Connect with us

News

FG Expresses Confidence in New NDIC Board

Published

on

Kindly share this post

Vice President Yemi Osinbajo has expressed confidence in the ability of the new Board and Management of the NDIC led by Mrs Ronke Sokefun whom he described as an experienced lawyer and Umaru Ibrahim and experienced technocrat to steer the Corporation in the right direction.

VP Osinbajo made the comment during the courtesy call paid on him by the Board and Management of the Corporation in his office at the State House, Aso Rock, Abuja.

While congratulating the Chairman and other members of the Board for their appointment, Vice President Osinbajo also commended the Management of the Corporation for prioritizing the interests of Nigerian depositors in its choice of the Bridge Bank option for the resolution of many banks in liquidation.

Commenting further, the Vice President noted that a lot still needs to be done in the area of sanitizing the banking system. He also stressed the need for fresh ideas to produce a more resilient structure involving the NDIC and other relevant stakeholders to address the issue of Non-performing loans in the industry and warned that the federal government was not prepared to repeat the mistakes of the past.

On the issue of financial inclusion, the Vice President remarked that it was desirous for millions of poor Nigerians to be empowered through the extension of credit and urged for a sustainable framework to achieve the objectives set by the regulators.

He lamented that the current structure for the operation of Micro-Finance Banks (MFBs) had failed to achieve the desired goals and called for concerted efforts of the relevant institutions including CBN and NDIC to come up with a framework that would facilitate the funding of federal government social intervention programs such as the N-Power, Trader-Money, and Market-Money so as to alleviate the suffering of millions of Nigerians.

Earlier, the Chairman of the Board of the Corporation had thanked the Vice President for his warm reception and recalled that the NDIC as a critical player in the Nigerian financial safety-net, had achieved remarkable success in the execution of its primary mandates of effective supervision of the insured banks, timely payment of insured deposits and the implementation of a robust and efficient failure resolution regime.

The Chairman concluded her remarks by drawing the attention of the Vice-President to the NDIC Amendment Bill currently pending before the Senate and solicited for his assistance in ensuring a quick passage of the Bill before the expiry of the present legislative session.

In his remarks, the MD/CEO of the Corporation, Umaru Ibrahim, FCIB mni, joined the Chairman in seeking for the assistance of the Vice President towards the speedy passage the Bill to amend the NDIC Act pending at the Senate to strengthen the capacity of the Corporation effectively supervise insured financial institutions for a safe and sound banking system in the country.

Commenting further on the activities of the Corporation, the NDIC boss informed the Vice President that the NDIC undertakes periodic examination of banks in collaboration with the CBN and issues reports with far reaching recommendations to the Boards of banks for compliance to ensure the safety, soundness and stability of the Nigerian banking system.

The MD/CEO concluded his remarks by recalling the efforts of the regulatory/supervisory authorities to sanitize and strengthen the micro, small and medium scale enterprises (MSMEs), through enhanced capital requirements of MFBs and the establishment of a National Microfinance Bank to enable that subsector play their role of providing credit.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

News

NAFDAC Recalls Deekins Amoxycillin Batch Over Serious Adverse Reactions

Published

on

Kindly share this post

National Agency for Food and Drugs Administration and Control (NAFDAC) has alerted Nigerians of the recall of one batch of Deekins Amoxycillin 500mg Capsule, manufactured by Ecomed Pharma Ltd and marketed by Devine Kings Pharmaceutical Ltd, with lot number 4C639001.

In a statement released, the agency says the drug batch is being recalled following reports of serious adverse drug reactions.

“According to Ecomed Pharma Ltd, reports of serious adverse drug reactions were received from a hospital that reported three cases of serious adverse drug reactions from patients administered with the batch of Deekins Amoxycillin 500mg capsule,” the statement read.

Amoxicillin is a penicillin antibiotic indicated for treating bacterial infections such as tonsillitis, bronchitis, sinusitis, pneumonia, and bacterial infections of the ear, nose, throat, skin, or urinary tract.

NAFDAC explained that adverse reactions to drugs may be life-threatening, and may require hospitalisation or prolongation of existing hospitalization, result in persistent or significant disability or incapacity, or is a birth defect or death in fatal cases.

The product details of the affected product are as follows: Name: MAH manufactured by Ecomed Pharmaceutical Ltd. Date of manufacturing: 03/2024, Expiry date: 02/2027, and batch number: 4C639001.

The Agency further implored distributors, healthcare providers, and patients to exercise caution and vigilance within the supply chain to avoid distribution, administration, and use of the affected lots of the product.

“All medical products must be obtained from authorized/licensed suppliers. The products’ authenticity and physical condition should be carefully checked.

Anyone in possession of the affected lot is advised to immediately discontinue the sale or use and submit stock to the nearest NAFDAC office.

If you have used this product, or someone you know, has used it, or suffered any adverse reaction/event after use, are advised to seek immediate medical advice from a qualified healthcare professional.

Healthcare professionals and consumers are advised to report any suspicion of substandard and falsified medicines to the nearest NAFDAC office, or call NAFDAC on 0800-162-3322 or via email: [email protected],” the statement read in part.

NAFDAC further encouraged healthcare professionals and patients to report adverse events or side effects related to the use of the medicinal product to the nearest NAFDAC office, or through the use of the E-reporting platforms available on the NAFDAC website.


Kindly share this post
Continue Reading

News

FG Dismisses COVID-19 Variant XEC Claims, Reassures Nigerians

Published

on

Kindly share this post

Federal Ministry of Health and Social Welfare has dismissed reports regarding the presence of the COVID-19 variant XEC in Nigeria, urging citizens to ignore misinformation circulating on social media.

FG Dismisses COVID-19 Variant XEC Claims, Reassures Nigerians

In a press statement signed by Mr. Alaba Balogun, deputy director of information and public relations at the FMOH, the ministry reassured the public that there is no evidence supporting the detection of the XEC variant in the country.

The statement, titled “Letter of Conveyance in Respect of the Newly Detected COVID Variant XEC,” was issued over the weekend to address growing concerns over false claims.

The XEC variant, first identified in Australia, has reportedly spread to 29 countries and is noted for its increased virulence. However, the ministry clarified that Nigeria remains unaffected.

“We urge the public to stay calm and maintain universal health precautions, including regular handwashing,” the statement read.

To strengthen preparedness, the ministry outlined several measures being implemented to safeguard public health:

– Enhanced Surveillance: Monitoring efforts have been intensified, especially at entry points into the country.

– Improved Healthcare Facilities: Federal tertiary hospitals are equipped with molecular laboratories, isolation centres, and ventilators to manage any potential outbreaks.

– Public Reassurance: Nigerians are encouraged to carry on with their daily activities without fear, as there is no credible threat from the XEC variant.

The ministry also addressed a letter with reference number DHS/INSPDIV/017/VOL.1/46, dated December 5, 2024, which has been widely shared online. They described the letter as fake and urged the public to disregard its content.

“As part of our responsibility to coordinate, monitor, and evaluate response activities, the Federal Ministry of Health remains committed to ensuring uninterrupted healthcare services in the event of any outbreak,” the statement added.

The ministry emphasised its proactive approach to monitoring emerging infectious diseases and reaffirmed its dedication to protecting public health. Regular updates will be provided to keep Nigerians informed of any developments.

The XEC variant of COVID-19 is a recombinant strain, meaning it results from the combination of genetic material from two or more existing variants of the SARS-CoV-2 virus.

Recombinant variants can emerge when different strains infect the same individual and exchange genetic material during replication.

This process may lead to new variants with unique properties, such as increased transmissibility, virulence, or resistance to immunity.

Although the XEC variant has spread to 29 countries, there is no evidence of its presence in Nigeria, as confirmed by the Federal Ministry of Health.

Authorities globally are monitoring the variant closely to assess its impact and ensure that public health measures remain effective.

 

 

 


Kindly share this post
Continue Reading

News

Group Calls for Robust Legal Frameworks to Uphold Human Rights Online

Published

on

Kindly share this post

As countries worldwide commemorate International Human Rights Day, Paradigm Initiative (PIN) is calling for the enactment of robust legal frameworks that uphold human rights online.

The organisation underscores the importance of respecting rights and supporting the development and enforcement of laws in a human-rights-respecting manner in the Global South. These include strong data protection laws that safeguard the right to privacy and legislation governing automated decision-making systems to mitigate potential biases. This, PIN adds, would ensure human rights are realised as the future remains secure.

“Governments should address systemic issues that hinder the enjoyment of human rights and take the necessary steps to support an independent judiciary to ensure the impartial administration of justice and upholding the rule of law,” said Bridgette Ndlovu, the organisation’s Partnerships and Engagements Officer.

This year, International Human Rights Day is commemorated under the theme “Our rights, our future, right now.” The theme focuses on how human rights are a pathway to solutions, playing a critical role as a preventative, protective and transformative force for good. Paradigm Initiative (PIN) also highlighted the crucial role of digital rights in safeguarding human dignity and promoting social justice.

In securing a rights-respecting digital future, the organisation applauded the positive developments throughout 2024 and supported efforts to safeguard human rights online. Countries in the Global South, such as Malawi, Ethiopia, and Syria, made notable strides in advancing digital rights by enacting data protection legislation establishing guidelines for processing, storing, and sharing personal data. Botswana repealed its archaic data protection law and adopted a new Data Protection Act.

Equally, enforcement of data protection legislation gained momentum as countries such as Tanzania, in the case of Safari Automotive Limited vs. Godwin Danda, awarded compensation to the data subject after the automobile company published a video clip of the data subject on social media without consent.

In Kenya, taxi hailers Bolt Operations OU and Bolt Support Kenya were fined for failing to properly handle an incident and escalate it according to established protocols. The incident happened when unauthorised parties accessed a data subject’s Bolt driver account, performed fraudulent trips and altered the data subject’s account details, violating the data subject’s right to access personal data and correct false or misleading data.

In Kenya, data subjects were awarded compensation after offenders were found liable for commercial use of data subjects’ personal data without consent. Angola fined offenders who failed to protect data subjects’ personal data from cyber-attacks. Benin published decisions and resolutions that specify the certification of DPOs, and Brazil published two resolutions that define the activities of DPOs and regulate international data transfers.

In Nigeria, in the case of Folashade Moleshin vs United Bank of Africa, a Paradigm Initiative-supported case, the judiciary handed a judgement in favour of the complainant after a data breach reported on PIN’s Ripoti platform, promoting privacy.

PIN acknowledged the judiciary’s role in adjudicating cases brought before the courts and parliamentary oversight in innovations within the justice system, in particular, in Zimbabwe, where parliament produced an adverse report on the Integrated Electronic Case Management system, citing negative consequences for public participation due to limited access to the internet.

The organisation asserted that human rights online are crucial and legislation should be people-centred and provide robust safeguards for personal data, including measures to prevent unauthorised access and surveillance. Countries such as South Africa, Mauritania, Nigeria, and Zambia published National AI Strategies to safeguard human rights from risks that may arise from automated decision-making.

The African Union Executive Council endorsed the Continental AI Strategy and African Digital Compact at the regional level to set the pace and provide a framework for harmonising laws. At the international level, nations adopted the United Nations Global Digital Compact and countries such as Cote d’Ivoire acceded to the Budapest Convention on Cybercrime. Kenya is also planning to accede to the Convention.

Despite the outlined positive developments, significant challenges remain in the Global South with PIN condemning the actions of countries such as Mozambique, Mauritius, Nigeria, Senegal, Tanzania, Comoros, and Kenya, which shut down the internet this year.

These negative actions undermined human rights, suppressed dissent and had a chilling effect on freedom of expression. Going forward, governments ought to halt the practice of internet shutdowns and uphold the right to free expression so that individuals can freely impart information and engage in political discourse in line with the ideals set out in the Universal Declaration of Human Rights, adopted by the United Nations General Assembly in 1948.


Kindly share this post
Continue Reading

Trending