News
NDIC Begins Liquidation Of 182 Insolvent Banks Axed By CBN
From lateef Taiwo
Towards ensuring financial stability and sustainable economic development as envisaged by the current Federal Government, FG, led by President Bola Tinubu, the Nigeria Deposit Insurance Corporation, NDIC, has assured that machinery was in place to ensure smooth liquidation process of no fewer than 178 Micro Finance Banks, MFBs, and four Primary Mortgage Banks, NFBs, whose operational licences had been withdrawn by the Central Bank of Nigeria, CBN, over insolvency and non recapitulation.
Speaking at a two – day workshop for senior management executive staff of the NDIC, held in collaboration with the Bureau of Public Procurement BPC, yesterday at the Four Points By Sheraton Hotel, Ikot Ekpene Local Government Area of Akwa Ibom state, the Managing Director, MD, of NDIC, Bello Hassan, stressed the need for efficiency and transparency in public procurement processes by Ministries, Departments and Agencies, MDAs, as well as Corporations for the overall wellbeing of the country.
Represented by the Director of Operations, DoP, of the agency, Mustapha Ibrahim, the NDIC Chief Executive Officer, CEO, the firm is seriously neck-deep in ensuring proper and effective liquidation of the no fewer than 178 MFBs and four PMBs by ensuring seamless settlement of customers, recovery of debts owed the affected banks, sale of physical assets and payment of liquidation dividends on the uninsured sum
He said: “The NDIC will continue to play its role as a key player in the financial safety net arrangement of the country’s banking system as a deposit insurance in line with the lender of last resort’s function of the CBN. These components will continue to safeguard the safety and soundness of the banking system as well as promoting financial stability.
“In that regard, following the recent revocation of licences of 178 NFBs by the CBN, and four PMBs, the NDIC has commenced the liquidation exercise with the main purpose of paying the guaratied sum, recovery of debts owed the banks, sale of physical assets and payment of liquidation dividends on the uninsured sum.
“The NDIC is hereby assuring the depositors of the closed banks of speedy payment of their insured sums as the Corporation is leaving no stone unturned to ensuring that no room is left for public panic over the safety of banks’ deposits. This will create the enabling environment for the financial system to appropriately support the economic advancement of our great nation, and also contribute meaningfully to the financial system stability.”
In the same vein, the Director General, DG, Bureau for Public Procurement, BPP, Mamman Ahmadu, represented by a senior Director of the agency, Aliyu Aliyu, underscored the importance of the workshop as a major avenue over the years to strengthen collaboration and synergy with the NDIC to enhance due process in public procurement in line with the relevant sections of the Public Procurement Act, PPA, 2007, as amended.
He, therefore, stressed the need for imbibing the electronic procurement (e -procurement) system, which he noted, was effective and transparent in order to curtail frauds and other financial crimes in the procurement regime by various Ministries and Agencies of government.
“You must have your procurement plans before you begin procurement,” he stressed and charged those saddled with such responsibilities to imbibe highest level of integrity and transparency as enshrined in the BPP Act
News
“Nigeria’s Biggest Ever Coalition, Civil Groups, Professionals, Labour, Artisans, Declare for Bola Tinubu”
In what is being described as an unprecedented political development ahead of the 2027 general elections, a broad-based national coalition cutting across civil society organisations, professional bodies, labour groups, artisan associations, and other grassroots networks has announced plans to formally endorse President Bola Ahmed Tinubu for a second term in office.
The coalition, spearheaded by the Coalition of Civil Society Organisations in Nigeria, COCSON, now extends far beyond the traditional civic space, bringing together over 1,500 groups from diverse sectors of the Nigerian society. Participants include human rights organisations, medical and legal professionals, trade and artisan unions, community-based organisations, and influential labour leaders, reflecting a wide national spread and multi-sectoral backing.
The historic convention is scheduled to hold on May 17, 2026, where leaders and representatives of the various groups are expected to converge in what organisers say will be the largest endorsement gathering in Nigeria’s history. The event will serve as the official platform for the coalition to collectively declare support for President Tinubu’s re-election bid.
In a major demonstration of grassroots mobilisation, the coalition also revealed plans to submit a compiled total of 20 million signatures of Nigerians who have endorsed the President’s candidacy. The signatures, gathered through extensive nationwide engagement, are being positioned as a clear indication of public support cutting across regions, professions, and social strata.
Organisers of the event stated that the decision to back President Tinubu is driven by what they described as tangible strides in economic reforms, governance, and national stability. They emphasised that the inclusion of non-traditional actors such as artisans, market groups, and labour unions underscores a broader national consensus that transcends the usual civil society framework.
Political analysts say the scale and diversity of this coalition mark a significant shift in Nigeria’s political landscape, where support structures are no longer confined to political parties and elite stakeholders but are increasingly driven by a fusion of grassroots and professional constituencies.
As momentum builds towards the May 17 convention, observers are keenly watching how this expansive alliance will shape political narratives and influence voter sentiment in the lead-up to the 2027 elections.
Further details on the convention and breakdown of participating groups are expected to be unveiled in the coming days.
In what is being described as an unprecedented political development ahead of the 2027 general elections, a broad-based national coalition cutting across civil society organisations, professional bodies, labour groups, artisan associations, and other grassroots networks has announced plans to formally endorse President Bola Ahmed Tinubu for a second term in office.
The coalition, spearheaded by the Coalition of Civil Society Organisations in Nigeria, COCSON, now extends far beyond the traditional civic space, bringing together over 1,500 groups from diverse sectors of the Nigerian society. Participants include human rights organisations, medical and legal professionals, trade and artisan unions, community-based organisations, and influential labour leaders, reflecting a wide national spread and multi-sectoral backing.
The historic convention is scheduled to hold on May 17, 2026, where leaders and representatives of the various groups are expected to converge in what organisers say will be the largest endorsement gathering in Nigeria’s history. The event will serve as the official platform for the coalition to collectively declare support for President Tinubu’s re-election bid.
In a major demonstration of grassroots mobilisation, the coalition also revealed plans to submit a compiled total of 20 million signatures of Nigerians who have endorsed the President’s candidacy. The signatures, gathered through extensive nationwide engagement, are being positioned as a clear indication of public support cutting across regions, professions, and social strata.
Organisers of the event stated that the decision to back President Tinubu is driven by what they described as tangible strides in economic reforms, governance, and national stability. They emphasised that the inclusion of non-traditional actors such as artisans, market groups, and labour unions underscores a broader national consensus that transcends the usual civil society framework.
Political analysts say the scale and diversity of this coalition mark a significant shift in Nigeria’s political landscape, where support structures are no longer confined to political parties and elite stakeholders but are increasingly driven by a fusion of grassroots and professional constituencies.
As momentum builds towards the May 17 convention, observers are keenly watching how this expansive alliance will shape political narratives and influence voter sentiment in the lead-up to the 2027 elections.
Further details on the convention and breakdown of participating groups are expected to be unveiled in the coming days.
News
How ISWAP killed Army Col. Six others in Borno.
☆☆☆As Troops Foil Series of Ambushes.
Troops of the Nigerian Army under operation Hadin Kai have foiled a series of ambush by suspected members of the Islamic State West Africa Province (I SWAP) terrorist along the Monguno in Borno state.
Islamic state of West Africa province (ISWAP) have attacked the Nigerian army from Monguno 242 Battion Barrack in Borno State on their way to reinforce the camp.
A serving Nigerian Army Colonel was reportedly killed in an ambush by insurgents in Monguno, Borno State, during a reinforcement mission
Source added said that colonel I.A. Muhammad was ambushed by ISWAP and killed along with four other soldiers.
Community confirmed that the troops who were on a fighting patrol as part of operation,came under fire from suspected terrorists
As of the time of felling this report, there has been no official statements from the Nigerian Army regarding the accident.
News
Dogara Felicitates Dangote at 69, Applauds His Enduring Impact on Africa
Hon. Yakubu Dogara, former Speaker of the House of Representatives and Chairman of the Credit Guarantee Company Limited (NCGC), has joined Nigerians and the global business community in celebrating Alhaji Aliko Dangote on his 69th birthday. In a detailed tribute, Dogara described Dangote as “a visionary whose life’s work has become a cornerstone of Africa’s economic transformation.”
Dogara emphasized that Dangote’s entrepreneurial journey is one of resilience and foresight. From humble beginnings, he built the Dangote Group into Africa’s largest conglomerate, with investments spanning cement, sugar, salt, fertilizers, and the landmark Dangote Refinery. These ventures, Dogara noted, have not only revolutionized industries but also created millions of jobs, strengthened Nigeria’s economy, and reduced dependence on imports. “Alhaji Dangote is not just an entrepreneur; he is a nation-builder whose vision has redefined what is possible for Nigeria and Africa,” Dogara said.
He pointed out that the Dangote Refinery, in particular, represents a turning point in Nigeria’s energy sector, offering the promise of self-sufficiency in petroleum products and positioning the country as a major player in global energy markets. “This singular achievement underscores his commitment to solving Africa’s most pressing challenges through bold and innovative solutions,” Dogara remarked.
Beyond his industrial empire, Dogara praised Dangote’s philanthropy through the Dangote Foundation, which has invested heavily in healthcare, education, and humanitarian relief. From building hospitals and funding scholarships to providing aid during crises, Dangote’s generosity has touched countless lives across the continent. “His philanthropy reflects a deep commitment to humanity. He has shown that true greatness lies not only in building industries but also in uplifting lives,” Dogara added.
Dogara also reflected on the inspirational power of Dangote’s story, stressing that his rise from modest beginnings to global prominence serves as a beacon of hope for young Africans. “His journey proves that with hard work, faith, and determination, Africans can build enterprises that rival the best in the world. He remains a shining example of African excellence,” he concluded.
As Dangote celebrates his 69th birthday, his legacy continues to resonate far beyond Nigeria’s borders. His life stands as a testament to the transformative power of vision, enterprise, and compassion—an enduring reminder that Africa’s future can be defined by innovation, resilience, and generosity
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