News
Beware of “wonder banks”, NDIC tells Nigerians


The Nigeria Deposit Insurance Corporation (NDIC) has urged Nigerians to be wary of “wonder banks” that give extra-ordinary interest rates and profits on investments.
Its Managing Director, Alhaji Umaru Ibrahim, gave the advice in an address at the NDIC Special Day at the ongoing 29th Enugu International Trade Fair in Enugu on Thursday.
Umaru, who was represented by NDIC Director of Strategy Development, Mr Festus Ekechi, said many Nigerians had continued to lose fortunes and even their life savings to Ponzi schemes and other illegal fund managers with disastrous consequences.
“The corporation’s activities, through the supervision of banks, continuous monitoring and oversight, serves as consumer protection for depositors (in legal banks) which enhances confidence in the financial system.
“This acts as an incentive for the unbanked to access financial services of licensed banks.
“Poor and uninformed depositors need assurance that the services of licensed deposit taking institutions are safe and that they have access to their money whenever they need it,” he said.
The NDIC managing director said the NDIC was determined to ensure the safety and soundness of the nation’s financial system.
According to him, the key mandate of the corporation is to provide deposit guarantee to depositors of insured financial institutions, banks supervision, distress resolution, and bank liquidation.
He said that since inception, NDIC had grown from strength-to-strength in ensuring that the over-riding public policy objectives for establishing a deposit insurance system in the country were realised.
“With the protection of depositors in mind, the Maximum Deposit Insurance Coverage (MDIC) per depositor per bank progressively increased from N50,000 in 1989 to its current N500,000 per depositor per Deposit Money Banks (DMBs).
“Similarly, the insured limit for Micro-Finance Banks (MFBs) and Primary Mortgage Banks (PMBs) in 2009 was increased from N100,000 to N200,000 per depositor per MFB/PMB in 2010.
“However, on August 4, 2016, the Minister of Finance approved an upward review of the deposit insured limit for depositors of PMBs to N500,000 in order to ensure coverage of over 90 per cent of depositors in the banking sub-sector.
“It is pertinent to point out that depositors who have funds in excess of the insured limit are entitled to liquidation dividend after recovery of debts and sales of physical assets of the closed banks,” he said.
Earlier, the President of Enugu Chamber of Commerce, Chief Emeka Udeze, had commended NDIC for always partnering with the chamber to educate the banking public on the safety of their bank deposits.
Udeze said that NDIC remained resolute in the protection of depositors’ funds within banks and other financial institutions in the country.
“The NDIC has helped to build confidence amongst bank depositors, thereby helping to stabilise the Nigerian financial system,” he said.
The News Agency of Nigeria (NAN) reports that the fair, which has entered its 7th day, has its theme as “Engendering the Competiveness of Nigerian Products in the Global Market.” (NAN)


Digital solutions provider, Globacom, has congratulated Christians in Nigeria on this year’s Easter celebration, and urged them to emulate the noble qualities of Jesus Christ.
The company, in a goodwill message to the Christian faithful in the country, lauded their perseverance through the Lenten period which preceded Easter. It enjoined them to always promote the ideals of selflessness, love and peace among all as a way of demonstrating the virtues of the exemplary life of Jesus Christ.
“Peace, love and sacrifice are the central message of Easter. Christ offered himself in atonement for the sins of the world and he lived a life which made Him an eternal symbol of peace and goodwill for mankind”, Globacom added.
The company enjoined all Nigerians to share in the lessons of promoting selflessness, a necessary ingredient in the growth and development of every society. It also enjoined all Nigerians to join hands to make Nigeria a better place for all.
Easter is celebrated yearly at the end of the Lenten season of fasting and prayer considered as a ritual of purification for the Christian faithful. It also precedes the crucifixion of the Lord Jesus Christ on Good Friday and His eventual resurrection on Easter Sunday.
The company assured its customers of seamless voice, data and Short Messaging Service (SMS) during and after the Easter celebrations, while urging them to avail themselves of the various data and voice offerings on the network.


The Guild of Private Broadcast Managers has extended its heartfelt congratulations to the Nigeria Union of Journalists (NUJ) as it celebrates its 70th Anniversary.
In a congratulatory message signed by the Guild’s National President, Ambassador Patrick Uzoyi-Peters, JP MNGRM, the guild described the milestone as a testament to the NUJ’s unwavering commitment to upholding press freedom, journalistic integrity, and the advancement of democracy in Nigeria.
“For seven decades, the NUJ has played a pivotal role in shaping the media landscape, advocating for the rights and welfare of journalists, and ensuring that the voice of the people remains strong and unyielding. Your resilience, professionalism, and dedication to ethical journalism have been instrumental in fostering transparency, accountability, and national development”.
Celebrating this historic achievement, the Guild’s President, Uzoyi-Peters recognized the sacrifices and contributions of journalists across the nation who work tirelessly to inform, educate, and empower society.
The Guild reiterated it commitment towards collaborating with the NUJ in promoting responsible journalism and strengthening the media industry for the greater good.
While wishing the NUJ continued success, growth, and greater impact in the years ahead, President Uzoyi-Peters prayed that the anniversary serve as a renewed call to uphold the principles of truth, fairness, and press freedom in our collective pursuit of a more informed and just society.
News
Family Marks one-year Memorial of Late APC Chieftain, Ojougboh with Charity Outreach
By Ikenna Oluka


The family of the late chieftain of the All Progressives Congress (APC), Chief Dr. Cairo Ojougboh, led by his wife, Mrs. Bose Ojougboh, marked his one-year memorial anniversary with a series of charitable initiatives aimed at honoring his legacy of philanthropy and service to society.
The memorial activities included the donation of school books and bags to pupils of Erigbe Primary School, in Agbor within the Ika South Local Government Area (LGA) of Delta State, where Dr. Ojougboh had received his early education.
The outreach also included extension of financial assistance to patients at Central Hospital, Agbor, and the provision of toiletries, cash, and food items to children at the Salve Regina Children’s Home, Agbor.
The outreach was carried out under the ‘Dr. Cairo Ojougboh Foundation’, a family-led initiative established to immortalise him and continue his lifelong commitment to education, healthcare, and social welfare.
Speaking during the event which took place recently, Mrs. Ojougboh reaffirmed the family’s dedication to sustaining the ideals of the late APC chieftain, describing him as a man who strongly believed in education and giving back to society.
“We are here to celebrate the life of my husband, Late Dr. Cairo Ojougboh, who passed on a year ago. In his honour, we decided to give back to society. He was a man who valued education and was always willing to help others. It is only fitting that we continue his legacy through acts of generosity,” she stated.
Honouring his passion for education
The first visit was to Erigbe Primary School, where Dr. Ojougboh had received his early education. The Foundation distributed school bags, writing materials, and food packs to the pupils. The family encouraged the pupils to take their education seriously and strive to become responsible citizens.
Supporting patients at Central Hospital, Agbor
At Central Hospital, Agbor, Mrs. Ojougboh and her entourage moved through the medical wards, offering financial support to patients to assist with their treatment costs. The hospital staff and beneficiaries responded with prayers and words of gratitude for the kind gesture.
Reaching out to orphaned children
The outreach team also visited Salve Regina Children’s Home in Agbor where they donated cash, food items, and toiletries to the children.


The Matron of the home expressed her deep appreciation to the Ojougboh family, commending their commitment to sustaining the late politician’s legacy of compassion and social impact.
Dr. Cairo Ojougboh’s enduring legacy
Reflecting on her late husband’s contributions to society, Mrs. Ojougboh emphasised that his legacy of generosity and service to humanity would not be forgotten.
“Dr. Cairo was a selfless man who touched many lives. His contributions to the Nigerian political landscape, his mark in Agbor Kingdom, Delta State, and the country at large, will always be remembered. He may be gone, but his impact will continue to be felt for generations,” she said.
The Dr. Cairo Ojougboh Foundation has pledged to continue supporting education, healthcare, and social welfare initiatives in his memory, ensuring that his vision for a better society lives on.
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