Business
NDIC Pays N1.084bn To 29,573 Depositors Of MFB/MPB
Joel Ajayi
Nigerian Deposit Insurance Corporation, NDIC, has revealed that it has paid a cumulative insured sum of N1.084 billion to 29,573 depositors of the closed microfinance banks, MFBs.
The Managing Director of NDIC, Bello Hassan, while delivering his speech at the NDIC Special Day held at the 18th Abuja International Trade Fair explained that this followed the revocation of licenses for 179 microfinance banks and 4 primary mortgage banks by the Central Bank of Nigeria, CBN.
He added that the NDIC immediately commenced liquidation of the banks and began disbursing insured sums to depositors within just seven days of the closure of these banks.
“It’s important to note that as at 22nd September 2023, the Corporation had paid a cumulative insured sum of N1.084 billion to 29,573 depositors of the closed MFBs/MPBs. It is, however, instructive to let you know that payments are still ongoing and depositors with funds exceeding the insured limit will receive liquidation dividends after recovery of debts and sale of physical assets of the closed banks.
He stated that currently, the Corporation is in the process of verifying and paying liquidation dividends to depositors and stakeholders of 20 closed banks: Allied Bank, Peak Merchant Bank, Commerce Bank, Continental Merchant Bank, Financial Merchant Bank, Fortune Bank, Gulf Bank, Hallmark Bank, Icon Merchant Bank, Liberty Bank, among others.
He stressed that NDIC holds the strong view that “knowledge is power”, believing that an informed depositor can make better financial decisions.
The NDIC Chief Executive warned the general public to be cautious of illegal fund managers, often referred to as “Wonder Banks” or “Ponzi Schemes”.
He explained that the entities offer high-interest rates and profits that are too good to be true, leading to devastating losses for many.
Hassan added that it’s important to note that these “wonder banks” are neither licensed by the CBN nor covered by the NDIC deposit insurance scheme.
He enjoined the public to patronise only banking institutions with a display of the NDIC stickers carrying the words: “Insured by NDIC” in their banking halls or entrances and various branches across the country.
Business
Court Orders Arrest Of Wike-led FCTA Director, 10 Others
By Aliyu Galadima
An Abuja High Court has issued a bench warrant against the director of investigation and prosecution of the FCTA, Joseph Eriki, and 10 others.Justice Suleiman Belgore has issued an order to compel the director and others to appear before the court for a suit filed against them.
The Judge’s decision followed the application of the prosecuting counsel, David Kaswe, who lamented the failure of the efforts to ensure that the suspects appear in court.
Justice Suleiman Belgore of the High Court in Abuja has issued a warrant of arrest against Joseph Eriki, the director of investigation and prosecution of the Nyesom Wike-led Federal Capital Territory Administration ,FCTA, and 10 others.
The judge had issued the order to compel the appearance of Joseph Eriki and 10 others before the court, as they had been arraigned in a suit filed against them by the federal government.
The warrant was issued following an application by the prosecution counsel, David Kaswe, who stated that all efforts to ensure the suspects’ presence in court had failed. Kaswe informed the court that the prosecution had made several attempts to notify the suspects’ lawyers and sureties, but to no avail.
He cited Section 124 of the Administration of Criminal Justice Act ,ACJA, which allows for the issuance of a bench warrant to compel attendance in court.
The court agreed to the application, issuing the warrant to ensure the suspects’ appearance for arraignment on a six-count charge. The charges against the suspects include criminal conspiracy, criminal trespass, forgery, and using a forged document as genuine.
They are also accused of using criminal force to deter a public servant from performing their duty. The suspects allegedly entered a plot of land belonging to Etha Ventures and constructed structures without authorisation, to defraud the company.
According to the prosecution, the suspects fraudulently obtained a consent judgment for the land, which was given to Super Structures Limited. The case has been adjourned until June 4 for arraignment.
The court’s decision to issue a bench warrant highlights the seriousness of the allegations and the need for the suspects to face trial. The suspects are facing a six-count charge, which was filed in February.
The court’s ruling emphasises the importance of a speedy trial and the need for the suspects to be held accountable for their actions.
With the bench warrant in place, the court is taking steps to ensure that the suspects appear in court and face the charges against them
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