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Author: Ginika Okoye

  • Discrepancy in account names delaying Heritage Bank customers’ payment – NDIC

    Delay

    By Ginika Okoye
    Abuja, June 30, 2024 (NAN) The Nigeria Deposit Insurance Corporation (NDIC) says account names discrepancies in Bank Verification Number (BVN) linked alternate account of some defunct Heritage Bank customers is delaying the payment of their insured deposits.

    Mr Bello Hassan, the Managing Director of NDIC told the News Agency of Nigeria (NAN) on Sunday in Abuja.

    Hassan said the corporation had paid substantial amount to depositors of the defunct bank without BVN account linked issues.

    He called on depositors of the bank who were yet to receive their insured deposit credit alert to visit the NDIC’s website and complete their verification forms for their payment.

    The managing director said the verification would also include depositors without BVN alternate account.

    ”We have already commenced the payment of customers since June 6.

    ”We have paid substantial amount to the customers.

    ”What we leverage in making the payment is BVN of customers. We trace alternate accounts in other banks and pay them their insured amounts.

    ”There are some that we have challenges linking up because of some discrepancies between the names and others.

    ”We are calling on customers that have not received their alerts in their alternate accounts to come forward and complete their verification forms so that we can pay them,” he said.

    On payment of depositors with more than five million naira with the bank, Hassan said they would be paid liquidation dividend.

    According to him, NDIC have already commenced the process of disposing the physical buildings and also set the process in motion to make sure that we recover the loans and advances that were granted the bank.

    ”That is what we use in paying those liquidation dividends.

    ”We are not going to wait until we recover everything, no.

    ”As we recover, we will also advertise to say that we will pay liquidation dividends so that concerned depositors will be on the look out for alerts in their accounts,” Hassan said.

    NAN reports that the Central Bank of Nigeria (CBN) on June 3  revoked the banking licence of Heritage Bank Plc.

    CBN said the decision was made due to the bank’s failure to improve its financial performance, posing a threat to financial stability. (NAN) (www.nannews.ng)
    GINI/JNC
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    Edited by Chinyere Joel-Nwokeoma

  • Regulation of crypto, digital assets under full control – SEC DG

    Crypto
    By Ginika Okoye
    Abuja, June 27, 2024 (NAN) The Securities and Exchange Commission (SEC) says the regulation of crypto-currencies and other digital assets are under its full control and regulation.

    The Director-General of SEC, Dr Emomotimi Agama, said this at the first Annual Conference of the Association of Capital Market Academics of Nigeria (ACMAN) on Thursday in Abuja.

    Agama described crypto assets as digital or virtual assets utilised by cryptography for security.

    He said there were over 15,000 crypto currencies created which had Bitcoin as the most popular.

    The director-general said that the regulatory landscape for cryptocurrency was not yet firm even in the United States.

    According to him, Nigeria’s crypto transaction volume had reached $56.7 billion between July 2022 and June 2023, hence the efforts by SEC.

    Agama quoted a survey which said that 33.4 per cent of Nigerians were using or owned crypto currencies.

    ”Secrecy of crypto usage is what is driving its adoption by the youth.

    ”Some people don’t have bank accounts but they have crypto wallet.

    ”Crypto is like an air, can you cage it, No. What you can do is to build a risk management around it, ”he said.

    Agama said the commission would continue to educate investors on the risks associated with digital assets to be able to make wise investment decisions.

    Chief Osita Izunaso, the Chairman, Senate Committee on Capital Market, said the country required effective crypto regulation to benefit from the gains of the market.

    Izunaso said the absence of effective regulation on crypto currencies had exposed so many investors to fraud.

    He called for synergy from all stakeholders to harness opportunities in the crypto space.

    The Director-General of the Debt Management Office, Ms Patience Oniha, called for awareness creation to educate investors to make informed decisions.

    Mr Bello Hassan, the Managing Director of the Nigeria Deposit Insurance Corporation, said that crypto currencies had come to stay as younger people were patronising the market.

    Hassan called on SEC to constantly update investors with unbiased information of the associated risks of trading in the crypto market.

    Prof. Uche Uwaleke, the President, ACMAN, said the conference was aimed at considering the possibilities of expanding the financial sector regulations.

    Uwaleke said the conference would also explore ways to accommodate crypto assets within the regulatory space.

    The News Agency of Nigeria (NAN) reports that ACMAN conferred awards on many stakeholders in the financial and capital markets for their various contributions in moving the markets forward.

    The conference was organised by ACMAN in collaboration with SEC. (NAN) (www.nannews.ng)
    GINI/JNC
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    Edited by Chinyere Joel-Nwokeoma

  • FCCPC frowns at increased sale of adulterated foods

    FCCPC frowns at increased sale of adulterated foods

    Adulteration
    By Ginika Okoye
    Abuja, June 13, 2024 (NAN) The Federal Competition and Consumer Protection Commission (FCCPC) has frowned at the increasing sale of adulterated and contaminated foods in the markets.
    The acting Executive Vice Chairman of the Commission, Dr Adamu Abdullahi, said in Abuja on Thursday, that some traders were engaging in various forms of adulteration without minding the health implications on consumers.
    Abdullahi said this at a one-day sensitisation for traders, farmers, Civil Society Organisations (CSOs) and the public on forceful ripening of fruits, adulterated palm oil, contaminated meat and grains.
    Abdullahi said the move was to ensure a healthier society in line with President Bola Tinubu’s Renewed Hope Agenda.
    He said the Acts that established the Commission gave them powers to evacuate fake and adulterated products from the markets to avoid purchase by consumers.
    According to him, we have to renew the hope of our people to be alive and healthy first.
    “We have allowed the love of money to supercede everything that we do.
    ”We will go the markets to sensitise the traders, educate the public and sellers that adulterated and fake products are not allowed in the markets and if they see any, they have somewhere to report.
    ”We are going to markets in the states, the grassroots, farms to find out the sharp practices going on and to ensure we get a healthier society in line with President Tinubu’s Renewed Hope Agenda.
    ”We have to ensure that the goods in the markets are according to the standard that they should be, ”he said.
    Mr Femi Stephen from the Federal Ministry of Health and Social Welfare, described adulteration as the addition of substandard substances that had same properties with the food stuff which they are mixed.
    On adulteration of palm oil, Stephen said they are being adulterated with dye, lard (animal fat from pork) and transformer oil (paraffin).
    Stephen said that adulteration had been linked to various health challenges.
    He listed some health issues linked to adulteration to abdominal pain, nausea, brain damage, stomach disorder, cardiac arrest, liver disease and breathing difficulties.
    Stephen urged farmers to seek experts’ guidance in the application of pesticides to avoid poisoning.
    Dr Promise Ogbonna from the National Agency for Food, Drug Administration and Control (NAFDAC) said that forceful ripening of fruits was detrimental to health.
    Ogbonna said that calcium carbide used for forceful ripening of fruits were arsenic and phosphorus which had been said to be carcinogenic.
    Dr Edozie Ugwu, the Vice-President, North Central, National Association of Nigerian Traders (NANTS), commended the FCCPC for the sensitisation.
    Ugwu said that many Nigerians had lost their vital body organs to the adulteration of food.
    He said the market associations would collaborate with the Commission and other government agencies to ensure that the law penalised any trader found wanting in the practice.
    ”What we intend doing is to take this back and sensitise our traders on the importance of avoiding these adulterated foods.
    ”We plead that this be extended to various markets, ”he said.
    The News Agency of Nigeria (NAN) reports that various market associations including market women associations and members of Food and Hygiene Association of Nigeria were present at the event. (NAN)(www.nannews.ng)
    GINI/EAL
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    Edited by Ekemini Ladejobi

  • Commission engages youths on consumer protection initiatives

    Commission engages youths on consumer protection initiatives

    Youths
    By Ginika Okoye
    Abuja, June 10, 2024 (NAN) The Federal Competition and Consumer Protection Commission (FCCPC) has began engagement with students of tertiary institutions to sensitise them on their consumer rights and responsibilities.
    Dr Adamu Abdullahi, the acting Executive Vice Chairman of the Commission, said in Abuja on Monday, that the engagement was to equip youths with the knowledge to make consumer protection easier.
    Abdullahi said the move was to create a generation of informed and proactive consumers to promote fairness and accountability in the market place.
    He said the Commission had recognised the potentials of youths as agents of change in the market place.
    ”We believe that youths are the ones who go to the market, use social media, know what the market is all about and they can guide us on the way we do our work.
    ”We will also guide them on our Acts to know what their rights are.
    ”Advocacy is what is always needed in a Commission like ours so we want them to know that we exist to protect their rights,” he said.
    The acting executive vice chairman said the Commission would review secondary schools’ curriculum to upgrade consumer education and sensitise students on their rights and responsibilities.
    Abdullahi said that a committee was working on the review to come up with up-to-date and standard curriculum to sensitise children at a younger age.
    ”What we are trying to do is to review the curriculum so that children from that tender age will get to know what the FCCPC does.
    ”We want them to know what their rights are and to educate them on their responsibilities, demand and insist on your rights, ”he said.
    Some of the youths who spoke through webinar, emphasised the role of the youths to support the Commission to ensure effective consumer protection.
    Mr Ibrahim Sanni, a corp member, said the population of the country was youths dominated.
    Sanni said that if youths were adequately sensitised and they know their rights, service providers would be careful in treating consumers.
    Mr Bashiru Ibrahim, a student, said that there was need for consumer protection courses to be included in school curriculum to better educate youths.
    Also, Ijeoma Nnabuike, appealed to the Commission to extend their advocacy to primary schools to enable pupils know their rights at a younger age. (NAN)(www.nannews.ng)
    GINI/EAL
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    Edited by Ekemini Ladejobi

  • Reopened: NDIC begins payment of Heritage Bank depositors — MD

     

    Payment

    By Ginika Okoye

    Abuja, June 5, 2024 (NAN) The Nigeria Deposit Insurance Corporation (NDIC), says it will begin payment of insured sum to 2.3 million depositors of Heritage Bank in-liquidation within the week.

    The Managing Director of NDIC, Mr Bello Hassan, said this while briefing newsmen in Abuja on Wednesday.

    The managing director said the move was to engender confidence among depositors to promote financial stability.

    He said that 99.9 per cent of depositors of the defunct bank had a deposit balance of less than five million naira while only 4,000 of the depositors had more than five million naira deposit.

    Hassan said the bank had deposits worth N650 billion and loans of about N700 billion.

    He said the deposits and the loans could be more, adding that the final amount would be known at the end of the liquidation processes.

    According to him, customers with Bank Verification Number (BVN) will be paid without verification with the Corporation while those without BVN will visit the nearest NDIC office or website for their verification.

    The managing director said that there was no need for depositors to panic as the Corporation would settle all insured deposits.

    “NDIC has assumed charge of the Heritage Bank.

    “The bank has 116 branches and regional offices and we have deployed close to 400 staff of NDIC to take charge of the assets.

    “If you have N100, we will pay you, if you have N5 million, we will pay you, if you have N10 million, we will pay N5 million for now because that is the insured sum.

    “Depositors do not need to panic, you will get your monies back.

    “We will start payment of the insured sums by this week but it will be difficult for me to give the time frame for the payment of the uninsured deposits,’’ he said.

    On challenges of banks’ liquidation, he said the Corporation had experienced difficulties in loans recoveries.

    Hassan, however, assured that the Corporation would immediately commence the process to avoid delays.

    On litigations, he said the Corporation was ready for any litigation that would emanate from the handover of the bank.

    Hassan said the Corporation would rely on support from the judiciary for expedited hearings on any debt recovery case brought by the Corporation.

    “When cases are delayed in debt recovery, it is depositors that suffer.

    “We believe that the judiciary will give the cases accelerated hearing,’’ he said.

    The managing director assured bank customers that the system was safe and sound, saying that they should continue their banking businesses without fear. (NAN) (www.nannews.ng)

    GINI/GOM/EEE

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    Edited by Gregg Mmaduakolam/Ese E. Eniola Williams

     

     

  • Heritage Bank; NDIC begins payment of depositors’ insured sum — MD

     

    Payment

    By Ginika Okoye

    Abuja, June 5, 2024 (NAN) The Nigeria Deposit Insurance Corporation (NDIC), says it will begin payment of insured sum to 2.3 million depositors of Heritage Bank in-liquidation this week.

    The Managing Director of NDIC, Mr Bello Hassan, said this while briefing newsmen in Abuja on Wednesday.

    Hassan said the bank had preliminary deposits of N650 billion and loan worth N700 billion.

    According to him, 99.9 per cent of depositors of the defunct bank have a deposit balance of less than five million naira, while only 4,000 of the depositors have more than five million naira deposit. (NAN)

    GINI/EEE

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    Edited by Ese E. Eniola Williams

    Details later