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‘There was an omission’ — NDIC chairman says Buhari signed wrong bill reenacting agency’s role

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1 year ago

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Abdulhakeem Abdullateef, new board chairman of the Nigeria Deposit Insurance Corporation (NDIC), has asked President Bola Tinubu to probe the passage of the NDIC Act, 2023.

On May 26, Former President Muhammadu Buhari signed the NDIC (repeal and reenactment) bill of 2023 into law.

The new act repeals the NDIC Act, 2006 and makes the NDIC the insurer of all insurable deposit liabilities of insured institutions.

In a Facebook Live session on Monday, the NDIC chairman alleged that the bill assented to by the former president had certain sections that were not included in the version passed by the national assembly.

Abdullatteef’s session was captioned ‘Even If You Will Kill Me, I Will Tell Nigerians My Mind’.

Abdullateef, a former Lagos state commissioner for home affairs, said under the new law, the president is not allowed to appoint a managing director for the agency.

He said only the governor of the Central Bank of Nigeria (CBN) was handed the responsibility of recommending someone to take up the position of the NDIC managing director.

“NDIC stinks. There is a lot of rot going on. They say ‘When you fight corruption, corruption fights you’. This is the purported new act of the NDIC and I tell you for nothing that this is ‘Emefiele’s act’. Here, they have taken away the powers of Mr President in respect of the NDIC,” he said.

“This document that was signed is materially different from the vote and proceedings of the National Assembly that passed it.”

Abdullateef, who wept during the session, said the NDIC should be a fully independent agency, not under the thumb of the CBN.

“I want Mr President not to act on this law until it is probed. Probe the passage of this law. Probe the inclusion of section 7 which takes away the right of ministry of finance, which takes away the responsibility of ministry of finance and replaced it with two directors from CBN,” he said.

“Probe why what is passed is fundamentally different from what was assented to. Probe what happened between the time the senate passed it and the house of representatives passed it and there was no divergence.

“Under the law, do you know the status of this new act? It is null and void. Anytime Mr President assents to a bill that is materially different from what was passed by the senate and the house of reps, it means there was a material omission and the law was not matured for assent.

“There is a need for the new administration to return this act to the National Assembly when it is proclaimed. They should investigate it and allow National Assembly members to debate.

“Mr President, don’t act on the new NDIC Act.”

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Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

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5 hours ago

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November 25, 2024 1:29 pm

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The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

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Business

Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

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8 hours ago

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November 25, 2024 11:01 am

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The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

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Business

Allegation of missing fund untrue, says Access Bank

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9 hours ago

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November 25, 2024 9:16 am

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Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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