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.
The Hausa Community in Rivers State has dissociated itself from media reports credited to one MaiwadaAdamu that the Arewa Community in Rivers State has appointed Alhaji Musa Saidu as the acting SarkinHausawa, PortHarcourt, following the inability of the former SarkinHausawa, Alhaji Isa Madaki to carry out his functions.
MaidawaAdamu, who is also the spokesman of the Arewa Initiative for Peaceful Co-existence, had briefed journalists on the change, but in a swift reaction, the Office of Alhaji Isa Madaki, has come out to say that the only recognised body which has the powers to appoint the SarkinHausawa, PortHarcourt is the Council of SarkinHausawa in PortHarcourt headed by Alhaji Isa Madaki.
The statement also said Alhaji Hussani Isa Madaki is the only recognisedSarkinHausawa, Port Harcourt, adding that his appointment follows the proclamation and endorsement by the council members of SarkinHausawa, Port Harcourt, Rivers State.
The statement further called on the general public and all authorities concerned to give Alhaji Hussani Isa Madaki maximum co-operation and support,as he discharges his duties as SarkinHausawa, Port Harcourt.
The Suspended Rivers State Commissioner for health, Dr Adaeze Chidinma Oreh, has described as baseless allegations in some quarters that she was responsible for the purported disruption of the Nigerian First Lady’s empowerment program in Port Harcourt.
Dr Oreh, who said this in a statement personally signed by her and a copy made available to newsmen in Port Harcourt also described the allegation as a product of the sick imagination of rumour mongers
According to Dr Oreh, “they are nothing more than a feeble and mischievous attempt to tarnish my reputation and sow discord”
In her words,”the allegations levelled against me, Dr. Adaeze Oreh, regarding the supposed disruption of the First Lady’s empowerment programme on Friday 2nd May, 2025, are entirely unfounded, completely false, and a product of the sick imagination of rumour mongers and conflict entrepreneurs.
“They are nothing more than a feeble and mischievous attempt to tarnish my reputation and sow discord.”
The suspended commissioner challenged those behind the allegation, especially the Concerned Rivers Youth Organisation to show proof of its assertion adding “It is essential to base criticisms on facts rather than speculation or puerile political agendas.
“I challenge the “Concerned Rivers Youth Organisation” (assuming such a body really exists) to provide tangible proof to support their assertions.
“It is essential to base criticisms on facts rather than speculation or puerile political agendas.
“I have neither sponsored nor will sponsor any activities aimed at embarrassing or disrupting the activities of the administration appointed by His Excellency President Bola Ahmed Tinubu GCFR to oversee the affairs of Rivers State following his declaration of a state of emergency on Tuesday, 18th March, 2025, and have rather spent the time of my suspension from office focused on other endeavours and my doctoral studies.
“I reaffirm my commitment to working tirelessly for the progress and development of Rivers State.
“Furthermore, I believe that it is crucial for all stakeholders to promote a culture of truth, integrity, and respect in public discourse.
“Unsubstantiated wild claims undermine trust and hinder constructive engagement, and this is not what the state needs at this difficult and delicate time.
“I urge everyone to focus on issues that unite us and foster a positive, solution-driven dialogue for the betterment of our State, and urge everyone to work together to build a brighter future for Rivers State, grounded in truth, transparency, and collective effort,”she said.
By: John Bibor
The Hydrocarbon Pollution Remediation Project (HYPREP) has called on key regulators, asset owners and other stakeholders to continue to support the agency toward the goal of remediating the Ogoni environment and restoring the livelihoods of the people and building structures for peace.
The Project Coordinator of HYPREP, Prof Nenibarini Zabbey, who made the call during the Project’s first quarter meeting with regulators, asset owners and stakeholders in Port Harcourt, urged the stakeholders to remain resolute in supporting HYPREP’s work.
“We particularly expect each regulatory agency and asset owner to deepen their involvement and continue to provide strategic support to the project”, he said, stressing that the quarterly meeting platform remains instrumental in providing a structural avenue for regulators, asset owners, and implementation partners to offer feedback to HYPREP on project performance and deliberate on ideas that move the project forward, as well as strengthen collaboration, deepen synergy and reinforce collective responsibility.
Zabbey disclosed that the socio-economic study of Ogoni has started, as HYPREP has contacted the International Agency for Research on Cancer of the World Health Organisation(WHO) to commence in the next quarter a three-year human health biomonitoring in Ogoniland.
He noted that work on several fronts of the cleanup project is progressing steadily, adding that as key project partners, the insights and shared experience of the regulators and asset owners have always enriched HYPREP’s operations.
He said the policy thrust of HYPREP for 2025 is clear, as the Project is intensifying efforts to complete within stated timelines, the various ongoing projects, including remediation works and mangrove restoration, potable water facilities, the Centre of Excellence for Environmental Restoration, the Ogoni Power Project, Ogoni Specialist Hospital, and Buan Cottage Hospital, among others.
Zabbey, however, announced that HYPREP would commence new set of shoreline cleanup, mangrove restoration and livelihood projects, to sustain the momentum of implementing the Ogoni cleanup, adding that the agency would also conduct detailed site characterisation of the high-risk complex sites, leading to remediation works at the sites.
He noted that HYPREP’s collaboration with Rivers State Ministries of Health, Power and Environment, and civil society organisations remains vital, stressing that the technical and administrative support of all relevant government agencies and funding partners is indispensable in helping HYPREP overcome operational bottlenecks, especially those encountered in interfacing with host communities.
He further indicated that “the people of Ogoni and the nation are looking to us with hope and expectation, and expect tangible results from the remediation initiative”, assuring the participants that the Project Coordination Office is committed to delivering positive results.
“We must, therefore, continue to work with diligence, transparency, and a renewed sense of purpose”, he declared, saying, “ the completion and commissioning of projects this year must reflect not only our technical ability but also our collective commitment to environmental sustainability and sustainable development in Ogoni.”
During the interactive session, the Project Coordinator briefed the participants on the progress made so far by HYPREP to conclude the distribution of starter packs to the 5,000 Ogoni trainees, and called on contractors who had already collected huge chunk of money for the project, to deliver without further delay.
In all, the regulators, asset owners and stakeholders commended HYPREP for the good works it is doing, and urged it to do more.
The National Oil Spill Detection and Response Agency(NOSDRA) was represented at the event by Deputy Director, Oil Field Assessment, Dr Abam Komommo Omini, while Dr Vincent Nwachukwu, Director of Medical Services, represented the Rivers State Ministry of Health.
The Rivers State Ministries of Water Resources, Power and Environment were represented by Dr Bealo Brownson; Engr K. J. Osele; and Mr James Ordu respectively, while the Society for Women and Youth Affairs (SWAYA); and the Stakeholder Democracy Network(SDN); among other civil society organisations were also at the event.
By: Donatus Ebi