Nigerian News

Ebonyi Assembly approves Umahi’s N1.6billion request as ‘exit package’

Ebonyi State House of Assembly has approved over N1.6billion for the state Governor, Dave Umahi to bankroll exit packages for stakeholders.

Umahi requested the sum as welfare package days to the expiration of his tenure.

According to Daily Post, the approval of the N1.6bn was debated upon on the floor of the House by lawmakers led by the Deputy Speaker, Kinsley Ikoro.

Victor Chukwu, the leader of the State House of Assembly, and member representing Ezza North West Constituency, who spoke to the press after the sitting, said the house took the decision in the interest of the citizens of the state and not the governor.

He said: “We only approved a fund for an exit package, which is targeted at appreciating those who have worked with the governor. It is a welfare package for the citizens of the state.

“It is an extension of the empowerment program that the governor has been doing and there is nothing new about it. The fund wasn’t approved for him as a governor but for the interest of Ebonyi citizens. We only approved one billion, six hundred million”.

In other news, the Central Bank of Nigeria (CBN) has commenced the mopping up of monies in dormant accounts and unclaimed balances in commercial banks.

The apex bank announced this in its new Guidelines on ‘the Management of Dormant Accounts, Unclaimed Balances and other financial assets in Banks and Other Financial Institutions in Nigeria’ drafted in April 2023.

CBN, therefore, directed banks to transfer balances that have remained in a dormant account register for up to 10 years to the Unclaimed Balances Trust Fund (UBTF) pool account.

This directive was contained in a circular signed by Director, financial policy and regulation department of the CBN, Chibuzo Efobi and sent to all banks and other financial institutions (OFIs), on Thursday.

According to the apex bank, the balances will be invested in government securities and would be returned to the beneficiaries not later than ten days of notice.

The new guidelines which take effect immediately repeal the October 7, 2015 Guidelines on the Management of Dormant Accounts and Other Unclaimed Balances by Banks and Other Financial Institutions in Nigeria.