Does Privatisation Serve the Public Interest?, By Eric Teniola
The privatisation programme was just an opportunity by government to allow very few individuals to buy our common wealth at give away prices. Some of these companies privatised were established through loans procured by the central government on behalf of the people of Nigeria, and it is the people of Nigeria who will have to repay the loans. Of what benefit has this privatisation programme been to the people of Nigeria and what impact?
Between 1988 and 1993, Alhaji Hamzat Rafindandi Zayyad (1937-2002) dominated the headlines in this country. He was in the news not because he was the first chartered accountant from the old northern Nigeria. He became an accountant in 1963. He was in the news not because he was a mentor and godfather to many public officers, especially from northern states, including the current governor of Kaduna State, Mallam Nasir El-Rufai, a surveyor, who has been elected twice now.
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Nigeria Deposit Insurance Corporation (NDIC) has revealed its intention to substantially increase its deposit insurance fund beyond N2 trillion, in order to cope with any widespread systemic failure that might occur in the future.
The new Managing Director of the corporation, Mr Bello Hassan made this known on Thursday at his inauguration and that of the new Executive Director, Operations, Mr Muhammed Ibrahim by Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed.
Hassan who was Director, Banking Supervision Department of the Central Bank of Nigeria until this appointment said there need to build up depositors’ insurance fund because that is what we use in making payout in the event of any liquidation.
Banks lost N264 5bn to fraudsters in 4 yrs — NDIC dailytrust.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytrust.com Daily Mail and Mail on Sunday newspapers.