NDIC Builds Resource Centre for Government College

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Umaru Ibrahim

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THE Nigeria Deposit Insurance Corporation, NDIC, has inaugurated the N30 million ultramodern resource centre in Government College, Ibadan, Oyo State. The centre, which comprises a computer centre/ICT room, language/seminar room, vocational centre and a borehole, was built for the educational advancement of Nigerians students in the state.

Umaru Ibrahim, managing director, NDIC, said the corporation had over the years been contributing significantly towards developing the educational and other sectors to advance the growth of the country. “The corporation will not relent in its efforts towards its educational support programme in line with its corporate social responsibility, CSR, policy by way of granting financial assistance to educational institutions for development of education,” he said.

Ibrahim urged the management of the school and the students to put the resource centre into maximum utilisation. On its regulatory functions, the NDIC boss expressed concern over poor response to reimbursement of deposit to depositors of closed banks despite the corporation’s intensive public awareness campaigns.

He said in addition to the appointment of eight agent banks to pay affected depositors in branches that are located close to the closed banks, it had also initiated the depositors’ tracers initiative to locate the affected depositors through their last documented addresses. According to him, the corporation has established a robust 24-hour help desk with a toll free telephone line for public enquiries on the depositors’ reimbursement services.

Ibrahim appealed to such depositors to avail themselves of the ample opportunities to reclaim their trapped funds in the closed banking institutions. He said since inception of the corporation in 1989, it had continued to discharge its mandate creditably and contribute towards safety, soundness and stability of the banking system.

Solomon Olaniyonu, commissioner for education in the state, urged individuals and corporate organisations to support the state government’s transformation agenda. He commended the NDIC for donating the educational centre, saying that it would raise the standard of education not only in the school but in the state. According to him, the students are going to benefit immensely from the centre.

Simeon Oladele, school principal, said the project was in line with the aspiration of the Old Boys Association to restore the lost glory of the college and support government in providing quality education to the students. He said the major concern was how to ensure that all the 3,248 students have access to quality education in line with the modern global trend and for them to be computer literate at the same time.

Chamber of Commerce Laments Postponement of Elections

Remi Bello
Bello

THE Lagos Chamber of Commerce and Industry, LCCI, has expressed concern about the negative impact of the elections postponement on businesses and investors’ confidence in Nigeria. The LCCI, in a statement said investors needed to have an idea of the direction of the country’s political and economic governance in order to manage policy and political risks of investments.

Remi Bello, president, LCCI, said political transition periods were typically characterised by profound anxiety and uncertainty and prolonging these conditions has adverse impact on the confidence of investors. He said major investment decisions were difficult to take at times like these, adding that the tempo of economic activities had expectedly decelerated as a result of the impending elections. “Therefore, the quicker these conditions are dispensed with, the better for investors. This is a major impact point of the election postponement a prolongation of the suspense,” he said.

According to the LCCI, the circumstances and sequence of events leading up to postponement are prone to suspicion and could undermine the credibility of the electoral process. It said the credibility of the electoral process was critical to the sustenance of political and social stability as well as economic progress of the country.

“The process needs to be managed in a way that would inspire the confidence of all stakeholders. Business cannot take place in an environment that is socially and politically unstable. This is another reason for investors to worry about current developments. The postponement has disrupted many plans, programmes, meetings, academic calendar, conferences, and important business decisions; locally and internationally. Rescheduling of these activities and the attendant dislocations will come at a cost to investors and citizens alike.”

The LCCI noted that the postponement would put additional pressure on the campaign budgets of the political parties and the candidates for the various elective positions, adding that there would be additional funding requirements to sustain the tempo of mobilisation and service the campaign apparatus of the parties and the candidates. “This will take its toll on the finances of the candidates and the political parties. This, however, may be good news for the beneficiaries of such campaign spending – media houses, logistics providers, printers of posters and banners, billboard providers, public relations and advert agencies etc. The momentum of spending will have to be sustained for another six weeks,” it said.

— Feb. 23, 2015 @ 01:00 GMT

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