Monday, November 29

Tag: NDIC

Banks Lose N5bn To Fraudsters In Nine Months – NDIC
Business, News

Banks Lose N5bn To Fraudsters In Nine Months – NDIC

The Nigeria Deposit Insurance Corporation (NDIC) yesterday said banks in the country lost over N5 billion to fraudsters between January and September 2020. It said the losses, for only nine months, was comparable to the financial losses insured institutions suffered for the entire 12 months of 2019. The NDIC’s executive director, corporate services, Mrs. Omotola Abiola-Edewor, stated this at the Corporation’s annual capacity building programme for law enforcement agencies. The programme with the theme: “Effective investigation and prosecution of banking malpractices that led to the failure of banks in Nigeria”, was held in Lagos. Abiola-Edewor, who was represented by an NDIC director, Joshua Etopidiok, referenced a report recently released by the Nigeria Inter-Bank Settleme...
IPPIS: ASUU Asks FG Why Staff Of CBN, NDIC, FIRS Are Not On The Payment System
Politics

IPPIS: ASUU Asks FG Why Staff Of CBN, NDIC, FIRS Are Not On The Payment System

Academic Staff Union of Universities (ASUU) has posed some tough questions to the Federal Government, asking why some federal agencies such as the Federal Inland Revenue Services, Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation are not captured on the Integrated Payroll and Personnel Information System(IPPIS). ASUU Chairman, University of Abuja branch, Dr. Kassim Umaru, raised the query while puncturing the insistence of the Federal Government that its members must enrol on the platform. In a statement on Saturday, Umaru dismissed the payment system as a scam and said ASUU members will not join it. The Office of Accountant-General of the Federation said that data of university workers and colleges of education be captured on the system between Monday November 25 an...
VP Osinbajo Inaugurates Committee To Recover N5 Trillion AMCON Debts
Politics

VP Osinbajo Inaugurates Committee To Recover N5 Trillion AMCON Debts

Vice-President Yemi Osinbajo, on Tuesday, inaugurated a Special Committee to recover the N5 trillion debts owed the Asset Management Corporation of Nigeria (AMCON). Personal Assistant to the President on New Media, Bashir Ahmad, disclosed this in a statement on his Twitter handle on Tuesday. A statement subsequently issued by Osinbajo’s Senior Special Assistant on Media and Publicity, Laolu Akande, also confirmed the development. Members of the committee include Heads and Representatives of Agencies such as AMCON; the Economic and Financial Crimes Commission (EFCC); Nigerian Financial Intelligence Unit (NFIU); the ICPC; Central Bank of Nigeria (CBN); Nigeria Deposit Insurance Corporation (NDIC); and the c. “One of the terms of reference is for the committee to prepare a rep...
Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency
News

Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency

The Nigeria Deposit Insurance Corporation (NDIC) has issued a public warning about relying on cryptocurrency transactions. This was done via a press release on the 25th day of July, 2019. According to the press release, managing director and CEO of NDIC, Umaru Ibrahim. said relying on cryptocurrencies is very risky, because they are unregulated and not backed by central banks in most financial jurisdictions. The NDIC provides a safety net for depositors and aims to protect the banking system from instability caused by bank runs or loss of confidence. According to Ripples Nigeria, Umaru Ibrahim had previously talked about his concerns during a courtesy call with the NDIC board and the Speaker of the House of Representatives. Speaker Femi Gbajabiamila, spoke on eagerness to r...
APC, PDP Senators Clash Over Keyamo’s Comment On Atiku
Politics

APC, PDP Senators Clash Over Keyamo’s Comment On Atiku

THE fight for 2019 Presidential Election reared its head Wednesday at Senate Committee screening of nominees when Senators on the platform of the ruling All Progressives Congress ( APC) and the Peoples Democratic Party ( PDP) sharply disagreed over comment by the spokesperson of Buhari Campaign Organisation, Mr Festus Keyamo that the PDP Presidential Candidate, Atiku Abubakar was corrupt. Festus Keyamo Trouble started when Kayemo appeared before the Senate Committee on Banking, Insurance and other Financial Institutions for screening as a nominee into the governing board of the Nigeria Deposit Insurance Corporation ( NDIC). Tempers were however high when the Chairman of the Committee, Senator Rafiu Ibrahim ( PDP Kwara South), reminded Keyamo of his recent comment that Atiku Ab...
UPDATED: CBN Revokes Skye Bank’s Licence, Polaris Bank Takes Over
News

UPDATED: CBN Revokes Skye Bank’s Licence, Polaris Bank Takes Over

The Central Bank of Nigeria (CBN) on Friday announced the takeover of Skye Bank. The apex bank also withdrew the operating licence of the bank. Godwin Emefiele, CBN governor, said in consultation with the Nigerian Deposit Insurance Corporation (NDIC), the CBN decided to establish a bridge bank, Polaris Bank, to assume the assets and liabilities of Skye bank. Mr Emefiele added that the strategy is for the Asset Management Company of Nigeria (AMCON) to capitalize the bridge bank and begin the process of sourcing investors to buy out AMCON. “By this decision, the licence of the defunct Skye Bank is hereby revoked,” he said, adding that “all customers of Skye Bank shall be automatic customers of the new bank and their accounts and records duly purchased by Polaris Bank.” The...
Buhari Requests Confirmation of FJSC, AMCON, NDIC Nominees
News

Buhari Requests Confirmation of FJSC, AMCON, NDIC Nominees

Abuja – The Senate on Wednesday, acknowledged receipt of a request to confirm two non-legal practitioners, Sen. Abba Ali from Katsina, representing North West and Mohammed Sagir from Niger, representing North Central as members of the Federal Judicial Service Commission. President Muhammadu Buhari addresses the participants at the opening ceremony of the International Press Institute (IPI) World Congress 2018 held at the State House Conference Center Abuja. He said their nomination was in compliance with Section 154(1) of the 1999 Constitution (as amended). The President also requested for the confirmation of Mr. Banir Adeyemi (SAN), as Chairman, Governing Board of Assets Management Corporation of Nigeria (AMCON), in compliance with Section 10(1) of the AMCON Act 2010. Simi...
NDIC Warns Against Trading In Bitcoins, Cryptocurrencies
News

NDIC Warns Against Trading In Bitcoins, Cryptocurrencies

The Nigeria Deposit Insurance Corporation (NDIC) has cautioned Nigerians to beware of trading in bitcoins and crypto-currencies, warning that they are neither issued by the Central Bank of Nigeria (CBN) nor insured by NDIC. The Managing Director/Chief Executive of NDIC, Alhaji Umaru Ibrahim, who disclosed this said that persons who transact in digital currencies or ponzi schemes are getting themselves involved in risks which cannot be mitigated or covered by the Corporation, adding that it is better to steer clear of such businesses to avoid complete loss of investments. The MD/CEO, represented by the director, Insurance and Surveillance Department, Alhaji Mohammed Umar, while offering the advise during it’s special day at the ongoing 39th Kaduna International Trade Fair, said that u...
Governor Ambode Tells Central Bank To reduce Lending Rate On MSME Fund
News

Governor Ambode Tells Central Bank To reduce Lending Rate On MSME Fund

Lagos State Governor, Mr. Akinwunmi Ambode, yesterday, said it was time for the government to review policies that inhibit growth, as well as come up with an efficient low-cost financial system that will work for all Nigerian. Ambode contended that for Nigeria to meet its growth ambitions and achieve full economic potential, concerted efforts must be made to create at least four million jobs annually, while jettisoning policies that stifle development. The governor challenged the CBN, the Nigeria Deposit Insurance Commission (NDIC), commercial banks and other players to decide the type of policy that would really impact on employment and bring more people into the formal financial system. Ambode, who spoke at the opening session of the 9th Annual Bankers’ Committee Retreat of the ...
NDIC Charges Bankers On Financial Literacy, Consumer Protection
News

NDIC Charges Bankers On Financial Literacy, Consumer Protection

The Nigeria Deposit Insurance Corporation (NDIC) has called on bankers in the country to pay more attention on financial literacy and consumer protection issues. Managing Director/Chief Executive, NDIC, Alhaji Umaru Ibrahim made this call while speaking at the Chartered Institute of Bankers of Nigeria (CIBN) Graduates’ Induction and Prize Award Day in Lagos. Ibrahim noted that the banking environment was witnessing rapid changes, including the forces of globalization of banking; economic uncertainties; advances in information and Communication technology (ICT), such as block chain technology and virtual currency which bankers must grapple with. Ibrahim said that the current economic situation which most developing countries, including Nigeria were facing underscored the need to pa...
Nigeria Trains Ghana On Deposit Insurance
News

Nigeria Trains Ghana On Deposit Insurance

The Nigeria Deposit Insurance Corporation (NDIC) is organising a five-day capacity building programme for senior officials of Ghana Deposit Protection Corporation (GDPC). In a statement signed by Mr Hadi Birch, Head Communications and Public Affairs, on Monday in Abuja, It said this was part of the NDIC’s efforts to assist member countries in the West African sub region to comprehend the relevance of Deposit Insurance System (DIS). According to the statement, it will help to ensure financial system stability. It named three officials of the GDPC who are attending the training programme to include Mr. Franklin Belnye, CEO, Ghana Deposit Protection Corporation, Mrs. Aimee Mwinila-Youri from Legal Department and Mr. Mustapha Sarbeng of Finance Department It said the modules that a...
At Least 3M Nigerians Lost N18bn To MMM – NDIC
News

At Least 3M Nigerians Lost N18bn To MMM – NDIC

The Nigerian Deposit Insurance Corporation (NDIC) today disclosed that the social media estimated that three million Nigerians had  lost N18 billion in the Phonzi scheme, popularly called Mavrodi Mundial Movement (MMM). The Managing Director of the Corporation, Alhaji Umaru Ibrahim disclosed this while speaking at the NDIC day at the ongoing 38th Kaduna International Trade Fair organized by the Kaduna Chambers of Commerce, Mines and Agriculture. (KADCCIMA). Represented by the deputy director Communication and public Affairs  Alh Hadi Birchi Suleiman, the managing director lamented that despite repeated warnings by the Central Bank of Nigeria (CBN)  and the corporation,  Nigerians still patronise MMM. The MD emphasised that frequent   usage  of virtual c...

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