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NDIC Wants Sanctions For Non-Performing Insider Loans

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She Nigeria Deposit Insur
ance Corporation (NDIC) says it is concerned about the increasing figure of non-performing insider loans in banks and directed banks to impose strict sanctions on defaulters.
This is contained in a statement issued recently in Abuja by the Head, Communication and Public Affairs of NDIC, Mr Hadi Birchi.
It quoted Alhaji Umaru Ibrahim, the Managing Director, NDIC, as expressing the concern when the newly elected President, Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola, visited him in Abuja.
According to Ibrahim, the development had posed credibility questions which were capable of eroding public confidence in the banking system.
He called for strict compliance with the existing code of conduct and a review of the existing laws to provide stiffer penalties for directors of banks who are guilty of the act.
The NDIC boss also decried the casualisation of workers in the banking industry, adding that the development has a negative impact on the system.
According to him, casual staff accounted for about 25 per cent of the banking industry workforce.
He noted with concern the practice whereby some banks assigned sensitive roles to casual staff; thereby exposing the banking industry to cases of fraud and forgeries.
Speaking on the recent staff rationalisation embarked upon by banks, Ibrahim enjoined the banks to exercise caution so as not to create industrial unrest in the industry.
He therefore called on the CIBN to intervene by advising its members on the aim of the rationalisation, which should be to weed out bad eggs from the industry.
Ibrahim said that the corporation would continue to partner with the CIBN and other professional bodies towards achieving effective capacity building among its staff.
The NDIC boss also disclosed that 77 members of its staff were currently undergoing the Bangor/CB MBA programme which commenced three years ago.
“The Bangor/CB MBA programme is an initiative of the NDIC, the CIBN and the Bangor University, Scotland, where staff of the corporation undergo up to 24 months training programme.
“They graduate with dual certification, an MBA and Chartered Banker of Scotland, and 14 members of staff have already graduated from the programme,’’ he said.
Ibrahim urged CIBN to fast track the accreditation of the Corporation’s Training Academy and the introduction of the Deposit Insurance System (DIS) in the institute’s curricula to broaden professionalism in the industry.
The CIBN President had earlier appreciated the corporation for its positive contributions to the activities and programmes of the institute.
He commended NDIC for its support towards the establishment of the CIBN Bankers House in Abuja and for its contribution in ensuring stability in the banking system.
Ajibola assured Ibrahim that the accreditation committee of the institute would soon visit the NDIC Academy.
He appealed to the NDIC boss to further collaborate with the institute on training and other issues of mutual interest.

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“FCCPC Approves Sale Of Chivita|Hollandia To UAC Nigeria PLC 

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UAC of Nigeria PLC (UAC) has announced the completion of it’s in a press release on October 3, 2025, that it has completed the acquisition of Chivita|Hollandia (CHI Limited), following approval from the Federal Competition and Consumer Protection Commission (FCCPC).
Revealing this in a Press Release, at the Weekend, UAC said the transaction, first disclosed on July 30, 2025, involved the transfer of ownership of CHI Limited, a leading Nigerian food and beverage company best known for its market-dominant Chivita juice and Hollandia dairy brands, to UAC.
Commenting on the development, the Managing Director, CHI Limited, Eelco Weber, expressed optimism in the company’s future under UAC’s ownership.
“We are pleased to have received regulatory approval for this transaction. We look forward to a smooth transition and to seeing Chivita|Hollandia thrive under UAC’s ownership,” he said.
Group Managing Director of UAC, Fola Aiyesimoju, highlighted the strategic importance of the acquisition saying “We are excited to officially welcome the Chivita|Hollandia team and brands into the UAC family, and we are eager to work together to build on their strong legacy and market leadership”.
The acquisition is expected to strengthen UAC’s position in Nigeria’s fast-moving consumer goods (FMCG) sector, expanding its footprint into the growing juice and dairy markets.
UAC further said that the acquisition aligned with its growth agenda by adding two market-leading brands and a well-established distribution network to its por.
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PenCom Reintroduces Gratuity For Federal Civil Servants

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The National Pension Commission has said it has deployed a framework to restore gratuity for Federal Civil Service under the Contributory Pension Scheme.
Director-General of PenCom, Omolola Oloworaran, disclosed this at a Stakeholders’ Conference on the Workings of the Contributory Pension Scheme (CPS) for Employees and Pensioners of Federal Government Treasury-Funded Ministries, Departments and Agencies, in Abuja, last Thursday.
Represented by the Acting Commissioner, Technical, PenCom, Hon. Hafiz Kawu Ibrahim, Oloworaran said, “Working with the office of the Head of the Civil Service, a framework has been developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the PRA 2014.”
The PenCom DG added that “PenCom has enhanced pensions for over 241,000 retirees, representing 80% of those under Programmed Withdrawal. Monthly pensions rose from N12.157 billion to N14.837 billion, effective June 2025.
“Also, since July 2025, no retiree waits to access their pensions. Payments are now immediate, aligned with monthly salary releases from the Federal Ministry of Finance”.
Also speaking, the Chairman of the National Salaries, Income and Wages Commission, Ekpo Nta, stated that the Commission would partner PenCom to examine the current rate of retirement benefits and recommend appropriate mechanisms for periodic reviews of retirement benefits.
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CAC, SMEDAN To Register 250,000 MSMEs Free ……..As CAC Forfeits ?3b In Fees Nationwide

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The Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have announced a joint initiative to register 250,000 Micro, Small, and Medium Enterprises (MSMEs) free of charge across the country, with CAC foregoing about ?3 billion in registration fees
The initiative, announced during the signing of a Memorandum of Understanding (MoU) in Abuja, at the Weekend, seeks to remove barriers such as high costs and bureaucratic challenges that have long kept many small businesses in the informal sector.
The Registrar-General, CAC, Hussaini Ishaq Magaji, SAN, explained that the scheme would eliminate the registration fee, helping entrepreneurs access official recognition and grow their businesses.
SMEDAN Director-General, Dr. Charles Odii, added that registration is just the first step, noting that registered businesses will benefit from continuous aftercare such as grants, training, and market access.
Together, the two agencies noted that CAC will forgo approximately ?3 billion in registration fees, while SMEDAN will provide continuous support to help these businesses thrive.
They added that this partnership supports the Federal Government’s Renewed Hope vision to boost Nigeria’s economy by empowering entrepreneurs.
CAC further disclosed measures to ease company registration with the steps as follows: 1. Visit the SMEDAN portal: http://portal.smedan.gov.ng., 2 Sign up and complete your registration on the portal., 3. When asked if you have a CAC number, select “No”., 4. Submit your details to complete the process., 5. Once registration is completed, you will be contacted with the next steps to finalise your free CAC registration.
It further clarified that MSMEs already on SMEDAN’s database without CAC registration automatically qualify for this free registration drive.
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