The corporate news 360

06/04/2024

ABCON Asks CBN to Adjust Applicable Exchange Rate Downward as BDCs Post Losses Over Expensive Dollar Allocations

The Association of Bureaux De Change Operators of Nigeria (ABCON), the umbrella body of all Central Bank of Nigeria (CBN)-Licensed Bureaux De Change (BDCs) in Nigeria has appealed to the Apex Bank to adjust and lower its applicable Exchange Rate downward below the N1,251/$ its pegged for the BDCs.

The request is coming in the midst of the epoch history making achieved by the apex bank for the first time in the last 15 years for the unofficial market rates at N1,235/$ to be lower than the official BDCs applicable buying exchange rate of N1,251/$ (plus 1.5 per cent margin) set for the BDCs by the CBN in its latest tranche of intervention.

The group insisted that naira's speedy recovery, which was faster than expected had made CBN's selling rate to BDCs very expensive and difficult to offload to retail end buyers that are trooping to the undocumented forex operators for cheaper rates and avoiding the BDCs services

In a letter to CBN Director, Trade & Exchange Department, ABCON, signed by its National President, Alhaji (Dr.) Aminu Gwadabe, ABCON further expressed concerns that many BDCs who funded their accounts for dollar allocations are yet to receive their allocation of dollars to meet up the legitimate critical demand of their clients due to scrutinization of the BDCs documents for collections at the various designated Centers which invariably made the BDCs vulnerable to exchange rate risk and significant loses.

The group insisted that with naira appreciating across markets, many BDCs who bought dollar at N1,251/$ will lose significant income and capital if they sale at the current open market rate of N1,235/$ and therefore the need for the call for a further review downward of the applicable exchange rate for the period and subsequently to continue to enhance naira sovereignty.

“We discovered a worrisome development where many of our members who paid for dollar allocations at N1,251/$ with a margin of 1.5% are yet to receive their disbursement. This is happening in the face of prevailing open market rate of N1,235/$ which is lower than the authorised applicable exchange rate by the CBN to the BDCs,” the statement said.

Despite this development, ABCON lauded the CBN leadership for the recall of BDCs into the official FX window and steps taken by the apex bank to strengthen the naira against the dollar and other global currencies.

ABCON said the positive fallout of the CBN’s efforts to restore naira’s glory came faster than expected, reiterating its commitment to working with the apex bank to realise the objectives of government towards exchange rate stability and economic growth.

ABCON states that their forecasts in the ongoing market development indicates a willingness of the market to correct itself with a realistic price discovery as naira is forecast to continue to appreciate further across market with the increasing sources of foreign exchange inflows aided by the CBN policies

“It is in view of the above market developments that we write to appeal to your good selves for a readjustments and review downwards of our funding rate of the last tranche (2nd bidding) from N1,251/$ further down to reflect current market rate discovery. This became imperative as it is only the consideration of the readjustment downward that will enable our members to upload their holding positions,” the statement said.

ABCON also requested that process of payments at the various disbursements centers be reviewed in the immediate time to a medium time automation to achieve enhanced timely payments while also observing the spot nature of our transactions.

The group further requested that based on the offer and acceptance rule, the approval of refunds to those that are yet to collect disbursement having funded their accounts as it is the market that determines the rate presently be considered going forward.

ABCON also requested that the apex bank introduce cut-off time for payments and collection of bids, adding that the current open ended system for payments and collection of bids does not make for effective administration and control of the process.

“Consequently, many of our members are jittery to bid/collect their bid for fear of losing money as the current market reality has the potential to force us to sell below cost price and antithetical to recent market price discovery,” the group said.

ABCON insisted that the disturbing exchange rate disparity can be addressed by quick and decisive response of the apex bank, which will go a long way in bolstering BDC operators confidence in the ongoing intervention by the Central Bank of Nigeria as well as enhance their participation in the bidding process.

06/04/2024

NONSO OKPALA JOINS CSCS BOARD

Central Securities Clearing System Plc (CSCS), Nigeria's premier Financial Market Infrastructure company, has appointed Nonso Okpala, Group Managing Director/CEO of VFD Group, into its Board.

Nonso Okpala, who currently serves as the Group Managing Director and Chief Executive Director of VFD Group, a proprietary investment company with diversified portfolio - a company he co-founded with a group of astute professionals 15 years ago, began his career as a Senior Auditor at KPMG Professional Services (Nigeria), and later served as the Director of Finance/CFO at Heirs Holdings Ltd.

Last year, shareholders of the Nigerian Exchange Group Plc approved Mr. Okpala’s appointment as a Non-Executive Director as part of NGX’s efforts toward its board’s reconstitution. Nonso’s appointment to the board of CSCS and the NGX is critical to the development and enhancement of the market infrastructure and exchange business in Nigeria, which VFD Group, a company with significant holding in the NGX has recently been advocating.

Nonso's business turn around capabilities has been evident in the evolution of VFD Group from initial capital of 2.5 million Naira to a company with current asset value at over 200 billion Naira and investment in over 40 business across diverse sector of the Nigerian economy. He led the eight capital raises, setting and exceeding targets, building a reputable brand that transitioned from listing on the National Association of Security Dealers (NASD) to the Nigeria Exchange Limited (NGX) in just four years, a nontraditional feat further clinching the “Equity Listing of the Year Award” at the Made of Africa Awards in December 2023.

Mr. Okpala is a Non-Executive Director of Abbey Mortgage Bank, the oldest Mortgage bank in Nigeria currently now valued at over 60 billion Naira from 6 billion prior to VFD Group’s investment and institution of strong corporate governance practices.

It is believed that his presence on the CSCS Board will enhance the company's governance structure, instilling confidence among investors and stakeholders in CSCS Plc's commitment to upholding the highest standards of corporate governance and accountability.

01/04/2024

19-year-old suspect killed his friend, dump co**se in a septic tank in Niger State.

The Niger State Police Command has arrested a 19-year-old Yakubu Tanko of the Tudun-Fulani Area of Minna, for suspected culpable homicide of his 14-year-old friend, Sikiru Tajudeen of the same area and dumped the co**se in a septic tank.

According to a statement by the police spokesman, Superintendent Wasi'u Abiodun, the deceased was reported missing at Bosso Division on March 19 at about 9:30 p.m.

The deceased was not seen at home, but his school uniform trousers, a stick, and a stone were found with suspected blood stains in his room.

Later, around 6:30 p.m. on March 20, information received from the community indicated that a strange odour was being perceived from a septic tank within the community, and after a check with the police, a tied sack was found in the tank, which was discovered as the lifeless body of Sikiru Tajudeen.

Further findings from the community pointed to Yakubu Tanko, who was immediately arrested.

During interrogation, the suspect confessed to the homicide, saying that he killed Sikiru in his sleep.

The suspect claimed that he had no reason for his action.

Police spokesman, Abiodun, said that the suspect has been transferred to the State Criminal Investigation Department for further investigation.

28/03/2024

Breaking News

CBN Unveils New Minimum Capital Requirements For Banks

…Gives Banks 24 months To Recapitalise

The Central Bank of Nigeria (CBN) has unveiled new minimum capital requirements for banks, pe***ng the minimum capital base for commercial banks with international authorisation at N500 Billion.

Confirming this in Abuja, on Thursday, March 28, 2024, the Acting Director, Corporate Communications Department, Hakama Sidi Ali said the new minimum capital base for commercial banks with national authorisation is now N200 Billion, while the new requirement for those with regional authorization is N50 Billion.

Sidi Ali also disclosed that the new minimum capital for merchant banks would be N50 Billion, while the new requirements for non-interest banks with national and regional authorisations are N20 Billion and N10 Billion, respectively.

A circular signed by the Director, Financial Policy and Regulation Department, Mr. Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasized that all banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026

According to the circular, the move, initially disclosed by the CBN Governor, Olayemi Cardoso, in his address to the Annual Bankers’ Dinner in November 2023, was to enhance banks' resilience, solvency, and capacity to continue supporting the growth of the Nigerian economy.

To enable them to meet the minimum capital requirements, the CBN urged banks to consider inject fresh equity capital through private placements, rights issues and/or offers for subscription; Mergers and Acquisitions (M&As); and/or upgrade or downgrade of license authorisation.

Meanwhile, the CBN said all banks are required to submit an implementation plan (clearly indicating the chosen option(s) for meeting the new capital requirement and various activities involved with their timelines) no later than April 30, 2024. The CBN also disclosed that it would monitor and ensure compliance with the new requirements within the specified timeline.

26/03/2024

Ondo APC Governorship Aspirant, Akintelure Dies

Governorship aspirant of the All Progressives Congress (APC) in Ondo state, Paul Akintelure is dead .

Akintelure was a medical doctor and hailed from Igbotako, Okitipupa Local Government Area of Ondo state died in early hours of today, March 26, 2024.

Before his untimely demise, Akintelure had raised concerns about both direct and indirect threats to his life.

Akintelure in a statement released by his spokesperson, Oladapo Akintelure, on Thursday, March 21, 2023, said, “Initially, I hope these incidents would dissipate over time, yet regrettably, they have escalated to pose a serious threat to my life”

The threats against me only strengthen my resolve to stand up for what is right and just. I will not allow fear to dictate our path forward.
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Akintelure served as the running mate to the late Governor Rotimi Akeredolu during the 2012 election under the defunct Action Congress of Nigeria (ACN).

15/11/2023

SEC, Capital Market Community Holds Q3 CMC Meeting

The Securities and Exchange Commission (SEC) is set to hold the third quarter Capital Market Committee (CMC) meeting in 2023.
The meeting is scheduled to be held on Thursday, November 16, 2023, at the Federal Palace Hotel in Lagos, while the usual SEC Management interaction with the Press is planned for Friday, November 17, 2023, at the SEC Lagos Zonal Office, located at Number 3 Idejo Street, Victoria Island, Lagos.

Top on the agenda of the 3rd quarter meeting include, deliberations on the trend of de-listing, Identifying key challenges in the current listing processes and collaboratively working to implement procedural changes that enhance efficiency and reduce costs for companies seeking to list, Enhance Capital Market Operators understanding of the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) regulations and the role they need to play in efforts being made to exit the FATF grey list, and many more burning issues about the capital market.

In addition, there will be updates on major achievements from the various technical Committees such as Commodities Ecosystem Implementation Committee, E-Dividend and DCS, Financial Literacy and Non interest capital Market FLTC

CMC is an industry-wide committee comprising the SEC, representatives of capital market operators and trade groups, and other stakeholders. The committee is a forum where stakeholders come together to engage in insightful discussions concerning the critical factors that impact the growth and organised functioning of the capital market, address the foremost concerns influencing the capital market and work together to shape its future.
It was primarily established to serve as a medium for the exchange of ideas among market stakeholders as well as an avenue for providing feedback to the SEC on how to continuously address challenges, improve market operations and enhance the regulatory framework.

According to the SEC, “Attendance to both events is strictly by invitation. Participants are expected to be seated by 9:45 a.m.
Expected participants at the CMC meeting include Chief Executive Officers (CEOs) of all registered capital market firms (i.e. Broker/Dealers, Investment Advisers, Custodians, Fund/Portfolio Managers, Receiving Banks, Issuing Houses, Rating Agencies, Registrars, Reporting Accountants, Trustees, and Capital Market Consultants, etc.); Chief Executive Officers of Nigerian Exchange Group (NGX), National Association of Securities Dealers (NASD); FMDQ Group Plc; Africa Exchange Holdings (AFEX); Nigeria Commodity Exchange (NCX); Central Securities Clearing System (CSCS); as well as representatives of relevant financial sector regulatory agencies, among others.

the corporate news 360 mail

14/11/2023

Old Naira Note Remains Legal Tender Indefinitely.

The Central Bank of Nigeria has extended the validity of the old N200, N500 and N1,000 notes indefinitely .

The apex bank’s Director, Corporate Communications, Isa AbdulMumin in a statement titled, “CBN To Allow Old Design Naira Banknotes As Legal Tender, Ad Infinitum” on Tuesday, said the decision is line with international best practices and to forestall a repeat of earlier experiences implementing the policy.

The statement read, “Without prejudice, the Central Bank of Nigeria wishes to inform the general public of its desire to extend the legal tender status deadline of the old design of N200, N500 and N1,000 denominations; ad infinitum.

“This is in line with international best practices and to forestall a repeat of earlier experiences.

“Thus, all banknotes issued by the Central Bank of Nigeria, in accordance with Section 20(5) of the CBN Act 2007, will continue to remain legal tender, ad infinitum. even beyond the initial December 31, 2023, deadline.

“The Central Bank of Nigeria is working with the relevant authorities to vacate the subsisting court ruling on the same subject.

The CBN introduced the redesigned N200, N500 and N1.000 denominations in October 2022 and certain deadlines were set for the old design of these denominations to cease as legal tenders.

05/11/2023

NDIC EMERGES OVERALL BEST IN ICPC 2023 ETHICS AND INTEGRITY COMPLIANCE SCORECARD OF MDAs

The Nigeria Deposit Insurance Corporation (NDIC) has once again demonstrated its unwavering commitment to high ethical standards and compliance with anti-corruption laws and regulations, as it proudly secures the top position in the Independent Corrupt Practices and Other Related Offences Commission (ICPC) 2023 Ethics and Integrity Compliance Scorecard (EICS).

This remarkable achievement marks the second time that NDIC has achieved the prestigious first place, previously having been ranked first in the 2021 EICS.

The ICPC's Ethics and Integrity Compliance Scorecard (EICS) is an annual assessment tool designed to evaluate Ministries, Departments, and Agencies (MDAs) in Nigeria for their adherence to institutional ethics and integrity requirements.

The assessment encompasses the measurement and monitoring of key performance indicators in categories such as Management Culture and Structure, Financial Management Systems, and Administrative Systems. In the 2023 EICS, which took place between March and July 2023 and involved 404 MDAs, the NDIC excelled with a score of 91.30%.

The EICS report emphasizes the ICPC's commitment to mitigating abuse of office and corruption by promoting ethics and integrity benchmarks within government agencies, ultimately contributing to more effective service delivery.

The NDIC's consistent first-place ranking is a testimony to the Corporation's zero tolerance policy for corruption and benchmarking its operations with standard best practices. It would be recalled that the Corporation in September this year earned 3 ISO Certifications having complied with the requirements following a rigorous audit by MSECB, a leading international provider of Audit and Certification services.

These achievements have been possible due to Corporation’s effective and ethical operational procedures aimed at instilling transparency and accountability. The NDIC's Anti-Corruption and Transparency Unit (ACTU) played a pivotal role in the process, collaborating closely with the ICPC. This collaboration included sensitizing NDIC staff, identifying and enhancing internal controls to prevent fraudulent practices, and ensuring strict compliance with established policies and procedures by the Corporation's management

The NDIC's outstanding performance in the 2023 ICPC Ethics and Integrity Compliance Scorecard underscores its unwavering commitment to upholding the highest ethical standards and serving as a beacon of integrity within the Public Service. The Corporation remains dedicated to ensuring the safety of deposits and contributing to the stability of the financial system.

26/09/2023

NDIC GETS ISO CERTIFICATION FOR EXCELLENT SERVICE DELIVERY

The MSECB, a leading international provider of Audit and Certification Services has granted the Nigeria Deposit Insurance Corporation (NDIC) three ISO certifications namely: Information Security Management System ISO/IEC 27001:2013 (on how organizations manage and protect their information assets so that they remain safe and secure, using this robust framework); IT Service Management System ISO/IEC 20000-1:2011 (on how to ensure effective and resilient services in today’s changing service delivery environment); and Business Continuity Management System, ISO 22301(on the requirements for a management system to protect against, reduce the likelihood of, and ensure businesses recover from disruptive incidents).

The certifications followed a rigorous and independent audit exercise confirming that the NDIC is in compliance with the requirements for the three standards.

The ISO is an independent, non-governmental international organization that brings together experts from around the world to develop, voluntary, consensus-based, market relevant International Standards that support innovation and provide solutions to global challenges. The certification is a three-year, multi-layered process that begins with an initial certification in the first year, followed by two (2) surveillance audits over the course of two (2) years.

In line with its vision to be one of the best deposit insurers in the world, the Corporation will continue to offer excellent services consistent with international standards and best practices to ensure that the current achievement is duly sustained.

20/09/2023

Nigerians sceptical about BUA's promise to slash cement price

Most Nigerians have welcomed the price slashing promise of the BUA Cement with sceptism.

Majority have said that they cannot be deceived any longer as this wasn't the first time BUA has promised such, but only to do the opposite.

Recall that on September 15th 2023, the Chairman of BUA Cement Plc shocked Nigerians, after meeting President Bola Ahmed Tinubu in A*o Rock that he will reduce the price of his cement brand to about N3,000 by January 2024.

While some Nigerians are set to beat the drums for celebration, others are calling for caution given the antecedent of BUA Group in redeeming promises as the group made similar promise two years ago and failed.

One of the respondent Mr Babatunde Fehintolu opined that the BUA Cement boss has made multiple promises to reduced the price of his cement price only to increase the price of it few months after.

According to Fehintolu, Nigerians shouldn't be carry away with sweet promise of Abdulsamad Raniu, because he has done same in the past without keeping them.

" The media was awash few days ago, after President Bola Ahmed Tinubu had a meeting with the Chairman of BUA Group Alhaji Abdulsamad Rabiu, where the later is quoted to have promised to crash the price of his cement brand from about the current N5,000 to about N3,000 beginning from January 2024.

"I will not be carry away by that promise untill he proves me wrong. He has deceived Nigerians many times so I will wait and see before I will believe him" he stated.

His view is shared by a major cement seller in Korodu who while speaking with media recently said the BUA Group boss is playing to the gallery after meeting with the president, he just wants to says what Mr President will like to hear.

"Why do some of us like to play games with us?. In 2021 he promised to reduced the price of cement few weeks after the price went up. I can still remember in 2021, price of cement was sold for about N3,500 per bag, the BUA Cement boss said the price of his brand can fall by some 40 percent to about N2,200 if there is an increase in capacity and production."

He said stronger competition and opening up of the sector to more players as well as imports will crash the price of the the commodity.

It would be recalls that the BUA Group boss in an interview with a journalist, said, "The price of cement is high in Nigeria, simply because we don't have enough supply. That is the simple answer, a reflection of economics on the theory of the laws of supply and demand" the industrialist stressed.

Speaking with a Cement dealer in Kano, Abdullahi Mohammed, the story is different as he simply dismissed the promise, saying that he BUA Chairman wanted to score a cheap political goal.

He noted that if there would ever be a price reduction in BUA Cement brand, it would be a magic, adding that with the current level of inflation affecting every commodity, Rabiu was not sincere.

On his part, another dealer, Adewale Afolabi who spoke to our correspondent in Oshogbo stated the promise should be treated as a campaign promise that can never be fulfilled once elections are over.

Afolabi pointed out that the Rabiu has made numerous promises in the past and failed, advising that Nigerians should not take him serious.

However, to Dr. Kester Okeogene, an economic analyst, reduction in food prices is what Nigerians need most, not a political deception.

Okeogene pointed out that the BUA Chief Executive has not mentioned anything concerning escalating prices of his food stuff irrespective of the untold hunger ravaging the land.

The Economist who described Rabiu's promise as hypocritical stated, "BUA Foods Plc, has recorded growth in its Profit after tax by 142 percent to N95. 2 billion in unaudited results for the half-year ended June 30, 2023. The food company's Profit before tax increased significantly by 156 percent to N109. 4 billion as against N42."

He said, if he had meant well for the country, he could have considered crashing the price of flour, spaghetti, noodles and others, adding that majority Nigerians hungry as cement price does not matter to them.

20/09/2023

12 Year Old Boy With Missing Intestine Dies in Lagos

The 12-year-old boy with missing intestine at Lagos State University Teaching Hospital (LASUTH), Ikeja, Adebola Akin-Bright is dead.
Adebola died Tuesday night at LASUTH after spending over one month in the hospital.

He was said to have developed complications that evening and was rushed to the intensive care unit of the hospital where he was thereafter pronounced dead.

The Lagos State House of Assembly had earlier on Tuesday called on Governor Babajide Sanwo-Olu to direct the Ministry of Health to release funds for the overseas treatment of boy.

Speaker of the House, Mudashiru Obasa, while presiding over the day’s plenary, moved that the boy needed urgent treatment abroad. Obasa and the House also called for the immediate arrest of the doctor of the private hospital, Obitoks Medical Centre in the Alimosho area of the state, who performed the initial surgery that led to the missing small intestine while investigations continue.

Obasa’s position followed a preliminary report by the Majority Leader, Noheem Adams, who briefed the House on the findings of a five-man ad-hoc committee created to investigate the circumstances that led to the disappearance of the boy’s intestine.

Giving the preliminary report, Adams said members of the ad-hoc committee visited the boy at the Lagos State University Teaching Hospital (LASUTH) on Tuesday

The Lagos state House of Assembly has Called For The immediate Arrest of Doctor who Performed Surgery on the Late Adebola Akin-Bright

19/09/2023

NDIC SETS TO PAY 1ST LIQUIDATION DIVIDEND TO THE DEPOSITORS & EX-STAFF (DEPOSITS) OF DEFUNCT PEAK MERCHANT BANK

As the official Liquidator of the failed Banks in Nigeria, the Nigeria Deposit Insurance Corporation (NDIC), in line with its mandate wishes to inform the depositors & ex-staff (deposits) of defunct Peak Merchant Bank that it has concluded preparations to pay their first liquidation dividend.
According to a release signed by the Director, Communication and Public Affairs, NDIC, Bashir A. Nuhu, the verification exercise would enable depositors of the defunct bank to cross-check and ascertain their account information as well as balances with the bank as at closure.
We enjoin all eligible stakeholders of the defunct bank to visit any NDIC offices or visit NDIC Website on www.ndic.gov.ng for verification of their claims commencing from Monday, 18th September to 16th October, 2023 while the duly completed verification forms can also be sent to the Corporation’s email address at: [email protected]

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05/09/2023

NGX ASI Surpasses 68,000 Mark with 33% Year-to-Date Return

In a remarkable turn of events, the Nigerian Exchange Limited (NGX) achieved a significant milestone as its All-Share Index (ASI) surged to an unprecedented level of 68,279.14, marking a 1.11% increase. This achievement surpasses the previous record of 66,371.20 points set on March 5, 2008, following a prior all-time high of 66,490.34 points.

The exceptional performance was primarily attributed to the remarkable surge in banking stocks, with leading financial institutions such as Zenith Bank and GTCO leading the charge. Investors strategically positioned themselves to capitalize on the recent impressive earnings reports released by select banks over the weekend. Additionally, the demand for shares in BUA Foods contributed to this positive market sentiment.

As a result of this surge, the market capitalization experienced a notable increase of N411 billion, closing at N37.369 trillion compared to the previous figure of N36.958 trillion. This remarkable performance pushed the year-to-date (YTD) return to an impressive 33.22%.

Despite this overall positive trend, sectoral performance within the market was mixed. The Banking Index, boasting a significant gain of 5.65%, was at the forefront, driven by strong performances from Zenith Bank and GTCO. The Consumer Goods Index also posted gains at 1.57%, while the Insurance (-2.81%) and Industrial Index (-0.14%) faced losses. Meanwhile, the NGX Oil and Gas Index remained stable.

Market activity witnessed a substantial uptick, with trading volume surging by 67.88% to 845.680 million units, and the value of stocks traded increased by 88.56% to reach N13.03 billion. This was evident in 11,934 deals, compared to the previous session's 503.74 million units, N6.91 billion in value, and 7,606 deals.

Notably, Zenith Bank led the activity chart with 75.411 million shares sold, valued at N2.79 billion. GTCO followed closely with the sale of 54.80 million shares worth N2.20 billion, while Dangote Sugar transacted 20.85 million shares valued at N1.38 billion.

Market breadth ended on a positive note, with 38 stocks experiencing gains in value, while 19 stocks saw a decline. Dangote Sugar emerged as the top gainer with an impressive 10% increase in stock value. Conversely, Chip Plc led the group of declining securities, with a 9.57% decrease in stock value.

Financial analysts reacted to this strong market performance by attributing it to recent corporate actions. They anticipate that investors will continue to selectively invest in fundamentally strong stocks. However, they also acknowledge the possibility of profit-taking activities on stocks that have seen notable appreciation in recent weeks. Despite these considerations, analysts recommend that investors seek trading opportunities in fundamentally sound stocks, given the ongoing challenges posed by the weak macroeconomic environment on corporate earnings.

04/09/2023

IADI–ARC Appoints Bello Vice Chairperson

The International Association of Deposit Insurers, African Regional Committee (IADI-ARC) has appointed the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan its Vice Chairperson. The appointment was made at the IADI-ARC Annual General Meeting (AGM) held recently in Dakar, Senegal.

The Director, Communication & Public Affairs
Bashir Alhassan Nuhu in a press statement said the appointment of Bello into the Association’s EXCO by The IADI-ARC General Assembly and their collective resolve in appointing him as the IADI-ARC Vice-Chairperson were all in recognition of his outstanding contributions, commitment and leadership role in deepening deposit insurance practice in Africa and the globe in general.

The International Association of Deposit Insurers (IADI) was formed in May 2002 as the global standard-setting body for deposit insurance systems and forum for knowledge and experience sharing through international conferences, workshops, attachments and other capacity building programs as well as research and guidance on matters relating to deposit insurance for its members.

In furtherance of its objectives, the Association develops core principles, standards and guidelines to enhance effectiveness of the deposit insurance systems in various jurisdictions.

It would be recalled that Bello was elected into the IADI Executive Council (EXCO) in October last year during the IADI’s Annual General Meeting (AGM) held in Buenos Aires, Argentina. It is instructive to note that, the IADI EXCO is the governing body of the Association that ensures the smooth functioning of its affairs.