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CBN urges media collaboration in educating depositors

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Central Bank of Nigeria

The Central Bank of Nigeria (CBN), has urged media practitioners to collaborate with financial regulators in the country to educate depositors on financial literacy and inclusion.

The Head, Financial Inclusion Secretariat, CBN, Mrs Temitope Akin-Fadeyi said this at a workshop for Business Editors and Finance Correspondents Association of Nigeria (FICAN) on Tuesday in Benin.

The workshop was organised by the Nigeria Deposit Insurance Corporation (NDIC).

Akin-Fadeyi, represented by Mr Joseph Attah, a member of the Financial Inclusion Secretariat, CBN, said educating depositors was a collective responsibility of all.

According to her, there is a growing perception by Nigerians that it is the sole responsibility of the regulators to educate depositors on financial inclusion.

She said it was important for media practitioners to fully understand the concept of financial inclusion.

Akin-Fadeyi, therefore, urged the media to partner with the regulators to properly educate Nigerians to ensure increased participation of financial inclusion in the country.

On provision of income for small business owners, Akin-Fadeyi said the CBN was already addressing the issue.

“Those without income are already benefiting from CBN’s Conditional Cash Transfer scheme.

“We are doing a lot in CBN, we have programmes where unemployed Nigerians doing business can apply for loans.

“We cannot do everything, so all stakeholders are enjoined to collaborate to ensure that the issue of income is tackled.’’

On recapitalisation of Microfinance Banks (MFBs) in the country, she said the banks had been given enough time to recapitalise.

The CBN had in a circular on Oct. 22, directed MFBs to recapitalise by April 1, 2020.

MFBs is expected to have a minimum of N200 million capital requirement, states owned MFBs will need one billion naira and National MFBs will require five billion naira.

In his contribution, Mr Kingsley Nwaigwe, the Deputy Director, Research Policy and International Relations, NDIC, said the Corporation was doing everything possible to build depositors’ confidence in the country.

“Recently, about 154 MFBs and six financial institutions were closed.

“And within three weeks, NDIC was able to pay depositors of the closed institutions and this is one of the things that can help build confidence of depositors in the country.’’

In his remarks, Mr Peter Aghaowa, who represented the Director-General of Pension Commission (PENCOM), Mrs Aisha Dahir-Umar, stressed the need for depositors to have trust in the financial sector.

He assured of PENCOM’s commitment to ensure pensioners’ trust in the sector through strict pension regime.

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Metro

FG urged to declare state of emergency on federal roads, Senate tasks

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Disturbed by the deplorable conditions of road networks across the country, the Senate on Tuesday, charged the federal government to declare a state of emergency on all federal roads.
This was as the upper legislative chamber mandated  its Committees on Petroleum (Downstream), Federal Roads Maintenance Agency, FERMA and National Planning to investigate the Petroleum Products Price Regulatory Agency, PPPRA on the non-remittance of five percent user charge pump price of petrol.
Besides, the joint committees were also asked to investigate the non remittance of international vehicle transit charge accruing to FERMA and other established state roads maintenance agency.
These resolutions followed deliberations on a motion sponsored under Orders 42 and 52 of the Senate rule by Senator Geshom Bassey (PDP Cross River South)  who lamented the deplorable state of federal roads in the country.
Presenting the motion, Senator Basset expressed concern that several thousands of lives have been lost to road accidents due to bad and un-motorable roads, while bad portion of roads are safe haven for kidnappers and armed robbers on Nigerian highways.
Supporting the motion, Senator Chukwuka Utazi (PDP Enugu North) said the state of the federal highways are highly deplorable and that urgent attention is needed especially within this budget cycle to do something drastic to address the situation.
Utazi said “and like you prayed that the PPPRA should release the fund for totally provided for FERMA to do  it’s job.
“Mr President, the raining season is just gradually coming to an end and this is the opportunity for FERMA to go and start rehabilitating our roads so that Nigerians can move freely.
“This period is also the time for harvest and in order to ensure that farmers that are in the hinterland get to the appropriate market to get adequate prices for their goods, we  have to make sure the roads are properly done.
“You also know that because we don’t have the rail lines that should be in place, most of the goods and services that we move from one place to the other are done through trucking and if you continue to do trucking, you know that the life span of any  major federal highway may not last long.
“This is a very important motion moved at the most appropriate time to get the desired attention and I’m standing here lending my support and full weigh to get that being done knowing fully well that those of us from the south east are the major complainants of the bad roads in this country and we hope that we get the desired attention from FERMA if  this motion scales through.”
In his remark, President of the Senate, Dr. Ahmad Lawan said he believe that every part of the country suffers from this problem of deplorable  roads.
He expressed optimism that the  committees mandated to look into the matter will  swing into action and attend to the issue associated with this motion.
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Metro

SAD… Taraba INEC REC is dead

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The INEC Resident Electoral Commissioner, (REC) in Taraba State, Alhaji Baba Abba Yusuf, is dead.
INEC Secretary, Rose Oriarian-Anthony, said the REC died on Saturday night at the University of Maiduguri Teaching Hospital, Borno State, where he had been on admission.
She said: “The Independent National Electoral Commission regrets to announce the death of the Resident Electoral Commissioner for Taraba State, Alhaji Baba Abba Yusuf.
“He died last (Saturday) night at the University of Maiduguri Teaching Hospital, Borno State, where he was on admission for sometime.
He was buried today (Sunday) September 29 2019 at 4pm in Maiduguri.
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Transgender: Sade Adu’s daughter finally becomes a man (PHOTOS)

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Izaak and Mum

Sade’s transgender son has shared a heartfelt message of thanks to the soul singer, as he completes his transition from female to male.

Izaak Theo Adu, born Mickailia ‘Ila’ Adu, has spent the past six months in recovery after undergoing phalloplasty surgery, the reconstructive procedure typically undergone by transgender and non-binary people.

After returning home to his family, Izaak shared a sweet photo of himself hugging Sade, 60, along with a message praising the iconic singer for her unwavering support. In the Instagram post, Izaak wrote: ‘It’s been a long hard road but We did it!! We are coming home!!!! ‘Thank you for staying by my side these past 6 months Mumma. Thank you for fighting with me to complete the man I am. ‘Thank you for your encouragement when things are hard, for the love you give me. The purest heart. I love you so much. Queen of queens ♥️ #mumma #lioness #queen#iloveyou.’

Izaak is Sade’s only child from her former relationship with reggae music producer Bob Morgan.

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