News
NDIC Recovers N22bn Depositors’ Funds
The Nigeria Deposit Insurance Corporation (NDIC), has made a debt recovery of N22.79 billion in 2010, as against the N20.77 billion it recovered in 2009, Alhaji Umaru Ibrahim, its Managing Director, has said.
Ibrahim disclosed this in the 2010 annual report and statement of account of the NDIC, a copy of which was given to our correspondent in Abuja.
“The total cumulative recovery made by the NDIC in 2010 was N22.79 billion, as against N20.77 billion in 2009, representing an increase of over N2billion or about 9.7 per cent,’’ he said.
He said that in 2010, the corporation embarked on a number of aggressive debt recovery activities to facilitate and enhance liquidation dividends being paid to depositors.
Ibrahim said that the corporation used debt recovery agents and relevant law enforcement agencies, as well as the Assets Management Company of Nigeria (AMCON) to achieve the debt recovery.
“The NDIC has commenced discussions with AMCON to use its platform to dispose some of the risks assets of ‘banks-in-liquidation’.
“The NDIC has completed the segregation of all accounts, with outstanding balances of N100 million and above, and 174 accounts will be off-loaded to AMCON as soon as it takes off,’’ he added.
On the closed micro-finance banks (MFBs), Ibrahim said that that NDIC had compiled all the necessary information on 76, out of 104closed banks.
He said that the payment of their insured deposits commenced on December 6, 2010.
‘As at December 31, 2010,NDIC had paid over N559.2 million to 18, 520 depositors of the affected micro-finance banks.
“It is noteworthy that the payment was effected with minimum delay from the date of closure.
“The NDIC had since intensified efforts at obtaining the required information from the rest 27 MFBs, so that payment to affected depositors could commence in January 2011.’’
Ibrahim said that as at December 31, 2010, the corporation had also paid a total of N7.597 billion to insured depositors of the banks-in-liquidation.
He said that apart from the payment of insured sums, the NDIC had the additional responsibility of settling the claims of uninsured depositors, creditors and shareholders of the closed banks by paying liquidation dividends.
“The sum of N69.9 billion had been paid as liquidation dividends to 248,822 depositors as at the end of year 2010.
“The payment included the uninsured portion of private sector depositors of 11 out of the 13 banks closed in 2006.’’
Ibrahim said that at the end of 2010, N1, 500.33 million was earmarked for some creditors of the banks-in-liquidation, out of which the NDIC had paid N848.127 million to creditors who had filed their claims.
He also said that the cumulative liquidation dividends declared for the shareholders of three banks-in-liquidation as at Dec. 31, 2010 stood at N1, 513 million, out of which N1, 285.65 million had been paid.
Ibrahim noted that the cumulative dividends paid to uninsured depositors of the banks, under the “purchase as assumption arrangement’’, as at December 2010 totalled N63.52 billion, as against N59.443 billion paid in December 2009, reflecting an increase of N4.08 billion.
News
RSG Cancels ?134BN Secretariat Contract, Orders Refund Of ?20BN Mobilisation … Revalidates Four Projects
The Rivers State Executive Council has revoked the ?134bn contract awarded to the China Civil Engineering Construction Corporation (CCECC) for the renovation, retrofitting, and furnishing of the Rivers State Secretariat Complex by the State of Emergency Administration.
The council directed the immediate refund of the ?20bn mobilization fee already paid to the contractor.
Relatedly, the Council also approved the revalidation of the bidding processes for four contracts, consisting of the renovation of the State Secretariat Complex, construction of reinforced concrete shoreline protection and reclamation works in several riverine communities of Opobo/Nkoro, and Ogba/Egbema/Ndoni Local Government Areas. The projects earlier advertised for which bid documents were cancelled by the Emergency Administration and fees returned to the companies that had earlier purchased them.
The decisions were reached during the State Executive Council meeting held on Thursday at the Government House, Port Harcourt, and presided over by Governor Siminalayi Fubara.
Briefing newsmen, the Permanent Secretary, Ministry of Works, Dr. Austin Ezekiel-Hart explained that the contracts had been awarded in a hasty manner without following due process. He said the council, therefore, approved the revalidation of the bidding process for all four contracts that were earlier advertised in national dailies on February 19, 2025.
With the revalidation process now on, Dr. Ezekiel-Hart stated that a fresh bidding will be advertised in newspapers for competent and experienced contractors to prequalify and submit both technical and commercial bids.
He listed the projects to include, “The construction of 4.8km reinforced concrete shoreline protection and reclamation of Queenstown, Epellema, Oloma, and Minima communities in Opobo/Nkoro Local Government Area in Rivers State. The construction of 2.5km shoreline protection and reclamation in Ndoni-Onukwu, Isikwu, and Aziazagi communities in Ogba-Egbema-Ndoni Local Government Area.
“The construction of 2.5km shoreline protection and reclamation in Utuechi, Obiofu, Isala, Ani-Eze, and Odugri communities in Ogba-Egbema-Ndoni Local Government Area. The renovation, retrofitting and furnishing of the Rivers State Secretariat Complex,” he added.
Also speaking, the Permanent Secretary, Ministry of Education, Dr. Azibaolanari Uzoma-Nwogu, announced that the council approved the constitution of a committee to develop a proposal for the creation of Computer-Based Test (CBT) Centres and ICT Laboratories across the three senatorial districts of the state.
She explained that the initiative is in line with the Federal Government’s directive that beginning in 2026, all examinations conducted by the West African Examinations Council (WAEC) and the National Examinations Council (NECO) will be computer-based.
The committee, chaired by the Deputy Governor, has the Secretary to the State Government, Permanent Secretaries from the Ministries of Education, Works, Information and Communications and Commissioner for Energy as members. Dr. Uzoma-Nwogu said the move will prepare Rivers youths for a digital future and improve the quality of education across the state.
On issues of employment, the Commissioner for Employment Generation and Economic Empowerment, Dr. Chisom Gbali, said the council reviewed ongoing efforts to create jobs for Rivers youths. He disclosed that his ministry has been directed to develop a framework for job creation and economic empowerment, noting that the government is determined to open up more opportunities for the young population.
“We want to assure Rivers youths that there will be a rising tide of employment and steady waves of economic empowerment,” Dr. Gbali said. “We know our Governor, when he makes a promise, he ensures it is fulfilled.”
On his part, the Permanent Secretary, Ministry of Information and Communications, Dr. Honour Sirawoo, said council also deliberated extensively on the recent flash floods experienced in some parts of the state. He said the council directed immediate remedial intervention to address the situation, and cautioned residents against the indiscriminate disposal of waste into drainage channels and building on waterways, which worsens flooding.
Dr. Sirawoo further noted that Governor Fubara remains deeply committed to the development of Rivers State and determined to accelerate the pace of governance despite time lost. He added that the administration’s renewed focus and energy will soon place Rivers State firmly back on the path of sustainable growth and progress.
Rivers State Governor, Sir Siminalayi Fubara, has reaffirmed his administration’s commitment to the completion of the 62.650km Port Harcourt Ring Road project, despite the setbacks that have slowed its progress.
The Governor gave the assurance during an on-site inspection tour of the project on Monday, where he emphasised that the state government remains resolute in its determination to deliver the massive infrastructure for public use.
Addressing journalists at the Eneka Flyover axis of the project, Governor Fubara stated that his visit was to verify the level of compliance and commitment shown by the construction firm, Julius Berger Nigeria Plc.
Governor Fubara noted that discussions with the contractor had been ongoing to ensure that work resumes at full capacity after a period of financial challenges that affected the project’s continuity.
“You are aware that this project was, I won’t say abandoned, but somehow, for lack of funds, the contractor withdrew from the site. We have been discussing with them, and they gave me their word that although we have not finished all the discussions, they have already moved back to site, and I’m here to confirm that.”
The Governor described the Port Harcourt Ring Road project, which traverses six local government areas, as one of the most significant infrastructure undertakings in the state’s history, noting that its completion would not only ease traffic congestion in the capital city but also stimulate economic activities across multiple local government areas.
Governor Fubara reiterated his administration’s resolve to continue prioritising infrastructure development as a foundation for economic growth and social progress.
“I want to make this promise to our good people of Rivers State,” the Governor declared. “This project that we started, by the special grace of God, we are going to complete it. We owe our people a responsibility to deliver on our commitments, and this project will not be an exception,” he added.
The Governor of Rivers State, Sir Siminalayi Fubara, has charged the 2025 Batch B, Stream II National Youth Service Corps (NYSC) members deployed to the State, to use the NYSC skill acquisition training programme to build capacity.
Governor Fubara gave the charge on Tuesday when he declared closed, the 2025 Batch B Stream II orientation exercise in the State.
Represented by the newly sworn-in Secretary to the State Government and Chairman NYSC State Governing Board, Hon. Benibo Anabraba, Governor Fubara enjoined the Corps members to embrace skill acquisition wholeheartedly in order to elevate themselves as wealth creators and employers of labour.
“Take Rivers State as your home. Be assured of the warmth, hospitality, and accommodating disposition of the good of our people at all times.
“Take the skill acquisition and entrepreneurship development post camp training very seriously and equip yourselves with the capacity to compete favourably in the nation’s huge economic space,” he stressed.
The Governor called on the Corps members to see their mobilization into the NYSC Scheme as a fundamental way to provide humanitarian services.
“Remember that you owe it to yourself, family, and the nation, the responsibility to serve selflessly and honourably,” he admonished.
In his farewell address, the State Coordinator of NYSC, Mr. Moses Oleghe appealed to the Corps members to use the opportunity of the service year to discover their true purpose.
He further encouraged them to embody selfless service and empathy in serving the people.
The colourful ceremony witnessed a vibrant parade.