No fewer than 153 Micro-Finance Banks (MFBs) and six Primary
Mortgage Banks (PMBs), had their operating licences revoked by the
Central Bank of Nigeria (CBN) in 2018. how it resolved bank failure
resolution in 2018.
The Nigeria Deposit Insurance Corporation (NDIC), made this
disclosure in its 2018 annual report recently released in
Abuja.
The report also revealed that when the Central Bank of Nigeria
(CBN), revoked the operating licence of the troubled Skye Bank, the
Corporation resolved the problem using a bridge bank mechanism.
It added that Polaris Bank, acquired by the Asset Management
Corporation of Nigeria (AMCON), was established to purchase the
assets and assume liabilities of the failed Skye Bank.
It further said that the operating licences of 15 MFBs and one
PMB were instated during the period.
It however assured that it will adopt cost effective method of
bank failure resolution to protect depositors and also ensure
prompt reimbursement of depositors in the event of bank failure in
its future outlook.
The report said the Corporation would strengthen its supervisory
functions by enhancing its skills in stress testing, financial
technology, recovery and resolution plans. NAN
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Interior Minister, Ogbeni Rauf
Aregbesola
The Federal Government has again re-stated its commitment to
decongesting all the correctional centres across the country,
saying the purpose of setting up such centres was to rehabilitate,
reform and reintegrate inmates back to the society.
Responding to a question on the congestion of prisons in
Nigeria, at the Joint Public Hearing on the 2020 Federal Government
Budget, organized by the Appropriation Committees of the Senate and
House of Representatives, at the National Assembly today, the
Minister of Interior, Ogbeni Rauf Adesoji Aregbesola disclosed that
the Federal Government was passionate about the decongestion of
correctional centres in the country.
According to him, the Prisons Decongestion Committee set up by
the Federal Government is working with the Attorney General of the
Federation, State Governments, Judiciary and other relevant
stakeholders in the justice sector with the view to ensuring that
only those with critical offences, considered as felons are kept at
the various correctional centres.
He said that one of the policy objectives of the President
Muhammadu Buhari Administration is to ensure total transformation
of the Nigerian Prisons Service to a modern reformatory institution
so as to enable it operate in line with international best
practices.
This according to him, led to the signing of the Nigerian
Correctional Service Act 2019 into law by the present
administration.
“I therefore wish to reassure you that in line with the above
policy thrust of government, we would do everything humanly
possible to ensure that in the next 180 days, we would put the
issue of congestion of prisons behind us,’ the Minister
emphasized.
Aregbesola added that there are about 75,000 inmates at the
various correctional centres across the country, saying they are no
longer referred to as prisoners, in line with the new Act.
He stressed that the new law allows Correctional Officers to
reject offenders who are being brought from the courts to the
centres, if there is no capacity to accommodate them.
Speaking earlier, the Senate President, Sen. Ahmed Lawan said,
the 2-day joint hearing on the 2020 Appropriation was to get public
views and inputs before the passage of the Budget in December,
2019.
‘We should congratulate ourselves as Nigerians because we are all
resolved to ensuring that the country is moved to the next level of
socio-economic development in line with the policy thrust of the
President Muhammadu Buhari-led Administration which is Security,
Revitalization of the Economy and entrenching Transparency in
government business.
SIGNED
Mohammed Manga
Director (Press & Public Relations)
For: Honourable Minister