Business
…Appoints NDIC Liquidator Of 21 Mortgage Banks
The Central Bank of
Nigeria (CBN) has issued a notice of revocation of operating licences of 21 Primary Mortgage Banks (PMBs) as well as one microfinance bank via its gazette dated November 14 and 19, 2014.
A statement by the Nigeria Deposit Insurance Corporation (NDIC) Managing Director, Alhaji Umaru Ibrahim said, CBN has appointed NDIC the provisional liquidator to wind up affairs of the closed financial institutions.
To actualise its statutory powers the NDIC has issued a public notice announcing the closure of the financial institutions, stressing that it has commenced the process of orderly winding up of the affairs of the affected PMBS/MFB.
The NDIC said it would soon be making an announcement/publication to the verification and as payment of insured deposits, stressing that stakeholders can contact the NDIC’s Director, Claim Resolution Department or any of its zonal offices for necessary information and assistance.
The NDIC boss said available records showed that the PMBs portfolio at risk averaged 45.70 percent which is more than the prescribed five percent threshold.
He said the corporation’s attention is now being focused on the PMB sub-sector so as to address the emerging challenges especially in Credit Underwriting Standards.
Ibrahim said PMBs in the country can create significant impact if only they adhere to recommended corporate governance practices based on effective and sustainable risk management practices as instituted by the Regulatory Authorities.
He said PMBs should be interested in enhancing their Credit Underwriting Standards due to the fact that their loan portfolios are on a variable rate and therefore sensitive to Monetary Policy Rate (MPR) fluctuation.
Philip Okparaji
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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