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
Land ownership disputes are civil matters, not police cases – FCID
The Force Criminal Investigation Department, FCID, Alagbon, Lagos, has restated that disputes over land ownership are civil matters that fall under the jurisdiction of the courts and should not be handled by the police.
Speaking with newsmen on Sunday, the FCID spokesperson, Assistant Superintendent of Police, Aminat Mayegun, said the role of the police in land-related cases is limited to addressing criminal infractions that may arise from such disputes.
Her clarification follows growing complaints from property owners and residents in Lagos who have raised concerns about alleged police interference in land disputes, despite long-standing directives that ownership disagreements are civil in nature.
Some residents have accused law enforcement operatives of actions that allegedly worsened tensions, encouraged intimidation and complicated the resolution of land ownership matters, which they insist should be determined strictly through legal proceedings.
Others claim such involvement sometimes tilts in favour of powerful interests, further eroding public confidence.
Mayegun explained that issues relating to land boundaries or ownership are governed by civil law and must be settled in court, stressing that the police lack the authority to determine who owns any parcel of land.
She noted, however, that police intervention becomes necessary when criminal acts are committed in the course of a land dispute.
“The police are duty-bound to intervene and investigate only when land-related disputes give rise to criminal offences, as they have no mandate to determine ownership of land,” she said.
According to her, offences such as obtaining money by false pretence, malicious damage to property, arson, assault or any other act recognised under the Criminal Code Act fall squarely within the responsibility of the police.
She warned that individuals who resort to fraud, violence or destruction of property under the pretext of asserting land rights would be thoroughly investigated and prosecuted.
The FCID spokesperson also cautioned members of the public against taking laws into their hands, urging aggrieved parties to seek redress through established legal channels.
She assured that the Nigeria Police Force would continue to carry out its duties strictly in line with the law and called on citizens to report cases of improper land-related interference through the Police Complaints Response Unit.
News
Govs Move To Prioritise Sugar For Industrial Growth
The Nigeria Governors’ Forum has unveiled plans to prioritise sugar as a key driver of industrial development across the country.
The initiative, in partnership with the National Sugar Development Council, aims to boost local production, create jobs, and reduce Nigeria’s reliance on imported sugar.
Disclosing this yesterday in a statement, the NGF said it has agreed to include sugar projects as priority beneficiaries in engagements with both local and international development partners.
The decision follows requests by the NSDC to accelerate the development of the sugar sector, with the dual goals of achieving self-sufficiency in sugar production and creating employment opportunities for Nigerians.
Speaking at a meeting with NGF officials, NSDC Executive Secretary/CEO, Kamar Bakrin, highlighted the vast investment potential in the sugar sector and encouraged governors of states with suitable lands to embrace sugar project development.
He identified 11 states with prime sugarcane cultivation potential: Oyo, Kwara, Niger, Nasarawa, Kaduna, Kano, Bauchi, Gombe, Jigawa, Adamawa, and Taraba.
“Recent macroeconomic shifts have made domestic sugar production more commercially viable.
“While global sugar prices remain relatively stable in dollar terms, exchange rate fluctuations have made imports significantly more expensive. With locally sourced inputs, Nigeria’s sugar industry now offers robust returns,” Bakrin explained.
He added that Nigeria has approximately 1.2 million hectares of land suitable for large-scale sugarcane cultivation, far exceeding the 200,000 hectares needed to achieve national self-sufficiency.
“Sugarcane projects will empower host communities, promote inclusive development, and support environmental sustainability,” he noted.
Bakrin also cited a model sugar project producing 100,000 metric tons annually, requiring an estimated $250 million investment, with an internal rate of return of 24 per cent. Beyond sugar, the projects generate valuable by-products such as ethanol and bio-electricity, further enhancing profitability and sustainability.
The Director-General of NGF, Abdulateef Shittu, welcomed the initiative, noting that several state governments are already exploring sugar-related investments spanning land development, agricultural schemes, and agro-industrial projects.
He emphasized that effective coordination, credible investment frameworks, and alignment with federal policy objectives are critical for scaling such opportunities.
“The NGF secretariat is committed to supporting state-level development priorities that leverage sugar projects for rural development and job creation,” Shittu stated.
News
Urban Nigerians enjoy 40% faster internet than rural users — NCC
Urban residents in Nigeria enjoy faster internet than rural users, a new report by the Nigerian Communications Commission, NCC, has revealed, even as nationwide connectivity shows modest improvements.
The report, which analysed 377,135 network tests using geospatial mapping, found that urban download speeds average 20.5 megabits per second, Mbps, compared to 11 Mbps in rural areas, a gap of about 40 percent. Upload speeds were also uneven, with urban users recording 10.5 Mbps against 6.1 Mbps in rural locations.
Although rural speeds have improved from 8.5 Mbps earlier this year, the NCC said higher latency in rural areas continues to affect real-time services such as voice and video calls.
NCC said: “Urban areas account for just 5.2 percent of Nigeria’s landmass but 96.7 percent of total network activity.
“Rural communities, which cover over 93 percent of the country, experience much sparser usage and slower speeds.”
The report also highlighted that the choice of network operator can sometimes matter more than location.
It stated: “MTN’s average rural download speed of 15.8 Mbps was found to outperform Glo’s average urban speed of 9.5 Mbps, showing uneven performance across operators.
“Major highways, especially the Lagos–Abuja corridor, were identified as ‘digital corridors’ where network coverage is stronger.
“Rural towns along these routes often enjoy better connectivity than remote interior villages, reflecting how road and network infrastructure grow together.”
On technology trends, the report noted that “4G LTE remains Nigeria’s broadband backbone, delivering speeds of 10–20 Mbps in rural areas, while 5G networks, where available, offer speeds of up to 220 Mbps but are still largely confined to dense urban centres.
“Among operators, MTN delivered the most consistent nationwide performance, followed by Airtel. T2 recorded the highest median rural speed at 24.9 Mbps in select regions, while Glo maintained baseline connectivity of 9.5 Mbps across both urban and rural areas.”
The NCC said closing the persistent urban-rural gap will require targeted rural infrastructure upgrades, improved upload capacity, and stronger quality-of-service standards to support digital education, e-government and remote work.
“Improving network quality outside cities is akey to ensuring all Nigerians benefit from digital services,” the regulator added.
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