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How Over N400bn First Bank loan nailed Heritage bank
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The Central Bank of Nigeria (CBN) has settled the over N400 billion owed to First Bank by the now-defunct Heritage Bank, according to the lender and sources familiar with the matter.
“First Bank had exited the exposure and CBN settled the Bank,” Ismail Omamegbe, the lender’s corporate communications manager, said Tuesday.
Another source confirmed that the CBN has paid off First Bank’s exposure to Heritage, given that its intervention was at the behest of the apex bank under Emefiele.
In 2018, First Bank, serving as the clearing bank for all Heritage Bank cheques, noticed an alarming discrepancy.
Of the cheques cleared for Heritage Bank, a substantial N200 billion remained unpaid. This revelation sent ripples of concern through First Bank’s boardroom.
The gravity of the situation was clear: allowing this debt to persist unaddressed posed a significant risk to the bank’s financial stability. However, the potential fallout from pulling the plug on Heritage Bank was equally daunting.
Godwin Emefiele, then Governor of the Central Bank of Nigeria (CBN), stepped in amid the brewing crisis, with a bold proposition.
The emperor, as he was called in banking circles, offered a central bank guarantee on behalf of Heritage Bank, ostensibly to be executed in 2019. This move, a lifeline for Heritage Bank, was designed to assuage First Bank’s concerns and provide a safety net, backed by the Central Bank’s authority.
During a pivotal board meeting, First Bank’s directors were confronted with a distressing notification from their auditors, PricewaterhouseCoopers (PwC).
The auditors revealed that the much-vaunted CBN guarantee was conspicuously absent. This revelation left the board in a state of shock. Questions were immediately directed at then-Managing Director, Adesola Adeduntan, who defended the bank’s position by asserting that Emefiele had given his word regarding the guarantee.
Despite Adeduntan’s reassurances, the absence of a formal guarantee was a glaring oversight that PwC could not overlook.
Compounding the problem, by this time, the debt had ballooned from N200 billion to N300 billion, exacerbating the financial strain on First Bank. The board’s patience was wearing thin, and they issued a stern directive to Adeduntan to secure the guarantee without delay.
The unfolding debacle reached a climax when the board was unceremoniously sacked by Emefiele who had taken offence to the board’s insistence on a formal guarantee.
The CBN on Monday revoked the licence of Heritage Bank Plc with immediate effect following breaches of banking legislation.
The management “have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability,” it said in an emailed statement.
Heritage Bank has struggled with non-performing loans over the years.
An internal document released on Monday revealed that at least 90 percent of the bank’s active loan portfolio of around N700 billion was considered lost or doubtful as of March 31, 2024. The bank’s tier-1 capital comprising equity, reserves, and accumulated earnings was in a deficit of over N1 trillion.
Internal documents showed that less than 5 percent of outstanding loans were performing, with 90 percent classified as lost. Some of those loans date back to 2018 when the bank reported a loan impairment of N37.5 billion in the first half of 2018.
Depositors of the bank that have alternate accounts within the industry will be paid up to the insured amount of N5 million per depositor using their Bank Verification Number (BVN) to locate their alternate account. Depositors with funds over N5 million will be paid liquidation dividends upon realisation of the bank’s assets and recovery of debts owed to the bank.
Former Minister of Innovation, Science and Technology, Uche Nnaji, has pleaded not guilty to allegations of forging his university degree and his NYSC discharge certificate brought against him by the federal government.
The former Minister, who was charged to court by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) was arraigned before Justice Joyce Abdulmalik of the Federal High Court in Abuja.
Nnaji is facing six counts of forging a degree certificate from the University of Nigeria, Nsukka (UNN), and a National Youth Service Corps (NYSC) discharge certificate submitted during his ministerial screening in 2023.
The charges further covered claims of receiving approximately N29.5 million in salary and emoluments under false pretenses, as well as money laundering allegations.
After his plea of not guilty on Monday, the prosecutor informed the court that he was ready to proceed to trial, with three witnesses available in the courtroom already.
Ogwu Onoja, SAN, counsel for the defendant pleaded for more time to prepare for trial and informed the court of a pending application for bail filed on 9 July. The prosecutor did not oppose to the application for bail.
In a short ruling, the trial judge granted the defendant bail in the sum of N20million with one surety who must not be below level 15 in the Federal civil service. The surety must be residing in Abuja. Other terms of bail include that Nnaji deposits his official and personal passports.
Nnaji being charged to court follows months of investigation questioning the authenticity of his documents. Both UNN and the NYSC have reportedly disowned the certificates in question.
He was arrested on June 30, 2026, by operatives of the Department of State Services (DSS) at the Nnamdi Azikiwe International Airport in Abuja upon his arrival from Enugu.
The arrest was executed following a Federal High Court order issued on June 11, 2026, after he allegedly failed to honor multiple invitations for investigative interviews.
Nnaji resigned from his ministerial position on October 7, 2025, describing the move as a “principled decision to respect the sanctity of due process” amid ongoing judicial proceedings, and denying any wrongdoing. He has previously described elements of the case as politically motivated.
The defendant is the governorship candidate of the People’s Democratic Party in Enugu State.
Norwegian Air Shuttle, has changed its logo to that of British Airways on Instagram after losing a bet on the 2026 FIFA World Cup quarter-final match between England and Norway on Saturday.
Ahead of the high-profile match, Norwegian Air challenged British Airways to a wager that would see the losing airline replace its Instagram profile picture with the winner’s logo for 24 hours.
Hey @british_airways, do you wanna make
a bet? If Norway wins, you have to switch to our logo on Instagram on Sunday (one day). And vice versa. Deal?,” Norwegian Air posted on Instagram before the match.
British Airways wasted no time accepting the friendly offer, warning the challenger against biting off more than they could chew, writing “Don’t make bets you can’t win.”
During the match, it was the Norwegians who landed the first blow after Andreas Schjelderup opened the scoring for them in 36th minute, firing home the ball over goalkeeper Jordan Pickford, who was caught off his line.
It was looking like Norway would take the lead into the break until Jude Bellingham drove a pass from Anthony Gordon into the box before latching it into the net from close range to equalise for England.
Neither side was able to find the net in the second half, forcing the match into extra time when Bellingham scored within its first three minutes, which ended up being the winning goal of the match to send England into the semifinals.
Following Norway’s defeat, Norwegian Air acknowledged the result and immediately fulfilled the bet’s condition by swapping its Instagram profile picture for the logo of British Airways.
“While the tournament is over for us, this friendly bet will forever live in all our hearts. We wish England and
@british_airways all the best in the semi-final, and we sincerely hope you’ll get to bring football home!,” Norwegian Air said in response to losing the bet.
Also, British Airways thanked its Norwegian Airways counterpart for the challenge, assuring that both England and Norway would remain friends forever.
“Rivals for 90 minutes, friends forever. A little competition keeps things interesting, thanks for challenging us @flynorwegian! Well done to the England team on qualifying for the World Cup semi-finals! It’s coming home!,” the airline said.
Nevertheless, the World Cup marked a historic milestone for Norway because it’s the first time the Scandinavian nation reached the tournament’s quarter-finals.
It was a sad tale as the collapse of the Gombe State House of Assembly complex under construction has claimed one life and left seven others injured.
The incident occurred on Friday when a section of the building gave way, trapping construction workers beneath the debris before emergency responders launched a rescue operation.
Head of Operations, National Emergency Management Agency (NEMA), Gombe Operations Office, Ahmed Ummanah, confirmed the incident, stating that all the trapped workers were rescued from the rubble.
He disclosed that three of the injured victims were taken to the Federal Teaching Hospital (FTH), Gombe, while five others were evacuated to the Gombe State Specialist Hospital for medical treatment. He added that some of the victims sustained severe injuries.
The construction company handling the project had yet to issue an official statement on the incident as efforts to obtain its reaction were unsuccessful.
Authorities have commenced investigations to determine the cause of the building collapse, while safety experts are expected to assess the structural integrity of the project.
JUST IN: Former Minister Of Science, Nnaji Docked, Denies Certificate Forgery
Norwegian Air adorns British Airways logo for 24hrs after losing 2026 World Cup wager
One dies, seven injured as Gombe Assembly Complex under construction collapses
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