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Economy

NDIC Warns Against Insider Abuse

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Senate Confirmed Appointment Of Sunday, Katata As NDIC Directors

NDIC Warns Against Insider Abuse

NDIC warns against insider abuse. The Nigeria Deposit Insurance Corporation (NDIC) has called for stricter ethical conduct and deeper collaboration with the Nigerian Institution of Estate Surveyors and Valuers (NIESV), warning that insider abuse and compromised valuation practices pose risks to depositor protection and the stability of the financial system.

The managing director and chief executive of the NDIC,  Thompson Oludare Sunday, issued the warning during a courtesy call by the president and chairman of the Council of NIESV, Dr ESV. Victor Adekunle Alonge, and members of his executive team at the Corporation’s headquarters in Abuja.

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The NDIC MD stressed that the liquidation of failed banks depends heavily on accurate, credible, and professionally prepared valuation reports, making the role of NIESV members indispensable to determining the true worth of assets before disposal. He cautioned that lapses, unethical conduct, or insider influence during valuation could directly undermine efforts to safeguard depositor funds.

“The Corporation relies on precise and credible valuation reports during the liquidation of failed banks to determine the true worth of assets, which enables their sale at the best possible value. Proceeds from these assets are applied toward the payment of depositors’ balances above the insured amount, making accuracy and professionalism in valuation essential to protecting depositor funds.”

The NDIC chief executive noted that unprofessional valuation practices not only distort asset recovery but also weaken public confidence in the banking system. He emphasised that NIESV’s work “contributes directly to financial stability and depositor protection by ensuring transparency, fairness, and value-for-money in the disposal of assets and the recovery process.”

To strengthen accountability, Sunday revealed that the Corporation is enhancing its internal frameworks, including the development of a comprehensive Asset Management Policy to guide asset identification and documentation, valuation processes, disposal strategies, and overall transparency in recoveries. He described the policy as part of NDIC’s broader reforms aimed at tightening controls and improving liquidation outcomes.

He further called for deeper collaboration between both institutions, particularly in knowledge sharing and capacity building. “The Corporation welcomes opportunities for joint training and knowledge exchange between NDIC staff and NIESV professionals, particularly in emerging valuation methodologies, asset management, and sustainable valuation practices,” he stated.

Senate Confirmed Appointment Of Sunday, Katata As NDIC Directors

NDIC

On his part, NIESV president, Dr. Alonge, reaffirmed the Institution’s commitment to ethical standards and professional excellence, noting that an Act of Parliament established the body and maintains strict disciplinary procedures to sanction erring members. He assured the Corporation of sustained cooperation and technical support.

He said the partnership with NDIC “remains vital to enhancing service delivery and strengthening public confidence in the banking system,” adding that the Institution stands ready to deepen its engagement on valuation and asset management for failed banks.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

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Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

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Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

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EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

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Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

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National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

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