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NDIC Recovers N22bn Depositors’ Funds

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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.

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Microsoft Nigeria Not Shutting Down, Presidency Replies Obi

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The Senior Special Assistant on Media and Publicity to President Bola Tinubu, Temitope Ajayi, has refuted media reports claiming the shut down of the Lagos office of Microsoft’s Africa Development Centre.
While noting that the shutdown was an “incorrect media report,” Ajayi said the organisation was “re-aligning roles” within its business, while “few roles will certainly be impacted.”
He stated this yesterday on his X handle @TheTope_Ajayi.
Tweeting, the presidential aide also faulted the tweet made late Wednesday on the same subject by the 2023 Labour Party presidential candidate, Peter Obi, labelling it a “naked dance.”
Obi had lamented the announcement on the shutdown, saying it “underscores the urgent need for comprehensive economic reforms in Nigeria.”
Obi’s tweet partly read, “The recent announcement of Microsoft Nigeria to its workers about shutting down its innovation centre in Lagos and cutting 200 jobs is deeply troubling. It underscores the urgent need for comprehensive economic reforms in Nigeria.
“This further highlights the challenges and broader issues plaguing the Nigerian economy. The closure of Microsoft’s innovation centre represents yet another significant setback for Nigeria’s aspirations to become a hub for technology and innovation in Africa.”
The former Anambra State Governor tweeted that the shutdown “raises serious concerns” about Nigeria’s “business environment for investors.”
Reacting to this, Ajayi noted, “The story that Microsoft is shutting down Nigeria office is not true. Africa Development Centre is just a department within Microsoft business in Nigeria. Contrary to incorrect media reports and Peter Obi’s naked dance, the Africa Development Centre is also not shutting down.
“Microsoft, like any other organisation, is only re-aligning roles within the business, and few roles will certainly be impacted. Affected staff, which are less than 30, will be asked to apply for new roles within Microsoft – a standard practice within the organisation.”
The presidential aide added that employees “who can’t find new roles in other departments or those who want to seek new opportunities outside the system will be asked to go. The situation at Microsoft is not anywhere near the impression of the ‘earthquake’ that Peter Obi sensationally described.”

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Dep Gov, Others Eulogise Blessing Ahiazu At 70

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Rivers State Deputy Governor Professor Mrs Ngozi Odu was among friends and well-wishers who came out to celebrate Professor Blessing Ahiazu as she turned 70.
In what would best be described as a captivating send off for a woman who spent the better part of her life in the academia, colleagues, friends, church members and a host of dignitaries converged at her residence for a warm reception.
Speaking at the event, the deputy governor of Rivers state, Prof. Ngozi Nma Odu said the celebrant is a selfless contributor to humanity, and not just the academic environment.
“Having worked closely with her over the years, while she’s celebrating 70 today, I’ll add one and half to that one, yet I call her Sister Bless. She is worthy of emulation and congratulations are in order”, she said.
Laying emphasis on the words of the Deputy Governor, the Vice chancellor of Rivers State University, Prof. Nlerum Sunday Okogbule, described Prof. Blessing as a first class academic and dogged fighter, adding that her contributions to the university development would be indelible in the sands of time.
“Being the first professor of Rivers State Library, I am proud of her virtues.
“Having worked for 44 years and served under 6 vice chancellors without query, is commendable” he said.
Eulogising her prowess, other speakers from the university Department of Library Science spoke highly of her readiness and availability to service.
Speaking about the celebration, Prof. Blessing said that the university moulded her into the dynamic woman everyone was celebrating.
She advised those in the system and those who wished to go in to be diligent in carrying out their duties.
“Those still serving should defer gratification and work first, gratification will come later. And those who seek to go in, when they go in, they should focus on the job. Greed is a killer. Quick fix is not the best attitude in life. Slow and steady, they say wins the race. And with the backing of God, they will make it”, she said.
One of the highlights of the ceremony was the lunching of her second autobiography titled “Seven Decades of Rainbow Path”
Joining a host of dignitaries and egg heads at the occasion to pay tribute and lunch the book, Professor Emeritus, and former Vice Chancellor of the then Rivers state university of Science and Technology (UniTech), Prof. Simon Achinewhu, said that the realisation that the celebrant had played her part in the Department of Library Science was soul lifting.
He prayed that she would live to see the goodness of God accomplished in her life.
Giving a review of the book, the author said, having worked in the university for over 44 years, the university environment moulded her into the woman she had become. Stating clearly, she said the book is written for her children and grandchildren
”I have sat down to write about myself. The good side and the not-so-good side of the story.
“The challenges and the exploits . So that on that last day, my children will pick it up and extract what they want and add what they will like to add and that becomes the biography of their mother.”
The author further stated that the book would encourage younger ones to learn diligence to be able to succeed in life.

John Bibor

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Methodist Church Lauds Fubara Over Peaceful Disposition

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The Methodist Church of Nigeria Diocese of Gokana, in Mogho Circuit, has commended the Rivers State Governor, Sir Siminialayi Fubara, for his peaceful disposition and creation of harmonious environment for co-existence of various ethnic groups in the State.
This was contained a communique issued at the end of their 12th synod in Mogho, and signed by Very Rev. Baridam N. C. Jason and Rt. Rev. Joseph P. Bel- Aanen, Synod secretary and Diocesan Bishop respectively.
The Synod which was attended by a large number of delegates had the theme, “ARISE AND BUILD” which was taken from the book of Nehemiah 2:18.
The church noted with pain the unbearable and excruciating suffering of people across Nigeria, mainly caused by the sudden and unplanned removal of fuel subsidy coupled with the steady decline in the value of the naira against the dollar which has triggered unprecedented rise in the cost of living generally.
“The Federal Government of Nigeria should rather focus on long-term sustainable measures in addressing the numerous challenges facing the country instead of its short-term plans of using palliatives to stop hunger and suffering in the land.
“As Church we decried the incessant callous invasion and continuous destruction of lives and properties by Boko Haram, armed bandits and Fulani herdsmen in different parts of the country.
“We equally condemn in strong terms the recent invasion of Agbeta Community in Eleme Local Government Area of Rivers State by Fulani herdsmen who not only abducted children and raped women, also destroyed farm produce worth millions of naira with their cattle, thereby causing hunger and hardship in the area,” they said.
They further used the forum to condemn in strong terms the institution of same sex marriage and transgender practices by some religious organizations in some parts of the world and called on religious and non-governmental organizations to brace up and be united in the fight against the twin sexual perversions of same sex marriage and transgender practices in Nigeria.

Tonye Orabere

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