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The Federal High Court, Abuja, on Monday, fixed May 25 to hear a motion brought by the Asset Management Corporation of Nigeria (AMCON), seeking a stay of execution of orders it granted the businessman, Jimoh Ibrahim, over alleged N69 billion debt.
The new date was fixed following the inability of Justice Okon Abang to preside in today’s proceeding.
The News Agency of Nigeria (NAN) observes that AMCON, through its lawyer, Ade Adedeji, SAN, had indicated to appeal the orders made in favour of Ibrahim and his companies by Justice Abang by filing a motion for stay of execution with suit number: FHC/ABJ/001/2021 before the court.
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Ndubuisi Francis in Abuja
The Nigeria Deposit Insurance Corporation (NDIC) has expressed the urgency to fast-track the build-up of depositors’ insurance fund, currently put about N2 trillion.
The corporation said as a deposit insurer, which guarantees payment of deposits in the event of failure of a participating financial institution, shoring up the fund would enable it to pay depositors without recourse to the Central Bank of Nigeria (CBN) or national treasury.
NDIC Managing Director, Mr. Hassan Bello, said in his inaugural address yesterday in Abuja that of recent, there have been calls from the industry for the corporation, in line with the law, to help insured financial institutions that need assistance.
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