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Nigeria Deposit Insurance Corporation
The Nigeria Deposit Insurance Corporation (NDIC) is a statutory body established by NDIC Act No. 16 of 2006 with exclusive mandate of administering the Deposit Insurance System (DIS) in Nigeria. As one of the components of the nation’s financial safety-net arrangement, the NDIC has the responsibility of protecting depositors and guaranteeing the payment of insured sums when the license of a deposit-taking financial institution is revoked by the Central Bank of Nigeria (CBN).. Organization The NDIC is a parastatal under the Nigerian Ministry of Finance. The corporation is charged with protecting the banking system from instability occasioned by runs and loss of depositors' confidence. It operates under the Nigeria Deposit Insurance Corporation Act (1990). The NDIC is a member of the Financial Reporting Council of Nigeria. The NDIC complements the regulatory and supervisory role of the Central Bank of Nigeria (CBN), although it reports to the Federal Ministry of Finance. The NDIC ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nigerian Ministry Of Finance
The Federal Ministry of Finance is the government body that manages the finances of the Federal Government of Nigeria, including managing, controlling and monitoring federal revenues and expenditures. Roles of finance ministry: Some of the role of the finance ministry include collecting and disbursing government revenue, formulating policies on taxation, tariffs, fiscal management etc., preparing and managing the annual budget, preparing annual accounts for ministries, departments and agencies, managing federal debt and regulating the capital market. Leadership A senior civil servant acts as Permanent Secretary of the minister, assisting the politically appointed Minister of Finance, who is a member of the President's cabinet. Stephen Osagiede Oronsaye was appointed Permanent Secretary of the Federal Ministry of Finance on August 20, 2008. He was appointed Head of the Nigerian Civil Service in June 2009. The Permanent Secretary as of December 2009 was Dr. Ochi C. Achiniv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Reporting Council Of Nigeria
The Financial Reporting Council (FRC) of Nigeria, formerly the Nigerian Accounting Standards Board (NASB), is an organization charged with setting accounting standards in Nigeria. On Thursday, 6 May 2021, Shuaibu Adamu Ahmed was inaugurated by the Minister of Industry, Trade and Investment, Adeniyi Adebayo, as the Executive Secretary/Chief Executive Officer of FRC. Nigerian Accounting Standards Board (NASB) NASB was established in 1982 as a private sector initiative closely associated with the Institute of Chartered Accountants of Nigeria (ICAN). NASB became a government agency in 1992, reporting to the Federal Minister of Commerce. The Nigerian Accounting Standards Board Act of 2003 provided the legal framework under which NASB set accounting standards. Membership includes representatives of government and other interest groups. Both ICAN and the Association of National Accountants of Nigeria (ANAN) each nominate two members to the board. The primary functions as defined in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of Nigeria
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. The major regulatory objectives of the bank as stated in the CBN Act are to: maintain the external reserves of the country, promote monetary stability and a sound financial environment, and act as a banker of last resort and financial adviser to the federal government. The central bank's role as lender of last resort and adviser to the federal government has sometimes pushed it into murky regulatory waters. After the end of imperial rule the desire of the government to become pro-active in the development of the economy became visible especially after the end of the Nigerian civil war, the bank followed the government's desire and took a determined effort to supplement any show shortfalls, credit allocations to the real sector. The bank became involved in lending directly to consumers, contravening its original ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finance Minister Of Nigeria
The Minister of Finance of Nigeria is a senior cabinet official in the Nigerian Federal Executive Council. The Finance Minister's directs the Nigerian Ministry of Finance and ensures that it operates in a transparent, accountable and efficient manner to bolster the country's economic development priorities. The Minister is assisted by the Permanent Secretary of the Ministry of Finance, a career civil servant. The current Nigerian Minister of Finance is Zainab Shamsuna Ahmed appointed on 14 September 2018 in Abuja. Nigerian President Muhammadu Buhari accepted the resignation of his Finance Minister Kemi Adeosun. Duties of minister * Preparation of annual budgetary estimates of revenue and expenditure for the Federal Government. * Determination of Federal Government fiscal policies. * Mobilization of domestic and external financial resources for national development purposes. * Management of foreign exchange reserves. * Management of Federal Government revenue. * Currency valu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joseph Oladele Sanusi
Chief (Dr.) Joseph Oladele Sanusi (born 24 September 1938) is a Nigerian chartered accountant who was Governor of the Central Bank of Nigeria from May 1999 to May 2004. Background and qualifications Sanusi was born on 24 September 1938 in Ogbagi-Akoko, Ondo State, Nigeria. He studied at South West London College and Kingston College of Technology, England from 1962 to 1965, qualifying as a Chartered Accountant. He became a member of the Institute of Chartered Accountants of Nigeria (ICAN) in 1969, and became a fellow of the Nigerian Institute of Bankers in 1987. Career Sanusi worked first as an Accountant in England, then with the Department of Customs and Excise in Nigeria. He joined the Central Bank of Nigeria (CBN) in 1966 as a Deputy Manager. He became a Departmental Director in 1977, Chief Executive of the Securities and Exchange Commission (1978–1979), Executive Director, Monetary and Banking Policy (1979–1984), and Deputy Governor (1988–1990). Sanusi left the C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Savannah Bank
The Savannah Bank is a Nigerian bank whose license was withdrawn in February 2002 and restored in February 2009 after protracted legal battles. An investor, International Resource Associates of London, bought 67.35% of the shares of Savannah Bank in 1999, and on 14 April 2000, the bank came under new management. Some prominent people associated with the bank were Senator Jim Nwobodo, a shareholder and chairman, Senator Felix Kolawole Bajomo, an executive director, and Shettima Mustapha, a Federal Minister and board member, but not a shareholder. The Savannah Bank was among Nigeria's top 10 financial institutions. The bank's licence was withdrawn by the Central Bank of Nigeria (CBN) on 15 February 2002. The CBN Governor Joseph Oladele Sanusi said the bank did not have enough assets to meet liabilities, did not comply with CBN obligations, and that the regulators had been unable to prevent further deterioration. The Nigeria Deposit Insurance Corporation took over as liquidator, se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CBN (AM)
CBN (640 kHz) is a public AM radio station in St. John's, Newfoundland and Labrador, Canada. It carries a news, talk and information format and is the local Radio One station of the Canadian Broadcasting Corporation. CBN is powered at 10,000 watts, and is a Class A station broadcasting on a clear-channel frequency, shared with KFI in Los Angeles, the dominant station on 640 AM. CBN uses a non-directional antenna located off Thorburn Road near Exit 44 of the Outer Ring Road on the Trans-Canada Highway. With its non-directional signal and low dial frequency, CBN can be heard by day around most of Southeastern Newfoundland. At night, it can be picked up across much of the eastern half of North America with a good radio, but is strongest in Atlantic Canada and Eastern Quebec. CBN programming is also heard in St. John's on CBN-1-FM at 88.5 MHz. For listeners who have trouble picking up CBN 640's signal clearly in the downtown area, this "nested rebroadcaster" provides an alternat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mike Mbama Okiro
Sir Mike Mbama Okiro was the Inspector General of the Nigeria Police Force from 2007 to 2009. Background Mike Okiro was born on 24 July 1949 in Oguta, Imo State and hails from Egbema in Ogba/Egbema/Ndoni Local Government Area of Rivers State. He is the Agunechemba I of Egbema, and Nigeria's first ethnic Igbo to assume the post of Police Inspector General. He holds a degree in English Language from the University of Ibadan, a Masters of Public Administration from the University of Lagos and an LLB and LLM from the University of Jos. He, in addition, also holds Honorary Doctorate Degrees from the Federal University of Technology, Owerri, Imo State and Novena University, Delta State. He is an Alumnus of the prestigious National Institute of Policy and Strategic Studies (NIPSS), Kuru Plateau State. Career He joined the Nigerian Police in 1977. Operational and command positions include serving as DPO in several police stations, Member, Armed Robbery & Firearms Tribunal, Lagos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Established In 1988
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the anc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Agencies Established In 1988
A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a means by which organizational policies are enforced, as well as a mechanism for determining policy. In many countries, the government has a kind of constitution, a statement of its governing principles and philosophy. While all types of organizations have governance, the term ''government'' is often used more specifically to refer to the approximately 200 independent national governments and subsidiary organizations. The major types of political systems in the modern era are democracies, monarchies, and authoritarian and totalitarian regimes. Historically prevalent forms of government include monarchy, aristocracy, timocracy, oligarchy, democracy, theocracy, and tyranny. These forms are not always mutually exclusive, and mixed govern ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance In Nigeria
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
