Banks begin closure of accounts of unregistered associations, societies

By Favour Nnabugwu

 

 

Banks have began closure of unregistered association and societies in the country domiciled in their respective banks pursuant to a directive of the Central Bank of Nigeria to that effect

The Central Bank of Nigeria (CBN) had recently directed that all Community Based Association bank accounts opened without Corporate Affairs Commission, CAC Certificate be closed on or before July 12, 2022.

It further directed any Association, Club, Town Union, Age Grade, Foundation, or Church account affected to register with CAC and get a Corporate Affairs Commissions (CAC) Certificate which will enable them run their bank account freely without hindrance.

In view of this directive, some banks proceeded to notify their customers of the development and urged them to take steps to regularize such affected accounts.

One of such banks, Access Bank PLC in an earlier notice to its customers, had informed that it shall begin the process of closing such accounts from the 12th of July, 2022.

One of such mails read:

“Dear Esteemed Partner, Following CBN’s directive on unregistered Community Savings Accounts, please be advised that all associations or societies are expected to provide their registration documents on or before July 12th, 2022. All accounts regularized by this date will be closed accordingly.”

On other issues relating to such unregistered accounts such as migration of funds, retrieval of money etc.

The bank notifies customers that funds on closed accounts cannot be migrated or transferred and that the registration of the Association is precedent to any further action that would have been taken on the account

The reason of this directive from the Apex financial regulator, the CBN is yet to be verified by TheNigeriaLawyer at the time of filing this report even as we observed a surge in the volume of intending CAC registrations by Associations for the purpose of escaping the CBN’s order.

JAMB remits N50bn to FG…expends N750m on CSR – Prof. Oloyede

By Favour Nnabugwu

 

 

 

The Joint Admissions and Matriculation Board (JAMB) has remitted N50 billion to the federal government’s coffers in the last six years.

JAMB has also sxpended N500m as Corporate Social Responsibility (CSR) in support of Nigerian universities to increase their capacity to give admission to applicants every year in the last five years.

The JAMB Registrar, Prof. Ishaq Oloyede, revealed in Abeokuta, the Ogun State at a public lecture titled, “The Imperatives of JAMB in Tertiary Education in Nigeria”, as part of activities to mark this year’s Gbagura Day, said, it has increased the CSR to N750million this year.

He said, “Currently, over N50billion has been recorded as surplus in the past five years. Over N29billion of this has been returned directly to the CRF. About N11billion disbursed on capital projects, Corporate Social Responsibility, savings (about N6billion) and others in contrasts to about N52million that had been the cumulative return of the previous 40 years.”

He berated those calling for an extension of validity of results of Unified Tertiary Matriculation Examinations (UTME) of candidates, saying those behind the calls are acting in ignorance.

The JAMB registrar explained that score that is good enough for a year may never be good enough for any subsequent year with more brilliant candidates; owing to the limited carrying capacity, stressing that increasing the validity period will further compound the huge backlog of untreated admission requests and subscriptions to various institutions in the country.

“In recent times, some people have agitated for the retention of the results of the UTME for more than a year. But let us be clear on this. The validity of a purposeful examination as the UTME cannot be extended beyond the purpose for which it has been administered, thus the score of such an examination cannot be banked for future use as done with Certification Test.

“Other reasons why UTME scores cannot be banked and its validity could not be extended beyond a year include:each year’s examination has different standard in terms of test difficulty and comparability since a norm-referenced test is linked only to the test population of a particular year.

“The psychometrics for comparability demands a statistical procedure of linking and equating the mean, standard deviation and rank order of performance scores to be approximately the same for each validity year.

This statistical factor must be equated in each year’s performance for adjustment and defensibility to the critical stakeholders on national combined selection; the purpose of the UTME is to align it with the current Year 1 (100 level) syllabus of tertiary institutions”.

“Change in syllabus may affect the validity and reliability of scores for candidates for different years; if fresh school leavers are to wait for all the earlier-school leavers to be admitted before they (the fresh) are considered, then the fresh ones would be unduly deprived even if they are more qualified than the earlier set”.

“The standard for each cohort is to take the best available each year rather than rank on age of test; admission in a given year depends on the carrying capacity of an institution and the performance of candidates at the examination viz-a-viz their chosen courses and programmes”.

Other parameters for admission such as Merit, Catchment Area, Educationally Less Developed States (ELDS), state of origin also play significant role”.

“A score that is good enough for a year may never be good enough for any subsequent year with more brilliant candidates;owing to the limited carrying capacity, increasing the validity period will further compound the huge backlog of untreated admission requests and subscriptions to various institutions.”

“Before the establishment of JAMB, the admission of prospective students was done by each university on its own. It was individualistic, chaotic and open to abuse as each institution set its own admission requirements without recourse to any central and coordinating statutory body”.

He said, “the establishment of JAMB has ensured a unified standard for the conduct of matriculation examination, harmonised entry requirements, ensured the placement of suitably qualified candidates into the nation tertiary institutions and strict compliance to admission guidelines”.

“If a central body for the assessment and placement of qualified candidates to tertiary education institutions could be desired when the nation had only thirteen universities, it should be more desirable now than ever when we have more than nine hundred tertiary education institutions”.

While institutions determine institutional and programme cut-off marks and other Admission criteria in exercise of their autonomy, regulatory agencies (NUC, NBTE and NCCE) decide the admission quota for the institutions. The role of JAMB is to ensure that the set criteria are adhered to along with the extant policies so that no qualified candidate will be left behind.

“The existence of JAMB restraints tertiary institutions, particularly, public tertiary ones, from arbitrariness in the admission process. It also serves as arbiter between the institutions and the candidates”.

“In order to protect the sanctity and integrity of its UTME, the Board puts in place several measures to curb the menace of examination malpractice, ensures active participation of stakeholders through a number of standing committee set up to monitor the conduct of UTME”.

FG approves N9.24bn Group Life for 2022/2023 for public servants

By Favour Nnabugwu
The has approved N9.24 billion for the 2022/2023 Group Life Insurance Cover for Nigeria public servants.
The N9 24 bn was approved by the Federal Executive Council, FEC in Abuja today
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this while briefing State House correspondents at the end of the Council meeting presided over by Vice President Yemi Osinbajo, at the Council Chamber, Presidential Villa, Abuja.
Mrs. Ahmed, who spoke on the approval of the memorandum, which she said was presented to Council by the Head of the Civil Service of the Federation, Dr Folashade Yemi-Esan, explained that the insurance is meant to cover all government officials.
“The Head of Service of the Federation presented a memo to Council on Group Life Insurance Cover for the period 2022 to 2023.
“This is an insurance cover that is covering all government officials in all government agencies, paramilitary and intelligence agencies.
“Council approved the total sum of N9.24 billion naira for the insurance cover for 2022 to 2023”
“As you know, the insurance will take effect from the date of payment and in Nigeria, by our laws, the insurance cover is 30 percent of the annual emolument of any staff of government that is deceased and this cover is paid by the insurance company to the beneficiaries of the deceased staff”, she said.
It will be recalled that the OHOSF gave the performance of claims settlement on the group life for previous cover: The key performance indexes (KPIs) on settlement of claims as of September, 2022 indicated that the total number of claims reported was 776; the number of claims paid was 357; total sum on claims reported, 4,201,392,384.27; number of awaiting EDVs from HoS/MDAs 101; total amount paid 1,574,709,562.12; the number of awaiting DVs from lead underwriter 150 (2,626,682,822.15), total amount expected from EDVs 785,123,928.73, number of incomplete documentations 168 and total outstanding claims is 1,841,558,893.42.”
Group life cover is a joint regulation of the National Insurance Commission (NAICOM), and the National Pension Commission (PenCom). Section 9 (3) of the Pension Reform Act 2004 (now PRA 2014), requires every employer, to which the Act applies, to maintain Life Insurance Policy in favour of the employee for a minimum of three times the annual total emolument of the employee. The policy provides cover to the insured against death coordinated by the Office of the Head of Service of the Federation on behalf of the federal government.