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FG Expresses Confidence in New NDIC Board

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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.

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EFCC Arrests Babagana for Alleged N7Bn Fraud through Ponzi Scheme

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Economic and Financial Crimes Commission (EFCC) has arrested Babagana Dalori, chief executive officer of Galaxy Transportation and Construction Services Limited, for allegedly defrauding Nigerians through a ponzi scheme.

 

The commission said 27,400 Nigerians lost N7 billion through fake promises of high returns on their investment in Dalori’s companies.

 

In a statement, Tony Orilade, EFCC spokesman, said Dalori was discovered to have initially paid investors 200 per cent interest on their deposits in his companies.

 

He said the suspect later reduced the interest to 135 per cent “before the scheme crashed in 2018.”

 

“Dalori, who is currently undergoing interrogation in the Commission, had incorporated the firm in 2012 with one tricycle (Keke NAPEP), which through pool investments by members of the public later boasted of 50 tricycles,” the statement read.

 

“The entrepreneur later diversified into other business ventures while promising mouth-watering returns to investors.

 

“To suck as many unsuspecting victims into his ponzi net, Dalori engaged in massive advertisements on radio and television, including a production of a movie by A-list Nollywood actors, which aimed at convincing members of the public to invest in his companies.”

 

The anti-graft said a victim lamented the frustrations of unsuspecting investors who can no longer get their funds back.

 

According to the victim, “at the moment, he has used the investors money to incorporate different entities without getting their consent. He now has Galaxy Global Energy Concept Ltd, Galaxy Miners Concept Ltd, Galaxy Global Farms, Galaxy Computers, Galaxy Block Making Factory, Galaxy Hospital and Galaxy Hotel.”

 

The commission accused Dalori of committing a criminal act, saying all bank accounts belonging to his company have since been frozen.

 

Last year, EFCC cracked down on a similar ponzi scheme shortly after the shut down of Mavrodi Mondial Movement (MMM).

 

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NAFDAC Raises Alarm over Fake Anti-Hypertensive Drug in Circulation

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National Agency for Food, Drug Administration and Control (NAFDAC) has alerted the public to the circulation of a fake anti-hypertensive drug.

 

Prof. Moji Adeyeye, director-general NAFDAC, in a statement on Tuesday in Abuja said the drug, Hydrochlorothiazide 50mg (containing Glibenclamide) was already on sale in Cameroun.

 

“NAFDAC is alerting the public, especially healthcare providers, to the circulation of confirmed faked Hydrochlorothiazide 50mg tablets in Cameroun.

 

“The faked product has been found to contain Glibenclamide instead of Hydrochlorothiazide.

 

“In March, the World Health Organisation was informed by an NGO in Cameroun that a medicine, presented as Hydrochlorothiazide 50mg tablets, has caused hypoglycaemia (deficiency of glucose in the bloodstream) in patients.

 

“Confirmatory laboratory analysis has established that the product did not contain hydrochlorothiazide, the stated active ingredient; rather, glibenclamide was instead identified,” Adeyeye said.

 

She explained that the genuine version of the drug was for treatment of hypertension, while the falsified medicine poses grave danger to patients.

 

“Hydrochlorothiazide is used as an anti-hypertensive and diuretic medicine, whereas Glibenclamide is an anti-diabetic medicine.

 

“The falsified medicine presents a risk for patients who take hydrochlorothiazide for the treatment of hypertension.

 

“The label on the plastic container of this faked product states Laboratoires Sterop as the manufacturer; however, this company has confirmed to WHO that it did not manufacture or supply the faked product.

 

“The Falsified hydrochlorothiazide 50mg is presented in plastic containers of 1000 tablets each,” she said.

 

The NAFDAC DG further said the drug, which had a batch number of 16G04, also carried 16/2017 as its Manufacture Date and 30/05/2021 as Expiry Date.

 

“The batch number, as well as a number of other features shown on the label of the faked Hydrochlorothiazide 50mg tablets, do not correspond with genuine manufacturing records. The label is in English and French languages.”

 

She advised importers, wholesalers, and retailers to avoid illegal importation and sale of the drug in Nigeria as surveillance had been heightened to prevent such.

 

“Surveillance has been strengthened by NAFDAC at all ports of entry to prevent importation of the faked Hydrochlorothiazide 50mg tablets from Cameroun.

 

“NAFDAC has also heightened surveillance to prevent distribution and sale of the faked product.

 

“Healthcare providers and other members of the public are advised to be vigilant and contact the nearest NAFDAC office with any information on the product,” she said.

 

Adeyeye further advised those already in possession of the drug to submit it to the nearest NAFDAC office.

 

She advised consumers to report any adverse effects related to the use of medicines to the nearest NAFDAC office, citing its toll-free number 20543 on all networks, or via its e-mail pharmacovigilance@nafdac.gov.ng.

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Police Arrests 10 Suspected Sim Swapping Fraudsters

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Oyo State Police Command has arrested 10 suspected fraudsters who specialised in defrauding their victims by swapping their mobile phone SIM cards, through which they would have access to their banking details.

 

Shina Olukolu, commissioner of Police, Shina Olukolu said that operatives of the command went into investigation immediately a report was made by Adeniyi Ige,  Security Manager of Airtel Network Limited, to the police that the company had been receiving complaints from customers on the withdrawal of various amounts from their bank accounts through fraudulent SIM swapping.

 

Olukolu, spoke while parading the suspects at the state police command headquarters, Eleyele, Ibadan, stated that among the complaints was the withdrawal of N180,000 from the account of  Professor Olapade O. James, who is the Dean of the Faculty of Veterinary Medicine, University of Ibadan.

 

The withdrawal from the professor’s account occurred on February 21, after the loss of signal on his mobile phone line.

 

The police boss stated further that when the network was restored, the professor started receiving notification alerts from his bank via email.

 

“Other complainants included one Godwin Unigbe, whose N3 million was withdrawn from his account using the same modus operandi; while Benjamin Udo Bassey lost N460,000 to the syndicate.

 

“Internal investigation conducted by Airtel Network Limited, however, traced the SIM swapping fraud to ISON BPO, a call centre network service providers, including Airtel Network, located in Ibadan, the state capital, and this led to the arrest of three ISON staff directly involved in the fraudulent acts, namely: Omotayo Azeez, Olufade Abdulgafar and Shiyanbola Harry.

 

“Further investigations led to the arrest of seven others, including Adesina Peter, Odugbesan Gbenga, Efiong Udofia, Arowosegbe Adewale, Adesanlu Kayode, Onasile Abiola, and the only female among them, Temitope Fatai.”

 

Olukolu said the suspects had confessed to the crime and would be charged to court soon.

 

While speaking with the Nigerian Tribune, one of the suspects, Abdulgafar (33), confessed to the crime.

 

He said he got to know about the workings of mobile phone technology while working with ISON BPO, which serves some network service providers.

 

He said all members of the syndicate had their roles in each of the operations carried out.

 

The police also arrested two Fulani men, Danneri Mohammed and Abubakar Woru, who allegedly attacked a businessman, Abduraheem (surname withheld) on the road Ayemojuba village, via Saki, while returning from the market on March 25.

 

The Commissioner of Police said that the suspects chopped-off the businessman’s left hand with a machete and also inflicted machete cuts on his head and face before dispossessing him of N3.1 million.

 

Olukolu stated that the victim was later rescued by some road users while he was writing in his blood, and the incident was reported at the Special Anti-Robbery Squad (SARS) operational base in Saki.

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