Business

NDIC Spends N2bn On Closed MFBs’ Depositors

Published

13 years ago

December 3, 2012

The Nigeria Deposit Insurance Corporation (NDIC) said it had paid N2.024 billion to about 70,424 depositors of closed Microfinance Banks (MFBs) as at August 2011.

This was contained in the report by the Managing Director, Alhaji Umaru Ibrahim, in the NDIC 2011 Annual Report and Statement of Account released on Wednesday in Abuja.

“Following the revocation of the operating licenses of 103 MFBs in 2010, the NDIC continued to play its role as a deposit issuer. In that regard, it had paid an aggregate sum of N2.024 billion to about 70,424 depositors of the closed MBFs as at August 2011. This is against the total sum of about N1 billion paid as at December 31 2010.

“The amount paid represented about 41 per cent of total insured amount of about N4.94 billion,’’ he said.

He said that the payment was effected with minimum delay from the date of closure.

Umaru said that the NDIC would continue to pay the remaining depositors through branches of agent banks close to the locations of the closed banks.

He said that the corporation had prosecuted about 55 directors, staff and related parties of 19 closed MFBs who were found to be responsible for the collapse of their banks in 2011.

This, he said, would serve as deterrent to would-be fraudsters in the MFBs.

He said that NDIC, during the year under review, also made payment of insured sums as well as liquidation dividends to uninsured depositors of all the banks in liquidation.

“As at Dec. 31, 2011, the NDIC had paid a total of N6.681 billion to 527,942 insured depositors, while the sum of N73.55 billion had been paid as liquidation dividend to 250,119 depositors,’’ he said.

Umaru said that in the year under review, three additional banks- in-liquidation declared a final dividend of 100 per cent of their total deposits

He listed the banks as Co-operative and Commerce bank, Commercial Trust bank and Ivory Merchant bank.

The chief executive said that 14 out of the 34 liquidated banks, prior to 2006, had declared final dividend of 100 per cent to total deposits.

He said that this indicated that all their depositors would fully recover their deposits trapped in the banks.

Umaru said that the NDIC had also paid N26 million out of N804.35 million to 656 depositors of Fortune bank, while about N1.6 million out of N45.36million had been paid to 35 depositors of Triumph Bank-in- Liquidation.

On debt recovery activities, he said that the cumulative recovery for the banks-in- liquidation since 1994 rose from about N21.756 billion in 2010 to N22.236 billion in 2011.

This represents an increase of about two per cent.

For the closed MFBs, he said that N13.48 million had been recovered as at December 2011, adding that NDIC had offered 13 eligible banks’ assets with book value of N3.85 billion to the AMCON.

This, he said, would help to boost recovery and facilitate payment of liquidation dividends to uninsured depositors and creditors of failed banks.

Transport

Nigeria Rates 7th For Visa Application To France —–Schengen Visa

Published

2 days ago

January 28, 2026

The Tide

Nigeria was the 7th country in 2024, which filed the most schenghen visa to France, with a total of 111,201 of schenghen visa applications made in 2025, out of which 55,833, about 50.2 percent submitted to France

Although 2025 data is unavailable, these figures from Schengen Visa Info implies that France is not merely a preferred destination, but has been a dominant access point for Nigerian short-stay travel into Europe.

France itself has received more than three million Schengen visa applications, making it the most sought-after Schengen destination globally and a leading gateway for long-haul and third-country travellers. It was the top destination for applicants from 51 countries that same year, including many without visa-exemption arrangements with the Schengen Zone, and the sole destination for applicants from seven countries.

Alison Reed, a senior analyst at the European Migration Observatory said, “France’s administrative reach shapes applicant strategy, but it also concentrates risk. If processing times lengthen or documentation standards tighten in Paris, the effects ripple quickly back to capitals such as Abuja.”

The figures underline that this pattern is not unique to Nigeria. In neighbouring West and Central African states such as Gabon, Benin, Togo and Madagascar, more than 90 per cent of Schengen visas were sought via French authorities in 2024, with Chad, Djibouti, the Central African Republic and Comoros submitting applications exclusively to France.

“France acts as the central enumeration point for many African and Asian applicants,” said Manish Khandelwal, founder of Travelobiz.com, which reported the consolidated statistics. “Historical ties, language networks and established diaspora communities all play into that concentration. But volume inevitably invites scrutiny, and that affects refusal rates and processing rigour.”

That scrutiny is visible in the rejection statistics. Of the more than three million French applications in 2024, approximately 481,139 were denied, a rejection rate of about 15.7 per cent. While this rate is lower than in some smaller Schengen states, the sheer volume of applications means France contributes significantly to the total number of refusals within the zone.

For Nigerian applicants and policymakers, one implication is the need to broaden engagement with other Schengen consular hubs. “Over-reliance on a single consulate creates what one might call administrative bottleneck effects,” said Jean-Luc Martin, a professor and expert in European integration and mobility law at Leiden University. “If applicants from Nigeria default to France without exploring legitimate alternatives in countries like Spain, Germany or the Netherlands, they expose themselves to systemic risk

Martin added that the broader context of Schengen visa policy is evolving, with the European Commission’s preparing roll-out of the European Travel Information and Authorisation System (ETIAS) aimed at harmonising pre-travel screening across member states.

For Nigerians seeking leisure, business or educational travel to Europe, these trends suggest that strategic planning and consular diversification could become as important as the completeness of documentation and financial proof. Governments and travel consultancies in Abuja, Lagos and beyond are already advising clients to explore alternative consular pathways and to prepare for more rigorous screening criteria across all Schengen states

By: Enoch Epelle

Transport

West Zone Aviation: Adibade Olaleye Sets For NANTA President

Published

2 days ago

January 28, 2026

The Tide

Prince Abiodun Ajibade Olaleye, a former Welfare Officer and Public Relations Officer of the National Association of Nigeria Travel Agencies (NANTA), has formally declared his intention to contest for the position of Vice President of NANTA Western Zone, ahead of the zonal elections scheduled for Thursday, February 26, 2026.

In a New Year message to members of the association, Olaleye expressed optimism about the prospects of the travel and tourism industry in 2026, despite the economic headwinds and migration policy challenges that affected operations in the previous year.

He acknowledged that reduced patronage and declining trade volumes had placed significant financial pressure on many travel agencies, but urged members to remain resilient and forward-looking.

According to him, the challenges confronting the industry should be seen as opportunities for growth, innovation and institutional strengthening.

He stressed the need for unity and collective action among members of the association, noting that collaboration remains critical to navigating the evolving global travel environment.

Unveiling his vision for the NANTA Western Zone, Olaleye said his aspiration is to consolidate on the achievements of past leaders while expanding the zone’s relevance, influence and impact “beyond imagination.” He promised a leadership focused on commanding excellence, improved member welfare and stronger stakeholder engagement.

Drawing from his experience in previous executive roles within NANTA, the vice-presidential aspirant said he is well-positioned to make meaningful contributions to the association, particularly in areas of member support, public engagement and institutional growth.

“I believe that together, we can take our association to greater heights and build a stronger, more prosperous NANTA Western Zone that benefits all members,” he said, while appealing to delegates for their support and votes.

Olaleye concluded by offering prayers for good health, peace and prosperity for members in 2026, expressing confidence that the new year would usher in renewed opportunities for the travel industry and the association at large.

By: Enoch Epelle

Business

Sugar Tax ‘ll Threaten Manufacturing Sector, Says CPPE

Published

2 days ago

January 28, 2026

The Tide

The Centre for the Promotion of Private Enterprise (CPPE) has warned that renewed calls for a sugar tax on non-alcoholic beverages could hurt Nigeria’s manufacturing sector, threaten jobs and slow the country’s fragile economic recovery.

In a statement, the Chief Executive Officer, CPPE, Muda Yusuf, said while public health concerns such as diabetes and cardiovascular diseases deserve attention, imposing an additional sugar-specific tax was economically risky and poorly suited to Nigeria’s current realities of high inflation, weak consumer purchasing power and rising production costs.

Yusuf who insisted that the food and beverage sector remains the backbone of Nigeria’s manufacturing industry, said the industry supports millions of livelihoods across farming, processing, packaging, logistics, wholesale and retail trade, and hospitality.

He remarked that any policy that weakens this ecosystem could have far-reaching consequences, including job losses, lower household incomes and reduced investment.

Yusuf argued that proposals for sugar taxation in Nigeria are often influenced by global policy templates that do not adequately reflect local conditions.

According to him, manufacturers in the non-alcoholic beverage segment are already facing heavy fiscal and cost pressures.

“The proposition of a sugar-specific tax is misplaced, economically risky, and weakly supported by empirical evidence, especially when viewed against Nigeria’s prevailing structural and macroeconomic realities.

“Existing obligations include company income tax, value-added tax, excise duties, levies on profits and imports, and multiple state and local government charges. These are compounded by high energy costs, exchange-rate volatility, elevated interest rates and expensive logistics,” he said.

The CPPE boss noted that retail prices of many non-alcoholic beverages have risen by about 50 per cent over the past two years, even without the introduction of new taxes, further squeezing consumers.

Yusuf further expressed reservation on the effectiveness of sugar taxes in addressing the root causes of non-communicable diseases in Nigeria.

By: Lady Godknows Ogbulu