NEWSPAPER REVIEW – 14 November, 2018
BDC NDIC Assures Customers of Failed MFBs,
Exch. Rate (USD) 362.5
Exch. Rate (Pounds) 473.00
Exch. Rate (Euro) 413.00
Inflation 11.28
Crude Oil Price $67.23
BUSINESS DAY
How and when to access your pension
benefits
The Contributory Pension Scheme (CPS) under the
Pension Reform act 2014 establishes how and when an
employee covered under the scheme can access his or her
benefits. The scheme realizes that there are reasons that
could make a contributor not to continue with his or her
contribution or where he/she is no longer alive.
As provided in the Pension Reform Act 2014, the CPS
identified five different stages in the life cycle of an
employee contributor upon which he or she can access
pension benefits through the Pension Fund Administrator
(PFA).
To read more on this article, see page 25
Using Insurance to reduce cost of treating
critical illness – Old Mutual CEO
Access to quality healthcare is one of the most important
factors of living a life of quality and one of the most critical
human needs in the world today.
After all, Health they say is wealth and only a person in
good health can create a successful enterprise. According
to the World Health Organisation (WHO), access to
healthcare is oftentimes the lowest in Sub-saharan Africa
where residents have to pay out of their pockets for
medical expenses.
In Nigeria, the average spending on health per person is
valued at $216 (about N78,000)of which $159 (about
N57,000) is out of pocket and a paltry $35 (about N12,000)
is from Government assisted health care management
initiatives
To read more on this article, see page 26
THIS DAY
PMBs 100% Coverage
The Nigeria Deposit Insurance Corporation (NDIC) has
said it will soon commence the payment of depositors of
the 154 microfinance banks (MFBs) and six Primary
Mortgage Banks (PMBs) whose licences were revoked by
the Central Bank of Nigeria.
The Managing Director and Chief Executive of the NDIC,
Umaru Ibrahim, disclosed this while speaking at the
opening ceremony of a workshop for financial journalists in
Benin yesterday.
He said the corporation would pay 100 per cent of the
funds of the depositors of the affected financial institutions.
Ibrahim, who was represented by the Director, Insurance
and Surveillance Department, Muhammed Umar, noted
that the NDIC has commenced verification of insured
depositors and would soon commence paying verified
claims to appropriate depositors in fulfilment of its core
mandate.
To read more on this article, see page 38
NAICOM to Release New Insurance
Distribution Guidelines
The National Insurance Commission (NAICOM) has said it
will in January 2019, release a new insurance distribution
channel guidelines known as the State Insurance
Producers(SIP).
The commission, said this is in furtherance of its policy to
diversify insurance distribution in Nigeria.
Disclosing this at the 2018 education seminar organised by
the Chartered Insurance Institute of Nigeria(CIIN) in
Ibadan, Oyo State, the Commissioner for Insurance,
Mohammed Kari, said the SIP, would serve as an
alternative channel for insurance distribution.
To read more on this article, see page 29
THE NATION
PENCOM sensitises on micro-pension
The National Pension Com-mission (PENCOM) has
sensitised Nigerians on micro-pension, multi-fund
structure, voluntary contribution and other issues under the
Contributory Pension Scheme (CPS). The enlightenment
was done at the just-concluded Lagos International Trade
Fair.
PenCom’s Head of Corporate Communications Peter
Aghahowa said the pension clinic was used to clarify
pension-related matters that bother workers and retirees.
He said the pension clinic established at the Trade Fair
was part of several initiatives that the commission
embarked upon to sensitise and enlighten the public on the
CPS.
He said: “The Commission was at the Trade Fair to inform
people on what the CPS is all about. It is part of the
initiatives that the Commission has been bringing out to
inform and educate the general public about pension
schemes in Nigeria.
To read more on this article, see page 13
NDIC saved N949b depositors’ funds Skye
Bank’
as contained in the report to the president or any further
delay in its passage will lead to devastating consequences.
The President of Trade Union Congress (TUC), Comrade
Bobboi Bala Kaigama and the Secretary General of the
Association of Senior Civil Servant of Nigeria (ASCSN),
Comrade Bashir Lawal, gave the warning at the National
Executive Council (NEC) meeting of the ASCSN, held at
the Chida Hotel, Abuja on Tuesday.
To read more on this article, see page 3
Africa Investment Forum exceeds
expectations – Participants
The curtain fell on a three-day marathon investment
marketplace in Johannesbourg, South Africa, on Friday,
November 9, 2018, with transactions worth billions of
dollars sealed.

The Nigeria Deposit Insurance Corporation (NDIC) said it
saved about N949.6 billion depositors’ funds in failed Skye
Bank.
Managing Director of the Corporation, Alhaji Umaru
Ibrahim, disclosed this in Benin City on Tuesday at the
opening of a workshop for financial journalists organised
by the NDIC.
He said that the saving was achieved through the adoption
of “bridge bank option’’, adding that the corporation also
saved over 6,000 jobs in 277 branches of the failed bank.
The News Agency of Nigeria (NAN) recalls that NDIC
sacked the board and management of Skye Bank on Sept.
22 and changed the management and renamed the bank
as Polaris Bank, using bridge bank liquidation option.
The Africa Investment Forum (AIF) ended on a high note
with the closing panel comprising heads of Development
Finance Institutions (DFIs) unanimously lauding the unique
initiative, calling it an exceptional gathering that “exceeded
all expectations.”
President of the African Development Bank (AfDB),Dr
Akinwumi Adesina, told the more than 1,000 delegates
that, “The needle is shifting, pointing to the right direction,
pointing to Africa. I am thankful for the investors, I am
thankful for the confidence they have in Africa. Africa has
grown up. Africa is not going to be developed by aid. It will
be developed by investment, and I think you are beginning
to see it.”
To read more on this article, see page 18

Ibrahim, who was represented by a Director in the

corporation, Mr Mohammed Umar, said that the bridge
bank liquidation option was less disruptive to rendition of
services unlike outright liquidation.

To read more on this article, see page 38

DAILY TRUST

Labour issues December ultimatum for

N30,000 minimum wage

The Organized Labour yesterday gave December as

deadline for the full implementation of the N30,000 new
national minimum wage.

It also warned that any reduction in the N30,000 agreed by

the Tripartite Committee on the National Minimum Wage