Business
Federal Govt raises Maximum Deposit Insurance Coverage for banks
The Nigerian Government has reviewed upward the Maximum Deposit Insurance Coverage for banks operating within the country.
In a recent briefing with journalists, Nigeria Deposit Insurance Corporation Managing Director, Bello Hassan disclosed the new coverage benchmarks.
The NDIC for Deposit Money Banks has been raised from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ from N500,000 to N5 million per subscriber.
Hassan emphasised that the update aims to bolster depositor safety, public trust, the inclusivity of financial services, and the overall stability of the financial sector.
He stated, “The increase in the maximum deposit insurance coverage levels for all licenced deposit-taking financial institutions with immediate effect.”
The coverage benchmark had been raised from N50,000 to N200,000 in 2006; the coverage limit of N100,000 was also set, for the first time, for MFB and PMB depositors in the same year.
In 2011, the coverage limits for DMBs increased from N200,000 to N500,000 and from N100,000 to N200,000 for depositors of MFBs and PMBs.
Additionally, the coverage level was further adjusted to N500,000 in 2016 for PMB depositors and subscribers of licensed Mobile Money Operators.
Coverage of N500,000 was equally extended to depositors of PSBs in 2020.
Meanwhile, the coverage for DMBs remained at N500,000.
Business
NNPCL dismisses demand for Kyari’s resignation over fuel price hike
The Nigerian National Petroleum Company Limited (NNPCL) has stated that its Group Chief Executive Officer (GCEO), Mallam Mele Kyari, is not responsible for the hike in the prices of the Premium Motor Spirit (PMS) popularly known as petrol.
Recall that some protesters had earlier stormed the headquarters of the oil company in Abuja, with the demand that Kyari be forced to resign over the increase in the prices of petrol nationwide.
Reacting to the development, spokesman for the NNPCL, Olufemi Soneye, said that the protesters were not well informed about the true state of things in Nigeria’s fuel supply chain.
Soneye, in his reaction said, “Unfortunately, the protesters lack understanding of the sector. If they were informed, they would know that the GCEO is not responsible for the fuel price increase; in fact, he ensured Nigerians had access to fuel at N620 per liter for over a year, even when the landing cost was above N1,100. NNPC Ltd. does not import adulterated fuel. If anyone has evidence to the contrary, they should bring forward samples of any such fuel imported by NNPC.”
He affirmed further that no group or individuals motivated by selfish interests would deter or distract the NNPCL from achieving the goal of implementing President Bola Ahmed Tinubu’s roadmap for the sector to accomplish its goal and to ensure energy security for the nation.
“I won’t waste time engaging with individuals motivated by selfish interests. We have more pressing projects to accomplish to ensure energy security for our nation rather than focusing on inconsequential groups. We are committed to implementing President Bola Ahmed Tinubu’s roadmap for the sector, and no group will deter or distract us from achieving this goal,” he concluded.
Recall that the protesters, led by some civil society organisations, called for the sack of Kyari, citing skyrocketing fuel prices.
Business
NNPC hasn’t authorised sale of petrol to marketers – Dangote refinery replies IPMAN
The Dangote Petroleum Refinery has stated that it has not received any payments from the Independent Petroleum Marketers Association of Nigeria (IPMAN) for refined petroleum products, clarifying its position amidst ongoing concerns from oil marketers regarding petrol supplies.
According to a statement on Thursday, October 31, by Anthony Chiejina, the group’s chief branding and communications officer, the refinery has no business dealings with IPMAN and cannot be held accountable for any payments made to the Nigerian National Petroleum Corporation (NNPC).
This comes after Aliko Dangote, founder of Dangote Industries Limited (DIL), noted that the refinery holds over 500 million liters of petrol, yet oil marketers are reportedly not purchasing the product. IPMAN, however, countered by claiming its members have struggled to load petrol from the refinery, despite having paid N40 billion to NNPC.
Chiejina confirmed that while discussions with IPMAN are ongoing, there are no direct business arrangements between the two. He emphasized, “It is misleading to suggest that they (IPMAN members) are experiencing difficulties loading refined products from our Petroleum Refinery, as we currently have no direct business dealings with them. Consequently, we cannot be held responsible for any payments made to other entities.”
The Dangote Refinery reiterated its capacity to meet national demand for various petroleum products, including petrol, diesel, and aviation fuel, capable of loading 2,900 trucks daily and transporting products by sea. The refinery also advised IPMAN to register and make direct payments for access, assuring, “There is more than enough petroleum product to satisfy the needs of their members.”
Chiejina urged stakeholders to avoid unsubstantiated media statements, warning that such actions could impede economic progress under President Bola Ahmed Tinubu’s administration. The statement called for collaboration among stakeholders, aligning with Tinubu’s economic re-engineering initiatives.
Business
Fake condoms flood Nigerian market, NAFDAC raises alarm
The National Agency for Food and Drug Administration and Control, NAFDAC, has raised the alarm on the illegal sale and distribution of fake brands of condoms in Nigeria.
NAFDAC said officials from the Post-Marketing Surveillance Directorate discovered Foula condoms (packaged in threes) in Abakaliki, Ebonyi State, and Zango, Katsina State.
The agency said the product is not registered for use in Nigeria, stressing that the labelling of the product is not in the English language.
While warning that if the unregistered condoms leak or break they cannot offer adequate protection, NAFDAC directed its zonal directors and state coordinators to combat the issue, enhance surveillance, and eliminate these unregistered products.
It stated that the illegal distribution or sale of unregistered condoms poses a risk as the safety, quality, and efficacy of the products are not guaranteed.
“The purchase and use of poor-quality condoms will adversely affect every aspect of condom promotion for the prevention of unintended pregnancy and protection against HIV and other sexually transmitted infections. If condoms leak or break, they cannot offer adequate protection.
“All NAFDAC zonal directors and state coordinators have been directed to carry out surveillance and mop up the unregistered products within the zones and states.
“Importers, distributors, retailers, healthcare professionals, and consumers are hereby advised to exercise caution and vigilance within the supply chain to avoid importing, distributing, selling, and using illegally distributed products. All medical products/medical devices must be obtained from authorised/licensed suppliers,” it said.
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