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Jos South Council Chairman Refutes Allegations of Embezzlement, Calls Out Faceless Group

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Gideon Dandereng

The executive chairman of Jos South Local Government Council, Hon. Gideon Dandereng, has vehemently denied allegations of embezzlement amounting to over 350 million nairas, as claimed by an unidentified group called the Transparency and Accountability Initiative. The chairman labeled the accusations as baseless and politically motivated, aimed at tarnishing his hard-earned reputation.

In a statement released by Hon. Gideon Dandereng, he dismissed the allegations as biased and lacking any foundation, emphasizing that they were merely an attempt to discredit him for personal gain. Dandereng pointed out that those accusing him of financial mismanagement were ignorant of the court ruling that prevents state governments from prematurely dismissing duly elected Local Government Councils before their tenure expires.

The council chairman clarified that the funds allocated for the development of Jos South Local Government were utilized in accordance with the approved budgets. He vehemently denied any diversion of funds for personal use, asserting that all appropriations made by the Legislative Arm of the council were diligently executed for their intended purposes.

Regarding a 200 million naira loan secured to improve the standard of living in the area, Dandereng stressed that it had undergone a rigorous due process, including scrutiny and approval by the State House of Assembly during the transition period. The loan was granted to address urgent developmental needs and was duly accounted for.

Addressing allegations surrounding the sale of council-owned land and buildings, the chairman emphasized that no such transactions took place. He questioned the motives behind the dissemination of these baseless rumors and sought to clarify any confusion among the residents of Jos South regarding the alleged land sale involving Emmanuel SOLOLEJE CONSULTING.

Dandereng refuted claims of non-compliance with virements in various council accounts, affirming that financial matters were handled with strict adherence to due process. He assured that loans obtained by his administration were utilized responsibly and for their designated purposes.

In light of the situation, the Jos South Council Chairman called for calm and urged the Transparency and Accountability Initiative and its instigators to recognize that their campaign of defamation against him and other council chairmen would not succeed. He encouraged the people of Jos South, and the state at large, to disregard these unsubstantiated allegations, as they were propagated by individuals seeking to sow discord among the populace.

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NAICOM Begins Issuance of New License Certificates to Recapitalised Firms

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BY NKECHI NAECHE-ESEZOBOR—National Insurance Commission (NAICOM), on Tuesday presented new Licence Certificates to insurance companies that successfully met the Commission’s new minimum capital requirements.

In his opening remarks, the Commissioner for Insurance (CFI) congratulated the successful companies and stated that the issuance of the new licences marks a significant milestone in the recapitalization programme.

He noted that the development signals the beginning of a new regulatory era focused on stronger capitalization, improved corporate governance, enhanced product innovation, and the Commission’s broader drive to build a stronger, more resilient, and globally competitive insurance industry in Nigeria.

The Commissioner urged the companies to leverage their enhanced capital base to drive innovation, develop new products, and deepen insurance penetration across the country.

He emphasized that the Commission has high expectations for professionalism, innovation, operational efficiency, and improved returns on investment, noting that the successful completion of the recapitalization programme positions the industry for the next phase of regulatory reform.

He further announced that the Commission’s next major regulatory initiative will be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels will be aligned with the risks inherent in their business portfolios.

The Commission reaffirmed its commitment to removing regulatory impediments where appropriate while maintaining robust oversight and enforcing standards that protect policyholders and strengthen market confidence.

A total of 43 insurance companies that were declared compliant with the new capital requirements are expected to receive their new licences from the Commission.

The issuance of the certificates marks the commencement of a phased transition to higher capital standards aimed at enhancing the financial capacity, solvency, and claims-paying ability of insurance operators in Nigeria.

The post NAICOM Begins Issuance of New License Certificates to Recapitalised Firms appeared first on Business Today NG.

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Disney+ looks to TikTok creators to bring fan content to its short-form video feed

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Disney is partnering with TikTok to bring Disney-focused fan content directly into the Disney+ app. The companies are starting with a pilot program in the U.S. in the coming months, and plan to expand to additional markets later on.

As part of the agreement, fan-made videos on TikTok about Pixar, Marvel and Star Wars will also be featured in the “Verts” section of Disney+, the streamer’s short-form video feed that rolled out a few months ago. 

Disney has been working to flesh out the amount and variety of content on the video feed. The company late last year committed to making a significant $1 billion investment in OpenAI as part of a three-year licensing deal that would let people create short videos using Disney characters on the AI lab’s video generation platform, Sora. However, those plans fell through after OpenAI suddenly decided to shut down Sora in March.

This partnership with TikTok seems like a natural progression of that, especially as many streaming platforms are competing with social platforms for users’ attention. This competition is partly why Disney launched the Verts feature in the first place, along with Netflix, HBO Max, and Prime Video

The deal also indicates that Disney is acknowledging that the next generation of talent is on social media. The company said that, through the newly launched Disney Creator Ambassador Program, TikTok creators will gain access to the media giant’s vast library of content, as well as opportunities to earn rewards, increase visibility, access exclusive events, and career opportunities. 

Other streaming services, such as Tubi and Peacock, have collaborated with TikTok creators to produce original long-form content for their platforms.

The timing of the announcement aligns with Disney’s Q3 results. The company reported its subscription video-on-demand (SVOD) operating income more than doubled to $712 million from $329 million a year earlier. Plus, in a restructuring move, Disney has decided to shift its consumer products business from the Experiences division to Studios.

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