• Wednesday, February 21, 2024
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Five things to know to start your Tuesday


NDIC lauds judiciary over prosecution of failed bank cases

The Nigeria Deposit Insurance Corporation (NDIC) has commended the judiciary for the timely prosecution of failed banks cases over the years.

The commendation is contained in a statement issued by Bashir Nuhu, the NDIC Director, Communication and Public Affairs Department, on Monday.

The statement said the Managing Director of NDIC, Bello Hassan, gave the commendation in Abuja.

Hassan said support from its external solicitors and the judiciary were evidenced by heightened diligence in handling the corporation’s cases and making informed judgments from the court.

He said the support had also resulted in increased awareness on the benefits of deposit insurance scheme in the public domain.

Hassan said the recovery of debts and realisation of assets of closed banks were critical to the achievement of the Corporation’s mandate as a liquidator. (NAN)

Read also: Rayda Connect holds second edition in Lagos

SEC blacklists 6 online trading platforms

The Securities and Exchange Commission (SEC), in a circular made available to the press on Monday in Abuja, said that it has blacklisted six online trading platforms.

This crackdown on illegal and unregistered firms comes as the commission intensifies its effort to clean up the financial sector. It was learned that these platforms were purporting to offer investment and financial services and products to the general public.

The circular said the platforms were not registered by the SEC, and the financial services offered by them were also not authorised.

The Commission in the circular listed the companies to include Prime Invest and “Primeinv.co, FXBoxed, New Finance LLC and New Fx Limited, Axi24, Evolve Consulting LCC, and Trust Fund-Mining Global Pty Limited.

“’The Commission’s attention has been drawn to the underlisted e-commerce companies and their websites offering online trading platforms to the investing public.

“Members of the public are advised to adopt the greatest diligence in making investment choices.

“In view of the above, the general public is hereby warned that any person dealing with the above-mentioned e-commerce websites is doing so at his or her own risk,” the SEC said.

Egypt opens border for stranded Nigerians — FG

The Federal Government said that after the intervention of President Muhammadu Buhari, the authorities in Egypt decided to open their border to allow Nigerians trying to escape the war in Sudan to enter their country.

Abike Dabiri-Erewa, the Chairman of the Nigerians in Diaspora Commission, made this known on Monday via her Twitter handle.

Dabiri-Erewa tweeted: “With the intervention of President Buhari, Egypt has finally opened its border to Nigerians fleeing Sudan. With an Air Force plane already on the ground in Aswan, Egypt, the processing of the first set of evacuees will begin.”

FG set to resume its 5% telecom tax

The Federal Government of Nigeria is set to proceed with its five percent excise duty tax on mobile telephone services, fixed telephone services, and internet services, which it suspended.

This implementation comes as the federal government’s source for revenue despite promises made by the Minister of Communications and Digital Economy, Isa Pantami, that the government had exempted the telecoms sector from excise duty tax.

In September 2022, the Federal Government suspended the proposed excise duty on the telecom industry, saying that the industry was already overburdened with too many taxes, which was likely to have a negative impact on the sector.

Japan Economy Minister Goto urges US banks, regulators to tackle liquidity risks

Banking sector problems in the United States and Europe were caused by liquidity and interest rates risks, but won’t impact on Japan’s economy and financial system for now, Economy Minister Shigeyuki Goto said on Tuesday.

Goto spoke to Reuters in an interview after U.S. regulators seized First Republic Bank and sold its assets to JPMorgan Chase & Co, in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under a lingering banking turmoil.

“What happened to the West involved risks of liquidity and interest rates. Financial institutions and authorities will need to respond firmly to liquidity risks,” Goto said.

“I don’t see the U.S. financial sector facing big problems.”

Asked if the U.S. banking woes may cause a delay in any Bank of Japan efforts to normalise its easing policy down the road, Goto said he expected the central bank to steer policy flexibly and appropriately, without elaborating further.

Risk factors warrant attention such as downward any revision to forecasts for the world economy and financial market fluctuations as Western countries continue to tighten monetary policy, he added.(Reuters)