Amid Inflation, Naira Depreciation, Others, NDIC Reviews Deposits Coverage for Financial Institutions Raises maximum cover for DMBs to N5 million, MFBs N2 million, PMBs N2 million, MMOs N5 million High uninsured deposits pose risks to financial stability, Hassan declares Analyst says move will boost confidence in banking system
Managing Director/Chief Executive, NDIC, Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, yesterday announced
an increase in maximum deposit insurance coverage levels for all licensed deposit-taking financial institutions in the country, with
immediate effect. Hassan also cautioned that a high level of uninsured deposits in the financial system posed a
risk of bank runs. Citing the International Association of Deposit Insurers (IADI) Brief No. 9 of 2023 that
examined the recent bank failures in the United States of America and Switzerland, the NDIC boss stressed that high levels of
uninsured deposits in insured institutions might increase the Continued on page 5
FG Extends Deadline for Expression of Interest for Managers of Proposed $10bn Diaspora Fund... Page 6 Friday, May 3, 2024 Vol 29. No 10614. Price: N400
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Police Nab Masterminds of Abuja-Kaduna Train Attack... Page 33
Shettima: Whoever Succeeded Buhari Would Have Made Tinubu’s Choices or Let Nigeria Implode Says economy already tottering towards eclipse when they took over Hints Nigeria was subsidising fuel consumption of entire West Africa UN declares country’s progress key to Africa's devt
Deji Elumoye in Abuja
Vice-President Kashim Shettima,
yesterday, said whoever had succeeded former President Muhammadu Buhari, would have either chosen to steer the
ship through the storm as President Bola Ahmed Tinubu has been doing or jumped the ship and let the country
implode. Appealing to Nigerians to be patient with the current government
as it steers the ship of state through the economic turbulence and storm it met on ground upon assuming
office, he said the economy was Continued on page 36
NUPRC: $1.28bn Seplat-Mobil Oil Assets Sale Deal to Wind Up in Less Than 14 Days Commission set to meet parties today
Emmanuel Addeh in Abuja ExxonMobil's Nigerian petroleum assets sale to Nigeria's Seplat could be approved in less than two weeks, the country's oil regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said yesterday. The news came a day after THISDAY reported that NUPRC was trying to speed up the conclusion of regulatory oversight on the ongoing oil assets divestment by International Oil Companies (IOCs). When the pending transactions are concluded, Nigeria could add at least 700,000 barrels per day (bpd) to its current daily crude oil production volume, to hit about two million bpd before the end of the year. In February 2022, Seplat Energy announced its acquisition of oil Continued on page 5
INTERPOL VISITS POLICE MINISTRY...
L-R: Vice President Interpol Africa, AIG Umar Garba (Rtd); Vice President (Interpol), Mr. Valdecy Urquiza; Minister of Police Affairs, Senator Ibrahim Gaidam and Permanent Secretary, Dr. Nasir Sani Gwarzo, during the visit of the Interpol team led by its vice president, Mr. Valdency Urquiza, to the Ministry of Police Affairs in Abuja... yesterday