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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. [2] It operates under the Nigeria Deposit Insurance Corporation Act (1990). [3] The NDIC is a member of the Financial Reporting Council of Nigeria. [4]
Sanusi discussed Nigeria's debt in an opening address at a monetary policy forum in May 2003. He pointed out that debt had risen from 1% of GDP in 1960 to 16.2% in 1980 and 83.6% by the end of 2002. Federal government borrowing from the CBN was causing inflation and exchange rate problems, crowding out private borrowers and thus damping growth.
He was the first chairman of the board of the Nigeria Deposit Insurance Corporation when it was established on 15 June 1988. [5] During his tenure, the Shagari regime awarded contracts for construction of the Kafin Zaki Dam in Bauchi State. Both Ahmed and water resources minister Abubakar Hashidu were natives of the state.
At the request of former Nigerian President Olusegun Obasanjo, the Economic and Financial Crimes Commission was created by the Nigerian Parliament in 2002. [13] In February 2004, Amaka Anajemba, Emmanuel Nwude, Emmanuel Ofolue, Nzeribe Okoli, and Obum Osakwe (Christian Anajemba was deceased at this point), were all arrested and charged in the Abuja High Court with 86 counts of "fraudulently ...
Scam letter posted within South Africa. An advance-fee scam is a form of fraud and is a common confidence trick.The scam typically involves promising the victim a significant share of a large sum of money, in return for a small up-front payment, which the fraudster claims will be used to obtain the large sum.
He acknowledged that greed was a factor in causing the high incidence of fraud and other abuses in the industry. [5] Speaking in April 2003, Vincent criticised the "severely flawed unitarist constitution" that the former military regime had introduced in 1999, and called for changes to "arrest the cancerous growth of corruption and corrupt ...
The FDIC’s standard deposit insurance limit is $250,000 per depositor, per insured bank, per ownership category. Some customers of The National Bank of Lindsay weren’t within the FDIC limits.
On 8 October 2010, Ibru was convicted on 25 counts of corporate fraud. She was ordered to reimburse $1.2B (£786m) in cash and assets, and sentenced to six months of prison. [8] The court confiscated over 100 properties from her in Nigeria, Dubai and the United States. [9]