Business
NDIC Denies Liquidation Of Savanah, Societe Generale Bank
The Nigeria Deposit Insurance Corporation (NDIC) said last Thursday in Kaduna that Savanah Bank and Societe Generale Bank were not liquidated by the organisation.
Fielding questions from newsmen after marking NDIC Day at the Kaduna International trade Fair, the Managing Director of the Corporation, Alhaji Umaru Ibrahim, said the licences of the two banks were intact.
“Although the Central Bank of Nigeria (CBN) had withdrawn their licences, they fought the withdrawal in the court and their licences were returned,” he said.
He said the NDIC had not taken over the banks and was not responsible for the refund of the affected banks’ customers.
Ibahim, represented by the corporation’s Director, Internal Audit, Alhaji Ibrahim Tafida, urged customers of the banks to contact their management for the payment of their deposits.
The managing director said that a joint special examination was conducted in 2009 by the CBN and NDIC, which revealed that 10 banks were in serious financial condition as a result of weak corporate governance.
He said the problem the banks found themselves was due to massive insider abuses, imprudent dissipation of depositors’ funds, undisclosed large credit exposures to related entities, inadequate capital, poor risk management and liquidity.
Umaru said the problems gave rise to the CBN’s injection of N620 billion into the eight of the 10 affected banks and the removal of their chief executives.
“The CBN also gave the eight intervened banks up to September 30, 2011 deadline to recapitalize, find merger partners or face liquidation
“While five intervened banks found merger partners, the three others could neither recapitalize nor found any merger partners before the CBN’s deadline.”
He said the NDIC in August 2011 established three bridge banks, Mainstream Bank, Keystone Bank and Enterprise Bank, which subsequently assumed the assets and liabilities of erstwhile AfriBank, BankPHB, and Spring Bank, respectively.
He said the NDIC had paid N3.3 billion out of the N5.2 billion insured deposits of 35 banks that were liquidated between 1994 and 2005.
“In addition, the corporation had paid N6.2 billion out of N11 billion liquidation dividend that was declared to depositors of the banks,” he said.
He said the NDIC had so far paid N2.26 billion to depositors of 103 shut Micro-Finance Banks (MFBs), as at March 2012, while the continuation of the payment to depositors was transferred to eight agent banks across the country.
For officers and men of the Western Marine Command of the Nigeria Customs Service (NCS), the battle is not over until smuggling is over.
In the wake of Wednesday May, 8, 2024, the ever vigilant officers, acting on a tip-off, intercepted 177 sacks and 61 kegs of 25 litres containing petroleum products, valued at about N8.750,000million.
The items were intercepted along Isalu Creek, Badagry Waterway en-route Benin Republic.
While briefing newsmen, the Command’s Customs Area Controller, Comptroller Paul Bamisaiye, said: “This seizure is most economically significant to the Command at this period of scarcity of Petroleum Products, especially Premium Motor Spirit (PMS) in our cities, and shows the anticipatory posture in our response to economic saboteurs.
“At about 2:330hrs on Wednesday 8th May 2024, while on joint patrol by teams in the Command, credible intelligence was received of the movement of 2 boats laden with what was suspected to be petroleum products concealed in sacks. Upon receipt of the information, the team moved into Isalu creeks, Badagry waterway.
“On sighting the approach of the Officers, the smugglers took to their heels through the shore of the Creek. The loaded boats were then towed to the station at Badagry where preliminary examination was conducted and transferred to Western Marine Command Headquarters, Ibafon, Apapa, Lagos.
“Careful examination at the Command Headquarters revealed that the arrest was found to contain One Hundred and Seventy Seven (177) Sacks and Sixty One (61) Kegs of 25 Litres Premium Motor Spirit (PMS) containing Twelve Thousand Five Hundred (12,500) Liters with a total Duty Paid Value standing at Eight Million Seven Hundred and Fifty Thousand Naira (N8,750,000) only”.
Bamisaiye noted that the action of the smugglers is a contravention of Section 245 & 254 of the Nigeria Customs Service Act 2023 which the service, through Western Marine Command, is responsible for enforcing.
“The Command, under the leadership of Compt. PK Bamisaiye, is poised more than ever to rid the waterways of all acts of smuggling and economy sabotage for the benefit of the growth of economy of Nigeria”, he said
Bamisaiye said so far, no suspect was arrested in the Command’s anti-smuggling operations.
Nkpemenyie Mcdominic, Lagos
Petroleum products being sought by motorists have disappeared from virtually all filling stations within Lagos and its environs, but are now booming in business in retail outlets.
Investigations by our correspondent revealed that while the product could not be got at some of the petrol service stations, activities are in top gear in the local retail outlets where the price has gone beyond the reach of users.
It was also gathered that in some filling stations supplied with the products, preference are often given to retail outlet operators by petrol attendants against the consuming public.
A source, directly involved in the business, said some petrol dealers are cashing on the irregular supply to divert the products to retail outlets where they could easily make their gains.
It was also gathered that some sales representatives in the service of major oil marketing firms indulged in the diversion exercise because of their personal interest.
At the retail outlets a liter goes for N950,00 against the normal N760,to N800 at some stations.
Nkpemenyie Mcdominic, Lagos
The Nigeria Customs Service Board (NCSB) has confirmed the appointment of five Deputy Comptroller-Generals (DCGs) and eight Assistant Comptrollers-General (ACGs) of Customs during its 59th regular meeting.
The meeting, chaired by the Honorable Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, was held at the Nigeria Customs Service Headquarters in Abuja last Tuesday.
National Public Relations Officer of the Service, Chief Superintendent of Customs, Abdullahi Maiwada, who disclosed this in a statement yesterday, gave details of the confirmed appointments as: O.O. Peters (DCG /Commander, Training and Doctrine Command (rtd); B.M. Jibo (DCG Enforcement Inspection & Investigation); and B.U. Nwanfor (DCG Excise, Free Trade Zone & Industrial Incentives).
Others are: S.A. Bomia (DCG, Commander Training and Doctrine Command); and C.K. Niagwan (DCG, Tariff & Trade).
The Assistant Comptrollers General (ACGs) are: B. Imam (ACG Board); A.A.S. Oloyede (ACG, Trade & Tariff); S.K. Dangaldima (ACG/Zonal Coordinator, Zone ‘B’); A. Abdul Azeez (ACG/Zonal Coordinator, Zone ‘D’); S.A. Yusuf (ACG, Human Resource Development); N.P. Umoh (ACG, Training and Doctrine Command); C.O. Obih (ACG/Zonal Coordinator, Zone ‘C’); and S. Chiroma (ACG, Strategic Research and Policy).
The new appointments, according to the statement, were made to fill the vacancies created by some senior officers who recently retired from the Service, noting that the principles of federal character, seniority and merit guided the appointments approved by the board.
“These appointments are a testament to the officers’ exemplary services and dedication to the Nigeria Customs Service. The NCSB remains committed to providing strategic leadership to ensure effective and efficient service delivery for optimum performance”, he said.
While thanking the retired members of the management for their meritorious services, the Comptroller General of Customs, Bashir Adewale Adeniyi, congratulated the newly confirmed officers and charged them to redouble their efforts to ensure the service attains greater heights in its mandates of revenue generation, suppression of smuggling, and trade facilitation amongst others.
Nkpemenyie Mcdominic, Lagos
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