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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

Nigerian College Of Aviation Technology (NCAT) Offers Scholarships To 5 Indigent Zaria Youths

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Nigerian College Of Aviation Technology (NCAT) Offers Scholarships To 5 Indigent Zaria Youths

Nigerian College of Aviation Technology (NCAT) offers scholarships to 5 indigent Zaria youths. The Nigerian College of Aviation Technology, Zaria, has announced scholarship awards for five indigenes of the Zazzau Emirate to support educational development in the area.

The Nigerian College of Aviation Technology, Zaria, has announced scholarship awards for five indigenes of the Zazzau Emirate to support educational development in the area.

Danjumma Ismail, NCAT’s rector, disclosed this to newsmen in Zaria on Sunday at the sidelines of the 33rd annual general meeting and annual public lecture of Zaria Education Development Association. Mr Ismail represented the speaker of the House of Representatives, Abbas Tajudeen, who was the guest of honour at the event.

He said the speaker had facilitated the establishment of several federal academic institutions in Zaria to strengthen the emirate’s status as a centre of learning in Nigeria. According to him, the speaker also encouraged NCAT and other institutions to replicate such contributions towards advancing education in the Emirate.

“By doing so, the college hereby announces five scholarships to ZEDA to support educational development. We are highly impressed with ZEDA’s initiatives in promoting education,” he said.
The rector said NCAT would work closely with ZEDA to ensure that eligible candidates were selected, stating that the college offers more than 200 academic and professional courses.

“People focus only on pilot training, but we have many other courses that are even more marketable. We will sit with ZEDA and advise them accordingly,” he added. Mr Ismail reiterated the speaker’s commitment to supporting ZEDA and the Kaduna government in providing infrastructure to boost research and development in Zaria.

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Earlier, Abdul-Alimi Bello, chairman of ZEDA’s central working committee, said the association had upheld its mandate to promote quality education and youth empowerment across the Emirate.

“Many beneficiaries of ZEDA initiatives have distinguished themselves academically and professionally, contributing meaningfully to society,” he said. Mr Bello added that this year’s lecture was delivered by  Isa Pantami, former communications minister.

Mr Pantami’s lecture focused on ‘Artificial Intelligence in Education: Opportunities, Challenges and Ethical Implications in Nigerian Education’.

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Akwa Ibom

Governor Umo Eno Gifts House, N100m Studio To Visually Impaired Singer

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Umo Eno

Governor Umo Eno Gifts House, N100m Studio To Visually Impaired Singer

Governor Umo Eno gifts house, N100m studio to visually impaired singer. Umo Eno, the governor of Akwa Ibom, has announced a life-changing package for fast-rising gospel singer Chris Vic.

In a statement shared via X on Sunday, the governor detailed a comprehensive empowerment plan for the singer, who captured national attention after his impressive third-place finish in the De9ja Spirit Talent Hunt.

Eno stated that he has directed the state commissioner for lands to allocate a prime plot of land to Chris Vic in Uyo, the state capital.

He also pledged that a four-bedroom apartment will be constructed on the land, with the certificate of occupancy to be signed and presented in the coming week.

The governor committed a staggering N100 million specifically for the establishment of a fully equipped music studio for the artiste.

He clarified that the fund is separate from the costs of the land and housing construction. Eno declared that for the duration of his tenure, Vic will receive a monthly allowance of N1 million from the state government.

“I have directed the Commissioner for Lands to allocate a plot of land in Uyo to Chris Vic, and I will sign the Certificate of Occupancy next week,” he wrote.

“We will also build him a four-bedroom flat and commit ₦100 million to set up his music studio. This is separate from the cost of the land and the house. In addition, as long as I remain Governor, he will receive a monthly allowance of ₦1 million.”

Umo Eno

Umo Eno

The governor framed his gesture as a testament to divine faithfulness and human resilience.

“Let this remind us that even in difficult moments, God is still good. Chris Vic shows us that praise is possible in every situation. I also want him, and all persons with disabilities, to know that this government cares,” he added.

In a recent interview with De9ja Spirit Talent Hunt, Vic revealed that he lost his eyesight at the age of five following a failed glaucoma surgery.

He said he found solace and purpose in music, driven by the desire to nurture the talent he believed God gave him.

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Crime

High Court Summons Wike In N40bn Defamation Suit Filed By Tonye Cole

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High Court Summons Wike In N40bn Defamation Suit Filed By Tonye Cole

High court summons Wike in N40bn defamation suit filed by Tonye Cole. A high court in Abuja has ordered Nyesom Wike, minister of the Federal Capital Territory (FCT), to enter an appearance in a N40 billion defamation suit instituted against him by Tonye Cole. The suit also lists Channels Incorporated Limited, owners of Channels Television, as a defendant.

The court, in a notice seen on Friday, said the matter, marked CV/4502/25, will be heard on December 9 before M. A. Hassan, judge of court 33. “Take notice that suit no: CV/4502/25 Tonye Patrick Cole vs Nyesom Ezenwo Wike & Anor will come up on the 9th day of December 2025 before Hon. Justice M. A. Hassan (Court 33) for mention,” the notice reads.

Cole’s legal team, led by Jibrin Okutepa, said the action was initiated after Wike and Channels Television allegedly failed to comply with a pre-action notice and a letter of demand dated October 8.
Cole, the 2023 governorship candidate of the All Progressives Congress (APC) in Rivers state, is seeking N40 billion in damages over comments made by Wike during a live interview on Channels Television’s “Politics Today” on September 18.

The claimant said the statements were false and malicious, adding that they damaged his reputation in personal, professional, and public spheres.

Court filings indicate that Wike’s remarks suggested Cole was involved in financial misconduct and mismanagement of state resources, including matters linked to Rivers state gas and the Olympia Hotel.

High Court Summons Wike

High Court Summons Wike

 

 

Cole’s counsel argued that the comments were defamatory because they imputed dishonesty and wrongdoing, thereby injuring the former APC governorship candidate’s standing nationally and internationally.
Cole said he suffered humiliation, mental anguish, and reputational harm owing to a “malicious, reckless, and unfounded defamatory broadcast and publication.”
He is asking for N500 million to cover the cost of the litigation and a judicial declaration that the statements were false and defamatory.

He wants an order compelling the defendants to retract the claims, delete the broadcast from all platforms, and issue a public apology on Channels Television and in at least five national newspapers.
Cole is also seeking a perpetual injunction restraining the defendants from publishing any further defamatory material about him.

The court directed the defendants to enter an appearance within 21 days of receiving the writ.

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