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

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  • 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

Niger state NUJ moves to form Federated Chapel with registered Online Media Organizations

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Niger state NUJ Chairman,Dr. Abu Nmodu and other officials of the council

By Uthman-Baba Naseer, Minna

The Nigeria Union of Journalists (NUJ), Niger State Council, has disclosed plans to consider the merger of registered online media organizations in the state with a view to forming a federated Chapel.

The State Chairman of the NUJ, Dr. Abu Nmodu, made this known when officials of a private online media outfit, Flash Radio and Television, paid him a courtesy visit at the IBB Press Centre (Pen House), Minna.

Dr. Nmodu outlined the requirements for the formation of a Chapel as stipulated in Article Three of the NUJ Constitution, assuring that once the necessary provisions are met, the Council would not hesitate to inaugurate a federated Chapel for registered online media practitioners.

He further revealed that the Council has already set machinery in motion to identify and verify genuine journalists, explaining that the initiative is aimed at sanitizing the profession and ridding it of quacks.

While commending the promoters of Flash Radio and Television for their initiative, the NUJ Chairman cautioned them to strictly adhere to the ethics of journalism.

He expressed satisfaction with the growing presence of private digital broadcasting organizations in the state, describing the trend as a reflection of global developments in the media industry.

Dr. Nmodu noted that the establishment of Flash Radio and Television would strengthen the Union’s efforts in educating the public on their civic responsibilities, adding that misconceptions about democracy and development often stem from inadequate access to accurate information.

Earlier, the General Manager of Flash Radio and Television, Hadiza Yawa, disclosed that the media outfit has been duly registered with the Corporate Affairs Commission (CAC).

She explained that the station was founded on the philosophy of promoting socio-cultural values and practices for the overall development of society.

She also appealed for official recognition of Flash Radio and Television as a Chapel, assuring the NUJ leadership of the station’s commitment to upholding the ethical standards of the journalism profession.

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Bayelsa Edu. Dev. Trust Fund solicit partnership with media

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Chairman of EDTF, High Chief Fidelis Agbiki,Executive Secretary, Prof Ebimieowei Etebu and other members of the newly inaugurated Board on a familiarization visit to the Federated Correspondents' Chapel, of the Nigeria Union of Journalists, NUJ, Bayelsa State Council

By David Owei,Bayelsa
The leadership of the Bayelsa State Educational Trust Fund, EDTF, has solicited partnership with the media in the role of educating, and sensitizing the public on the mandate of the board as well as the publicization of its activities.

The Chairman of EDTF, High Chief Fidelis Agbiki stated this yesterday when he led the Executive Secretary, Prof Ebimieowei Etebu and other members of the newly inaugurated Board on a familiarization visit to the Federated Correspondents’ Chapel, of the Nigeria Union of Journalists, NUJ, Bayelsa State Council.

High Chief Agbiki who is also the Chairman of the Publicity and Sensitization Committee of the Board, said as critical stakeholders, it became imperative upon their inauguration in October last year to introduced the new Board to journalists and couth the cooperation of the media, who he noted has been a partner of the Board since its inception.

He said: “We are here to introduced the new board, which is the third since the inception of the EDTF and thanked the media for your support and solicit continued partnership and cooperation, understanding and cooperation. We have come here to introduced ourselves to you, that the relationship we have built over time should be sustain. When you are a friend of the press you are a friend of the community.”

On his part, the Executive Secretary of EDTF, Prof Ebimieowei Etebu, plead with the media to always project the activities of the Board in a way and manner that will engender unity, development and growth

He said: “We are new but not new to the educational sub sector. I have always had a passion to see how I can develop the youths and younger generation. I took this position over thirty years ago that whatever role I can play to better the lots of our youths in our society, I will do it, because once you have a vibrant youth, that society has a future. When that group of people in the society are educated, that society has a bright future but when that section are derail then we have a time bomb. So that has been my driving force.

“So when I was called upon to be the Executive Secretary of this Board, that is one thing that inspired me. We want to plead with you that has people that has the ears of the public, please I am calling on you to project the activities of the Board in a way and manner that will engender unity, development and growth.”

In his remark , the Chairman of the Federated Correspondents’ Chapel, of the Nigeria Union of Journalists, NUJ, Bayelsa State Council, Tife Owolabi, commended the EDTF for the visit and for holding the media in high esteem and urged them to always make their doors open to journalists to confirm, verify and cross checks facts.

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JAMB announces sale of 2026 UTME, Direct Entry

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JAMB LOGO

The Joint Admissions and Matriculation Board (JAMB) has announced the sales of registration forms for the 2026 Unified Tertiary Matriculation Examination (UTME) and Direct Entry (DE) admissions for the 2026/2027 academic session.

JAMB stated this in a post on its X handle on Tuesday night.

“UTME is open to suitably qualified candidates for admission into Nigerian tertiary institutions for the 2026/2027 academic session,” the photo statement signed by its Registrar, Ishaq Oloyede, read.

“Registration commences January 2026 and closes March 2026 (exact dates to be announced by JAMB),” the post read, disclosing that the UTME examination is scheduled to hold in April 2026.

“The period of registration for UTME candidates, including those from foreign countries, is from Monday, 26th January, 2026 to Saturday, 28th February, 2026,” the statement read in part.`

Maduka College Advert
According to JAMB, candidates must have obtained their National Identification Number (NIN) before registration.

The agency said, “Only candidates who will not be less than 16 years old by 30th September, 2026 are generally eligible to apply/be considered.”

But it clarified that, “Candidates less than 16 years old by 30th September, 2026 will have to undergo an intensive evaluation to determine their eligibility for a waiver. Such must have scored not less than 80% in each of UTME/ALEVEL, PUTME, SSCE, and in the exceptional candidate assessment.”

“The UTME results of the underage candidates will be released only at the conclusion of the complete evaluation process,” JAMB said.

For Direct Entry candidates, the “Sale of 2026 Direct Entry (DE) application documents and E-PIN vending would commence from Monday, 2nd March, 2026, and end by Saturday, 25th April, 2026, and would only be at the Board’s State and Zonal Offices.”

“The 2026 UTME will commence on Thursday, 16th April, 2026 and end on Saturday, 25th April, 2026,” JAMB wrote. “Mock-UTME (optional) shall hold on Saturday, March 28th, 2026.”

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