Connect with us

General News

Senate Passes NDIC Bill To Safeguard Bank Depositors’ Funds, Stabilise Financial Institution.

Published

on

  • Senate Passes NDIC Bill To Safeguard Bank Depositors’ Funds, Stabilise Financial Institution.
In a bid to protect the interest of Bank  Depositors, the Senate on Tuesday at plenary passed for third and final reading, a bill meant to strengthen the capacity of the Nigeria Deposit Insurance Corporation’s capacity to safeguard depositors, 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.
H said 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 recommend 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 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.
Fielding questions from Journalists, Senator Abiru said,“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 paceb 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.

General News

Bayelsa Govt Assures NMA, Tertiary Institutions Of Fair Treatment

Published

on

By

Bayelsa Deputy Gov. Lawrence Ewhrudjakpo and officials of Medical Association of Nigeria and others

 

By David Owei, Yenagoa.

The Deputy Governor of Bayelsa State, Senator Lawrence Ewhrudjakpo, has assured members of the Nigerian Medical Association (NMA) and workers of state-owned tertiary institutions of the state government’s commitment to their welfare.
.
Senator Ewhrudjakpo gave the assurance at separate meetings with the executives of the state’s branch of the NMA and representatives of the various tertiary institutions in Government House, Yenagoa.

A statement issued by his Senior Special Assistant on Media, Mr Doubara Atasi, at the weekend, quoted the deputy governor as saying that the Governor Douye Diri-led administration has never treated issues concerning workers with levity right from its inception in 2020.

Senator Ewhrudjakpo pointed out that the Bayelsa Government was among the first few states that approved and immediately implemented the current minimum wage because it believes every worker is worthy of a fair wage.

To this end, he.assured the NMA and workers in the state-owned tertiary institutions that the present administration would continue to ensure that no worker is deprived of his or her legitimate entitlement.

On the issue of upward review of the Consolidated Medical Salary Scale (CONMESS) for medical doctors, Senator Ewhrudjakpo clarified that it would be addressed through the Minimum Wage Implementation Committee and directed the NMA to nominate two of its members to be part of the committee.

The Deputy Governor, however, condemned the situation where some labour unions recklessly issue ultimatums for strike action to government in the midst of negotiations, describing such practice as illegal and alien to the extant labour laws of the country.

His words: “First of all, I want to state this. I am not too sure that any labour law states that while negotiations are going on you give an ultimatum or warning for going on strike. It is never done anywhere.

“There are conditions or precedents leading to strike. One of them is that there is complete breakdown of negotiations. Our negotiations are still ongoing, so your notice of warning strike is not justified.

“Our high-powered Committee on the Review of Implementation of the New Minimum Wage is working round the clock to address all the issues arising from the implementation in the state. The Committee would also look into your demand.

” This administration will not play with workers’ welfare. We will continue to treat them fairly. It would interest you to know that Bayelsa is one of the few states in the country that have implemented the new National Minimum Wage so far.

“The NMA should quickly nominate two of its members to be part of the Minimum Wage Review Committee to work with them.”

Earlier, the Chairman of the NMA, Bayelsa Branch, Dr. Wilcox Izibeya, lamented the avoidable exodus of qualified medical personnel from the state, and called on government to quickly address the issue of reviewing CONMESS and the payment of the accruable arrears.

Meanwhile, the Bayelsa State Government has directed all state-owned tertiary educational institutions to pay revenues from registration and school fees to a dedicated bank account.

The Deputy Governor, who conveyed the directive to heads of the various institutions at the meeting, explained that the move will, among other benefits, help to improve the internally generated revenue (IGR) of the state.

While urging the academics not to rest on their oars to produce quality graduates for industry, leadership and the academia, Senator Ewhrudjakpo assured the management of the schools that revenues generated monthly by the institutions would be ploughed back to them.

In their separate responses, the Vice Chancellor of the Niger Delta University, Professor Allen Agih, and his University of Africa, Toru-Orua counterpart, Professor Solomon Ebobrah, welcomed the policy initiative, and called on government to create opportunities to meet more frequently with the academia.

Others who made remarks include the Deputy Vice Chancellor, Bayelsa Medical University, Prof. Aloysius Ligha; the Provost of the College of Health Technology, Dr. Ogoun Timipa; the Rector of the Institute of Tourism, Prof. Righteous Arikawei, and and the Provost of the College of Nursing, Dr. Kenneth Wasini.

Other institutions represented at the meeting include the Isaac Jasper Boro College of Education, and the Bayelsa State Polytechnic, the International Institute of Tourism and Hospitality, the Bayelsa State Institute of Entrepreneurship and Vocational Training.

Continue Reading

General News

Natasha: Senate passes vote of confidence in Akpabio  …..says sexual harassment allegation is before the court

Published

on

By

By George Mgbeleke
Satisfied with the way suspension of Senator Natasha Akpoti-Uduaghan (PDP Kogi Central) for misconduct and her sexual harassment allegation against the Senate President, Godswill Akpabio
were handled, the Red Chamber on Thursday passed a vote of confidence in the leadership of the number three citizen.

Senate President, Godswill Akpabio

This followed a motion raised by the Senate Leader, Senator Opeyemi Bamidele (APC Ekiti Central), under Orders 40 and 51 of the Senate Rules on the controversies created by the actions taken on the misconduct and alleged sexual harassment.
Senator Akpoti-Uduaghan, who was suspended for violating the Senate Rules, had described it as an injustice and reported the matter to the Inter-Parliamentary Union, IPU of the United Nations on Tuesday.
Presenting the motion, Senator Bamidele stressed the need for clarity, adherence to legislative rules and a renewed focus on governance despite the heightened public interest in the matter due to allegations made by the Kogi lawmaker.
According to him, at no point between August 2023 and the present was the Senate informed of any sexual harassment claims, adding that the issue at hand was purely about disciplinary measures related to breaches of Senate rules.
“I want to make it clear that the matter referred to the Committee on Ethics and Privileges had nothing to do with sexual harassment.
“The Senate President did not preside over any case related to such allegations. What was addressed was a flagrant disregard for Senate rules and we followed due process as guided by the Constitution,” he stressed.
Senator Bamidele, who insisted that the Senate took the right decision to maintain order and uphold legislative integrity, refuted claims that the Red Chamber acted beyond its constitutional rights, noting that suspension remains the only alternative to anarchy within the chamber.
“It was never an issue before us that any member of us was sexually harassed and we hold on to that point. We need to put the events of the last two weeks and concentrate. There is work before us and we have done everything possible, ensuring that the electoral reforms and others have legislative expressions,” he added.
The Senate Leader was happy about the IPU’s reaction to Senator Akpoti-Uduaghan’s report, saying the international body acted within its own rules, and that any statements made by the Senator in question at the IPU meeting were done in a personal capacity, not as a designated delegate representing Nigeria.
He said: “It was never an issue before us that any senator was sexually harassed. We need to move past the events of the last two weeks and focus on our legislative responsibilities. There is critical work before us, including electoral reforms, economic recovery, and tax reform bills.
“The 7th schedule of the 1999 Constitution is clear, and we all swore by oath that we will make laws for the good of this country. We swore to that oath and ensured everyone abides by that oath.”
The Deputy Senate President, Senator Barau Jibrin, who presided over the plenary session, said it was time to focus on the implementation of the 2025 budget already signed by President Bola Tinubu through legislative functions, especially since the sexual harassment allegation is now before the court.
Continue Reading

General News

HOSTCON Youth Council hails Senator Ned Nwoko on his new  appointment

Published

on

By

Senator Ned Nwoko(right) and Emmanuel Fiawei(left)

HOSTCON Youth Council hails Senator Ned Nwoko on his new  appointment

By David Owei, Bayelsa

Youths of the Host Communities Producing Oil, Gas and Pipeline Impacted States Youth Council Of Nigeria (HOSTCON) have described as ” commendable” the appointment of the Senator representing Delta North Senatorial District of Delta State, Sen. Ned Nwoko as the Chairman, Senate Ad- Hoc Committee on Crude Oil Theft.

According to HOSTCON, the appointment of Sen. Ned Nwoko by the 10th Senate under the leadership of Sen God’swill Akpabio as a game-changer for the entire oil and gas value chain in the nation’s oil industry.

The Host Communities Producing Oil Gas and Pipeline Impacted States Youth Council Of Nigeria under the leadership of the National President, Comrade Emmanuel Fiawei Path finder, stated in a statement issued via electronic mail, that the Senator Ned Nwoko-led Committee will salvage the nation’s oil and gas sector and the economic woes of the country.

According to HOSTCON, ” it would never be business as usual for the saboteurs, both locally and internationally because he has already hit the ground running, and Nigerians would see what has never happened in the fight against oil and gas thieves no matter who they are.”

“As a round peg in a round hole, the Chairman of the Senate Committee on Crude Oil Theft and Other Related Matters, his underground strategies would take these thieves by storm and surprise, and this would usher in lasting solutions in curbing the menace of crude oil theft, pipeline vandalism, and illegal bunkering activities in the creeks of Niger Delta region and the hinterlands.”

“The Senator Ned Nwoko we know, is a man of courage and master strategist, who has all it takes to rid the oil and gas sector of this ugly menace of sabotage by some devilish persons who have over the years stolen our common patrimony for their self aggrandizement.”

“We must say that Senator Ned Nwoko, a son of the Niger Delta understands the region so deeply and has broad knowledge about the nefarious activities of these plunders of our national wealth, and knows how to marshal out his strategies to change the ugly narrative in the oil and gas sector.”

” His appointment is highly welcomed by all and sundry and due to his pedigree and sagacity as a patriotic, detribalized, and true Nigerian leader who has distinguished himself in serving the nation with national conscience.”

“We also want to assure Nigerians that Senator Ned Nwoko’s 100 days in this saddle will end oil theft and would be resounding and reverberating because we have seen the handwriting already, and that it would bring about a stupendous growth and development of the oil and gas sector in no distant time as he had already commenced the job by leading a courtesy visit to the Chief of Defence Staff (CDS), General Christopher Musa, seeking a partnership with the military to curb the menace, and also has set up and inaugurated a surveillance team for overt and covert oversight on oil facilities and institutions.”

“Interestingly, the committee has called for strengthening of intelligence-sharing mechanisms, surveillance operations and fostering of seamless inter-agency collaboration to dismantle the complex networks behind crude oil theft in the Niger Delta region and across the international borders.”

“Recently, he affirmed the The committee’s unwavering commitment and sense of patriotism in its resolve to implement watertight policies, deploy cutting-edge security technology, and ensure that those who undermine the national wealth are held accountable.”

“He also said that the task at hand transcends revenue protection; it is about securing the future, bolstering economic resilience, and creating an environment conducive for national progress.”

“0We want Nigerians to be confident about Senator Ned Nwoko because his track record based on his background as an international criminal lawyer. He has the expertise to ensure these thieves are brought to justice, and also his solid performance on the floor of the Senate and impact on his senatorial district is amazing as he has moved numerous life changing motions and bills been sponsored by distinguished Senator Ned Nwoko on the floor of the Red Chambers within the one and half years under the President Bola Tinubu ‘Renewed Hope’ mantra has drastically transformed the lives of his people.”

“Therefore at this juncture, the leadership of the HOSTCON YOUTH COUNCIL OF NIGERIA, under comrade Emmanuel Fiawei Pathfinder, National Exco, elders and Board of Trustees, throw our full weight behind Sen Ned Nwoko-led Ad hoc Committee on Crude Oil Theft and Other Related Matters.”

“We at HOSTCON, being the most critical umbrella body that is the ears, eyes, strength, energy and heart beat of the nation’s oil and gas producing communities in the creeks as well the strength and the life-wire of the nation’s economy will partner with the 10th Senate under the leadership of Distinguished Senator Godswill Akp, through the Chairman of the Senate Add-Hoc Committee on Crude Oil Theft, Sen Ned Nwoko, the Senator representing Delta North Senatorial District in Delta State to join hands together for us to foster a collective responsibility to salvage the economy of our dear country by all means from the hands of this sophisticated oil thieves in collaboration with their foreign counterparts in this illicit business bent to cripple out economy.”

Continue Reading

Latest

Sports12 hours ago

Team Bayelsa emerges overall champion in MTN CHAMPS/MOC Athletics Season 3 …Wins 7 gold, 3 silver, 5 bronze medals.

  By David Owei, Bayelsa Team Bayelsa impressed at the Season 3 of the national athletics MTN CHAMPS, held at...

General News13 hours ago

Bayelsa Govt Assures NMA, Tertiary Institutions Of Fair Treatment

  By David Owei, Yenagoa. The Deputy Governor of Bayelsa State, Senator Lawrence Ewhrudjakpo, has assured members of the Nigerian...

Oil & Gas13 hours ago

Gunmen Ambush Pipeline Surveillance Workers, Kill One, Others Severely Injured

  By David Owei, Yenagoa. There are strong indications that a gang of  sea pirates struck at the oil pipelines...

Law & Crime13 hours ago

Valedictory Session:Ewhrudjakpo, Ayemieye, Others Pour Encomium On Late Justice Alagoa

  By David Owei, Yenagoa. Bayelsa State Deputy Governor, Senator Lawrence Ewhrudjakpo, along with the state Chief Judge, Justice Matilda...

Politics14 hours ago

2027: Tinubu ‘ll face stiff opposition from SE, SS, others -Ex-IPAC chief

  By Abdul-Ganiyy Akanbi, Abuja Former National Legal Adviser of the Inter Party Advisory Council of Nigeria, (IPAC), Chief Barrister...

Religion14 hours ago

CBCN:Nigeria on the brink, but there’s hope- Catholic Bishops … Seek pardon for Sunday Jackson

By Uthman Baba-Al-Naseer, Minna The Catholic Bishops’ Conference of Nigeria (CBCN) has warned that the nation is at a critical...

Business & Economy2 days ago

CPUON Cries out  to FG, calls for Review of PENCON Act ….Seeks upward review of their pension ….As retirees die of hunger, harsh economic situation 

Disturbed by the prolonged neglect of retirees of the public sector, and the paltry amount being paid to Pensioners as...

Law & Crime2 days ago

Niger CJ frees 45 awaiting trial inmates of Suleja’s Prison custody 

  By Uthman Baba-Al-Naseer, Minna A total of Forty Five inmates on awaiting trial and Convicts have breath the air...

Sports3 days ago

Igali advocates for inclusion of Traditional Wrestling ‘Kuwa’ and Canoeing in National Sports Festival *Receives Bayelsa Athletes at 13th ECOWAS African Wrestling games

  By David Owei, Bayelsa The Bayelsa State Commissioner for Sports Development, Dr Daniel Igali, has called on the National...

Politics3 days ago

IPU cannot consider Natasha’s petition – Jimoh Ibrahim

Senator Jimoh Ibrahim, Chairman of the Senate Inter-parliamentary Committee, remarked that the purported petition from the suspended Senator Natasha is...

Trending