The Abacha template might be one to look at again, with respect to setting up a dedicated Banking Malpractices Tribunal, given the critical place of banking in the economic development and the refusal of our bankers to live up to the requsite billing. We need such a Tribunal to save banking from the hands of bank ‘owners’ and their friends…
As I ruminated the other week over the N21 billion Cosmas Maduka-Ifeanyi Ubah-Access Bank fiasco, one of the intriguing things that stood out for me, was the ease with which money made its way out of the system, in defiance of conventional credit guidelines and corporate governance protocols put in place for banking transactions, especially when it is director-related. As well-meaning as Dr. Maduka might have been, there was little doubt, from the story he told, that he was in breach of the guidelines and he would still have been, even if things had gone well. Unfortunately things didn’t go well, leaving a hole of N21 billion in the books
Ademola Orunbon
The Ogun State Attorney-General and Commissioner for Justice, Mr. Akingbolahan Adeniran, says respite will soon come to the victims of human trafficking, as they will get free legal services through the creation of Ogun State Public Interest Law Partnership (OPILP).
Adeniran who made this revelation in Abeokuta during the fourth meeting of the State Taskforce on Human Trafficking, added that OPILP would be partnering with private legal practitioners, to render free legal services (Pro-bono) to indigents and victims of human trafficking across the State.
The Commissioner, who is also the Chairman of the Taskforce, said the services would only be rendered if the victim wanted to pursue a civil action against the traffickers, noting that it would be an advantage for victims who want to claim damages or compensation for the dehumanisation meted on them through the Pro-bono services.
Bill ups deposit refund in failed banks to Sh1m
Wednesday February 10 2021
By OTIATO GUGUYU
Summary
The Treasury is fighting a bid to change the law to allow depositors in collapsed banks receive compensation of up to Sh1 million for each account.
A draft Bill set for debate in Parliament seeks to increase the payout for each account in a fallen bank from the current cap of Sh500,000 per depositor.
The compensation was in July last year increased to Sh500,000 from Sh1 million, marking the first rise in 30 years.
The low compensation had exposed wealthy savers to higher losses in the event of bank closures because the refund was not adjusted to take into account changing economic realities over the three decades.