDER LIQUIDATION DATE OF CLOSURE
    1 Abacus Merchant Bank Ltd Jan. 16, 1998
    2 ABC Merchant Bank Ltd Jan. 16, 1998
    3 African Express Bank Ltd Jan. 16, 2006
    4 Allied Bank of Nigeria Plc Jan. 16, 1998
    5 Allstates Trust Bank Plc Jan. 16, 1998
    6 Alpha Merchant Bank Plc Sept. 08, 1994
    7 Amicable Bank of Nigeria Plc. Jan. 16, 1998
    8 Assurance Bank of Nigeria Plc Jan. 16, 2006
    9 Century Merchant Bank Ltd. Jan. 16, 1998
    10 City Express Bank Plc Jan. 16, 2006
    11 Commerce Bank Plc Jan. 16, 1998
    12 Commercial Trust Bank Ltd Jan. 16, 1998
    13 Continental Merchant Bank Plc Jan. 16, 1998
    14 Coop. & Commerce Bank Plc Jan. 16, 1998
    15 Credite Bank Nig. Ltd Jan. 16, 1998
    16 Crown Merchant Bank Ltd. Jan. 16, 1998
    17 Financial Merchant Bank Ltd. Jan. 21, 1994
    18 Great Merchant Bank Ltd. Jan. 16, 1998
    19 Group Merchant Bank Ltd. Jan. 16, 1998
    20 Gulf Bank Ltd Jan. 16, 2006
    21 Hallmark Bank Plc Jan. 16, 2006
    22 Highland Bank of Nig Plc Jan. 16, 1998
    23 ICON Ltd. (Merchant Bankers) Jan. 16, 1998
    24 Ivory Merchant Bank Ltd. Dec. 22, 2000
    25 Kapital Merchant Bank Ltd. Jan. 21, 1994
    26 Lead Bank Plc Jan. 16, 2006
    27 Lobi Bank of Nig. Ltd. Jan. 16, 1998
    28 Mercantile Bank of Nig. Plc. Jan. 16, 1998
    29 Merchant Bank of Africa Ltd. Jan. 16, 1998
    30 Metropolitan Bank Ltd. Jan. 16, 2006
    31 Nigeria Merchant Bank Ltd. Jan. 16, 1998
    32 North-South Bank Nig. Plc. Jan. 16, 1998
    33 Pan African Bank Ltd. Jan. 16, 1998
    34 Pinacle Commercial Bank Ltd. Jan. 16, 1998
    35 Premier Commercial Bank Ltd Dec. 22, 2000
    36 Prime Merchant Bank Ltd. Jan. 16, 1998
    37 Progress Bank Ltd. Jan. 16, 1998
    38 Republic Bank Ltd June 29, 1995
    39 Rims Merchant Bank Ltd. Dec. 22, 2000
    40 Royal Merchant Bank Ltd. Jan. 16, 1998
    41 Trade Bank Plc Jan. 16, 2006
    42 United Commercial Bank Ltd. Sept. 8, 1994
    43 Victory Merchant Bank Ltd. Jan. 16, 1998
    44 Eagle Bank Plc. Jan. 16, 2006
    45 Liberty Bank Plc. Jan. 16, 2006

     

     

  • NDIC gives update on sale of Polaris Bank, other banks

    NDIC gives update on sale of Polaris Bank, other banks

    Mr Bello Hassan, Managing Director, Nigeria Deposit Insurance Corporation (NDIC) has said that all Deposit Money Banks (DMBs) in Nigeria, including Polaris Bank are safe and sound.

    Hassan made the clarification on the sideline of a three-day Capacity Building Workshop organised by the Legal Department of NDIC, for law enforcement agencies at BWC Hotel, Victoria Island, Lagos, on Wednesday.

    He also said that Polaris Bank was not sold as reported by some media recently.

    The event had, “Effective Investigation and Prosecution of Banking Malpractices that Led to Failure of Banks’’, as its theme.

    “All banks that are operating within the country are sound in as much as their licences have not been revoked.

    “If there is a problem, the regulator that issues the licence will be the one to revoke the licence.

    “In as much as the licence is not revoked, you’re free to continue to bank with the institutio; it means it is safe,’’ Hassan said.

    The NDIC boss also explained that the corporation usually carried out stress tests on banks on a monthly basis, to ascertain their financial soundness.

    He said: “The Central Bank also does stress testing, and so do we in NDIC. In fact we do it on a monthly basis to ascertain the financial soundness of those banks and we see no red line.

    “When we talk of key financial soundness indicators, we are talking about the capital adequacy and liquidity and the quality of the assets.

    “Those two solid financial soundness indicators that you use to gauge the safety and soundness of these institutions are robust.

    “So, based on that, the banks are safe and sound; continue to bank with them.’’

    Recall that the management of Polaris Bank recently discredited the report on the purported sale of the bank by the Central Bank of Nigeria (CBN) to private individual for N40 billion.

  • Ponzi scheme: NDIC warns Nigerians to beware of fraudulent financial institutions

    Ponzi scheme: NDIC warns Nigerians to beware of fraudulent financial institutions

    The Nigeria Deposit Insurance Corporation (NDIC), has advised Nigerians to beware of Ponzi schemes operating under the guise of financial institutions.

    Mr Chima Onyechere, the Zonal Controller of NDIC, Ilorin Zone, who gave the advice on Wednesday in an interview with newsmen said such financial institutions were fraudulent.

    Onyechere said the corporation had intensified awareness campaign across the nation warning people against scammers operating ponzi schemes.

    “There are a lot of ponzi schemers across the country, especially in local places. People in these places may not be aware of their scheme because they entice people with high interest rate.

    “They trick people into putting money in their fraudulent financial institutions and people are not aware that they are illegal.

    “That is why NDIC is passing a message to everyone on the need to look out for financial institutions that have the corporation’s certification to operate.

    “Whenever Nigerians come across these financial institutions without NDIC certification, they should ask questions and find out if they are insured under NDIC before doing any business with them,’’ he said.

    According to Onyechere, NDIC stickers are placed on financial institutions such as banks that are insured by the corporation and certified safe to do business.

  • Buhari writes Senate to confirm appointment of 4 NERC commissioners

    Buhari writes Senate to confirm appointment of 4 NERC commissioners

    …also sought confirmation of 4 NDIC Eds

    President Muhammadu Buhari, has written to the Senate to seek confirmation for the appointment of four commissioners for Nigeria Electricity Regulatory Commission (NERC).

    Aside from the NERC commissioners, the president also sought confirmation for the appointment of Executive Directors of the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Deposit Insurance Corporation.

    President of the Senate, Ahmad Lawan, at the plenary on Wednesday, read the three letters from Buhari.

    Those nominated to be appointed as NERC commissioners are Dr. Yusuf Ali (North-Central), Engr. Chidi Ike (South-East), Mr. Nathan Shetty (North-East), and Mr. Dafe Apeneye (South-South) as commissioners of the NERC.

    The President also sought the confirmation of Francis Alabi Ogali; Dr. Mustapha Lawade; Monsuru Kulia; Bashiru Sadiq, and Dr. Zainab Gobir as executive directors of the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

    Mrs. Emili Chidinma Osuji’s name was contained in a separate letter also sent to the Senate for confirmation as the Executive Director of the NDIC.

  • NDIC Commences Closure Of 42 Microfinance Banks After CBN’s Directive [Full list]

    NDIC Commences Closure Of 42 Microfinance Banks After CBN’s Directive [Full list]

    The Nigeria Deposit Insurance Corporation (NDIC) has commenced the closure of 42 microfinance banks after a directive from the Central Bank of Nigeria (CBN).

    The NDIC had earlier on Friday announced on its website that the CBN has revoked the operating licences of 42 microfinance banks.

    “This is to inform the depositors, creditors, shareholders, and the general public that the operating licenses of the under listed Forty-Two (42) Microfinance Banks (MFBs) have been revoked by the Central Bank of Nigeria (CBN) effective 12th November 2020.

    “The Nigeria Deposit Insurance Corporation (NDIC), the Official Liquidator of the banks whose licenses were recently revoked, is in the process of closing the listed banks and pay their insured Depositors,” the NDIC statement read in part.

    The NDIC, therefore, request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December 2020 till Thursday, 24th December 2020.

     

    The affected banks are listed below:

    1 HEDGEWORTH MFB GUOBA PLAZA SUITE B06, – 171, A.E. EKUKINAM STREET, BY CHISCO, UTAKO, ABUJA

    2 FUTURE GROWTH MFB REAL TOWER PLAZA, PLOT 1121 OBAFEMI AWOLOWO WAY, UTAKO, ABUJA

    3 BAGWAI MFB BAGWAI-SHANONO ROAD, BAGWAI LGA, KANO

    4 ERE CITY MFB ERE-IJESHA/IIIAHUN ROAD, ERE-IJESHA, ORIADE LGA, OSUN

    5 CAFON MFB GARKI POLICE BARRACKS, GARKII, FCT, ABUJA

    6 AKCOFED MFB EKIT ITAM II (BESIDE WATER BOARD), P. O. BOX 2048, UYO, AKWA-IBOM STATE

    7 GUFAX MFB N0. 3 UDOTUNG UBO STREET UYO, AKWA IBOM STATE

    8 PARTNERSHIP MFB 107 UPPER IWEKA ROAD, ONITSHA, ANAMBRA STATE

    9 ICB MFB IIIAH-ASABA ROAD, OSHIMILI NORTH LGA, IIIAH, DELTA STATE

    10 ONIMA MFB NIPOST BUILDING, EKEOCHA ONICHA, EZINIHITTE MBAISE LGA, IMO STATE

    11 HOMETRUST (NATIONS) MFB 76, ORLU ROAD, NKWERE, IMO STATE

    12 RINGIM MFB OPP. RINGIM CENTRAL MARKET, RINGIM, JIGAWA STATE

    13 BIGTHANA MFB 6, ALI AKILU ROAD, KADUNA

    14 ROGO MFB ROGO TOWN, ROGO LGA, KANO STATE

    15 MAKODA MFB NO 15, KOGUNA TOWN, MAKODA LGA, KANO

    16 TAKAI MFB TAKAI TOWN, TAKAI LGA, KANO STATE

    17 BEBEJI MFB NO. 10 GIDAN IYAN, BEBEJI TOWN, BEBEJI L.G.A., KANO STATE

    18 AJINGI MFB NO. 10 HAKIMI STREET, AJINGI TOWN, AJINGI LGA, KANO STATE

    19 GARKO MFB 3, GARKO TOWN, KANO

    20 KANGIWA MFB KANGIWA TOWN, KANGIWA LGA, KEBBI STATE

    21 AUGIE MFB AUGIE TOWN, AUGIE LGA, KEBBI STATE

    22 MOPA MFB SILAS BAMIDELE DANIYAN HOUSE, KABBA-ILORIN ROAD, MOPA, KOGI-STATE

    23 SOLID BASE MFB EKIRIN ADDE, IJUMU LGA, KOGI STATE

    24 ULTIMATE BENEFIT MFB 150C, OKENE KABBA ROAD, LOKOJA, KOGI

    25 OVIDI MFB NO. 1, ATTA ROAD, OKENE, KOGI STATE

    26 KIRFI MFB KIRFI TOWN, KIRFI LGA, BAUCHI

    27 CREDIT EXPRESS MFB 27, KAKAWA STREET, LAGOS

    28 KING SOLOMON MFB GOD BLESS NIGERIA HOUSE, 117/119, WETSERN AVENUE, IPONRI, LAGOS

    29 RIGGS MFB PLOT 5, IMAN ABIB ADETORO STREET, OFF AJOSE ADEOGUN STREET, V.I., LAGOS

    30 BILLIONAIRE BLUE BRICKS MFB APERIN HOUSE (2ND FLOOR) BLOCK I, PLOT 27, BUDO LAYOUT AJIWE, LEKKI EPE EXPRESSWAY, AJAH, LAGOS STATE

    31 SUSU MFB 34, COMMERCIAL AVENUE SABO, YABA, LAGOS

    32 WEALTHSTREAM MFB AQUARIUS BLOCK, ELEGANZA PLAZA, GROUND FLOOR, LEFT WING 1 COMMERCIAL ROAD, APAPA, LAGOS

    33 AGUDA TITUN MFB 21, SHONOLA STREET, AGUDA TITUN, OGBA, LAGOS

    34 SAPPHIRE MFB 111, ABAK ROAD, UYO, AKWA IBOM STATE

    35 METRO MFB 15, OTUNUBI STREET, OFF HARUNA, OGBA, IKEJA, LAGOS

    36 MOUNTAIN TOP MFB PROGRESS BLOCK, SHOP A102, AFRICAN TYRE VILLAGE, OPP. APT TRADE FAIR COMPLEX, LAGOS/BADAGRY EXPRESSWAY, LAGOS

    37 UNYOGBA MFB 1, ALOMA ROAD, OPP. MKT. SQ., EJULE, OFU LGA, KOGI STATE

    38 WAPO MFB OKENE-LOKOJA ROAD, NAGAZI, ADAVI LGA, OKENE, KOGI STATE

    39 IBOGUN MFB IBOGUN EGBEDA, IFO LGA, OGUN STATE

    40 KOREDE MFB NO. 3, LUWOYE STREET, IGBOTAKO, ONDO STATE

    41 AHETOU MFB 26, EREMA ROAD, BYEPASS, AKABUKA, OGBA/EGBEMA/NDONI LGA, RIVERS STATE

    42 FUFORE MFB NO. 25 GURIN ROAD, FUFORE LGA, ADAMAWA, YOLA STATE

  • CBN withdraws operating licences of 42 microfinance banks [Full list]

    CBN withdraws operating licences of 42 microfinance banks [Full list]

    The Central Bank of Nigeria (CBN) has withdrawn the operating licenses of 42 microfinance banks (MfBs). The affected banks have been shut down.

    The Nigeria Deposit Insurance Corporation (NDIC) has stepped in to wind down the banks.

    In a statement, the NDIC said it would promptly commence the verification of claims of depositors from today.

    The affected banks are Hedgeworth MFB, Utako, Abuja; Future Growth MFB, Utako, Abuja; Bagwai MFB, Bagwai LGA, Kano; Ere City MFB, Oriade LGA, Osun State; Cafon MFB, Garki II, Abuja; Akcofed MFB, Uyo, Akwa-Ibom State; Gufax MFB, Uyo, Akwa Ibom State, Partnership MFB, Onitsha, Anambra State; ICB MFB, Ilah, Delta State; Onima MFB, Ezinihite Mbaise LGA, Imo State; and Hometrust (NATIONS) MFB, Nkwere, Imo State.

    Others are Ringim MFB, Ringim, Jigawa State; Bigthana MFB, Ali Akilu Road, Kaduna; Rogo MFB, Rogo LGA, Kano State; Makoda MFB, Makoda LGA, Kano; Takai MFB, Takai LGA, Kano State; Bebeji MFB, Bebeji L.G.A., Kano State; Ajingi MFB, Ajingi LGA, Kano State; Garko MFB, Garko, Kano; Kangiwa MFB, Kangiwa LGA, Kebbi State; Augie MFB, Augie LGA, Kebbi State; Mopa MFB, and Mopa, Kogi State.

    Others are Solid Base MFB, Ijumu LGA, Kogi State; Ultimate Benefit MFB, Lokoja, Kogi State; Ovidi MFB, Okene, Kogi State; Kirfi MFB, Kirfi LGA, Bauchi; Credit Express MFB, Kakawa Street, Lagos; King Solomon MFB, Western Avenue, Iponri, Lagos; Riggs MFB, Victoria Island, Lagos; Billionaire Blue Bricks MFB, Ajah, Lagos; Susu MFB, Yaba, Lagos; Wealthstream MFB, Apapa, Lagos; Aguda Titun MFB, Ogba, Lagos and Sapphire MFB, Uyo, Akwa Ibom State.

    Also on the list are Metro MFB, Ogba, Ikeja, Lagos, Mountain Top MFB, Trade Fair Complex, Lagos; Unyogba MFB, Ofu LGA, Kogi State; Wapo MFB, Okene, Kogi State; Ibogun MFB, Ifo LGA, Ogun State; Korede MFB, Igbotako, Ondo State; Ahetou MFB, Ogba/Egbema/Ndoni LGA, Rivers State and Fufore MFB, Yola, Adamawa State.

    According to NDIC, the operating licences were revoked by the CBN effective from November 12, 2020.

    The NDIC stated: “As the official liquidator of the banks whose licences were recently revoked, it is the process of closing the banks and paying their insured depositors.

    “We therefore request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December, 2020 till Thursday, 24th December, 2020.”

    For further clarification or any assistance, eligible depositors have been requested to contact the representatives of the director, Claims Resolution Department of the NDIC in any of the centres or zonal offices in Abuja, Lagos, Enugu, Benin, Kano, Ilorin, Bauchi, Sokoto, Yola and Port Harcourt.

    Earlier, the NDIC stated that a limited understanding and widespread misconception of the Deposit Insurance System (DIS) in Nigeria was largely responsible for the pool of unclaimed deposits following bank closures.

    NDIC’s Executive Director, Corporate Services, Mrs. Omolola Abiola-Edewor, decribed the problem of limited understanding and misconception is a global challenge to the deposit insurance system. She spoke at the opening ceremony of the 2020 sensitisation seminar for judges of the Federal High Court in Abuja.

    Mrs. Abiola- Edewor noted that the problem informed the concerted efforts by NDIC to continuously collaborate with the judiciary and other stakeholders in promoting sound knowledge and understanding of the deposit insurance system over the years.

    She said the NDIC would continue to jealously guard its relationship with the Judiciary.

    She added that the current economic situation occasioned by the COVID-19 pandemic had further underscored the need to strengthen the collaboration towards enhancing the stability of the financial system.

    Describing judgments against the corporation for liabilities of failed banks under liquidation as another challenge confronting it, she noted that effective resolution of legal issues affecting the administration of the DIS was critical to the enhancement of safety and soundness of the banking system.

    She said the corporation would be looking forward to drawing from the rich knowledge and experience of the Federal High Court judges on ways of addressing these challenges.

    The Chief Judge of the Federal High Court, Justice John Tsoho, noted that the seminar had gone a long way in broadening the knowledge of judges, not only in deposit insurance law and practice, but also in the workings and operations of the financial system.

    He said the knowledge from the seminar had enhanced the discharge of the judges’ duties over the past nine years. The Administrator of the National Judicial Institute (NJI), Justice Rosaline Bozimo, in her goodwill message, said the seminar was aimed at consolidating the gains of the NJI and NDIC in exposing judges to best practices in deposit insurance law in particular and the financial system in general. She was represented by the Director of Research, Mr. Gbenga Omotesho.

  • JUST IN: Buhari appoints NAICOM, NDIC board members

    JUST IN: Buhari appoints NAICOM, NDIC board members

    President Muhammadu Buhari has approved the appointment of Mr Sunday Thomas as the substantive Commissioner for Insurance/Chief Executive Officer, National Insurance Commission (NAICOM).

    Mr Yunusa Abdullahi, Special Adviser, Media and Communications to the Minister of Finance, Budget and National Planning disclosed this in a statement in Abuja on Sunday.

    Thomas replaced Malam Mohammed Kari, who was Acting Commissioner for Insurance/CEO of the commission.

    The News Agency of Nigeria (NAN) reports that the new appointee has over three decades of experience in the industry as an operator and regulator.

    He was appointed Deputy Commissioner in charge of technical matters by Buhari in April 2017 and was also a former Director-General of the Nigerian Insurers Association in 2010.

    The special adviser also announced the appointments of two board members for the Nigeria Deposit Insurance Corporation (NDIC).

    He said Mrs Ya’ana Yaro was appointed as Non-Executive Director representing the North East while Mrs Diana Okonta as Non-Executive Director representing South South.

    He added that the appointments take immediate effect.