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Liquidation: Heritage Bank depositors to receive first tranche of dividends in April
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Depositors at the defunct Heritage Bank with balances exceeding the N5 million insurance cap are set to begin receiving partial refunds in April, according to the Nigeria Deposit Insurance Corporation (NDIC).
The development follows months of uncertainty for customers who held significant balances at the lender before its abrupt closure.
The Central Bank of Nigeria (CBN) revoked Heritage Bank’s banking licence on 3 June 2024, citing concerns about the bank’s financial condition. The NDIC was appointed as liquidator in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 55(1 & 2) of the NDIC Act 2023.
In a Sunday statement signed by its Acting Head of Communication and Public Affairs, Hawwau Gambo, the NDIC confirmed that it had made progress in recovering the bank’s assets and would begin the first tranche of liquidation dividends next month.
“With the considerable progress recorded in the asset realisation, the Corporation will declare the first tranche of liquidation dividends in April 2025, which will be paid to uninsured depositors on a pro-rata basis, in line with Section 72 of the NDIC Act 2023 on the priority of claims,” the statement said.
While depositors with balances below N5 million have already been reimbursed, those with higher amounts have only received the insured portion to date.
“The remaining balance in excess of the insured sum of the N5 million already reimbursed will be paid as liquidation dividends in accordance with the Corporation’s statutory mandate,” the NDIC said.
The corporation said it had commenced the realisation of Heritage Bank’s physical and investment assets, alongside an “aggressive recovery of the risk assets,” in order to fund repayments.
“Following the revocation of Heritage Bank’s banking licence… the Corporation immediately commenced the bank’s liquidation process, including the verification and payment of insured deposits to all depositors,” the statement said.
However, it acknowledged challenges in reaching some insured depositors due to incomplete Know Your Customer (KYC) information, post-no-debit restrictions, name mismatches, or lack of alternate bank accounts.
“Some payments may have been processed without their immediate awareness,” the NDIC added, urging depositors to check other bank accounts they may hold.
liabilities take precedence in bank liquidation. The NDIC reiterated this, citing Section 72 of its Act: “Deposit liabilities shall have priority over all other liabilities of the insured institution.” As a result, other claimants—such as creditors and shareholders—will be considered for payment only after all depositors have been fully reimbursed.
Tinubu birthday
The corporation sought to reassure the public about the safety of Nigeria’s banking sector. “Members of the public are enjoined to continue their banking activities without fear, as all other banks remain safe and sound,” the statement said.
News
Large quantity of opioids intercepted in Taraba as NDLEA nabs 75-year-old in Ebonyi(Photos)
. Arrests four notorious female dealers in sweeps across Edo, Imo, Kano, Gombe
Large consignments of various opioids and illicit substances concealed in building materials have been intercepted by operatives of the National Drug Law Enforcement Agency (NDLEA) in a relentless nationwide offensive against drug cartels leading to the arrest of a 75-year-old grandpa in Ebonyi, and four notorious female drug dealers in Edo, Imo, Kano, and Gombe states.

A major blow was dealt to opioid trafficking networks in Taraba state on Saturday 6th June 2026 following credible intelligence which led to the interception of a truck conveying building materials from Onitsha, Anambra state to Jalingo. A thorough search of the vehicle by NDLEA operatives at the Nukkai Timber Shade, Jalingo, led to the discovery of a massive drug stash concealed beneath the cargo, while a 22-year-old suspect, Buhari Abdullahi, was promptly arrested.
Recovered from the truck include: 320,840 capsules of tramadol; 600 ampoules of pentazocine injection; 4,500 pills of rohypnol; and 299 bottles of codeine-based cough syrup.
Demonstrating that age is no barrier to the enforcement of the law, NDLEA operatives in Ebonyi State tracked down and arrested a 75-year-old grandpa, Okebe Samuel, at Okposi. The septuagenarian was found in possession of 300 grams of skunk, which he sells in retail sachets to the youth in his community.

In Imo state, NDLEA officers successfully raided a known drug enclave at Umulolo, Orlu. The raid resulted in the arrest of a notorious female dealer, 32-year-old Chioma Okeke, and the recovery of 8 kilograms of skunk.
Meanwhile, in Edo state, an intense sweep of notorious drug hotspots within Benin City by NDLEA operatives on Tuesday, 2nd June 2026, yielded the arrest of four key traffickers, including three females.
At Uyosa, Benin City, two female suspects, Chioma Igba (24) and Precious Ozomah (22), were nabbed with a cocktail of illicit substances including 176 grams of skunk, 65 grams of Loud, and 5 grams of Methamphetamine. Along Agbor road in Benin City, another female suspect, 21-year-old Anita Abraham, was apprehended with 95 grams of Scottish Loud and 329 grams of regular Loud. At Upper Mission, Benin City, a male suspect, Henry Okey (43), was arrested with a diverse cache of psychotropic substances consisting of Loud, Colorado, Swinol, and Methamphetamine.
A swift operation by operatives in Kano State on Thursday, 4th June 2026, led to the arrest of a 19-year-old suspect, Saifullahi Lawan at the Kafi area of Madobi, with 40 blocks of skunk weighing a total of 38 kilograms.

In a related development, operatives in Gombe State on Monday, 1st June intercepted 28-year-old Ugwu Sabastine Ifebuchi near the Dantiti Plaza in the Tumfure area of Gombe. The suspect was caught with 15,000 capsules of tramadol.
The War Against Drug Abuse (WADA) social advocacy activities by NDLEA Commands and formations equally continued across the country in the past week.
Some of them include: WADA sensitization lecture delivered to students and staff of Holiness Foundation Primary School, Saki, Oyo state; Dorras High School, Ibeju Lekki, Lagos; Ado Girls Secondary School, Onitsha, Anambra; and Army Day Secondary School, Kano state; among others.
Reacting to the string of successful operations, Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Mohamed Buba Marwa (Rtd) commended the officers, men and women of the Taraba, Ebonyi, Imo, Edo, Kano, and Gombe commands for their resilience and vigilance. He also praised their counterparts in all the commands across the country for pursuing a fair balance between their drug supply reduction and drug demand reduction efforts. He re-emphasized that the agency remains fully committed to dismantling drug supply chains and will continue to target traffickers regardless of age, gender, or concealment methods.
News
Real reason why we banned night vigils – MFM
The Mountain of Fire and Miracles Ministries (MFM) has placed an indefinite ban on overnight vigils and ordered all church programmes to end by 8 p.m. daily, citing rising security concerns nationwide.
The new directive was contained in a circular dated June 5, 2026, sent to Regional Overseers and branch pastors. It takes effect immediately.
According to the memo, all services, meetings, and programmes at every level of the church must now close by 8 p.m. “for the foreseeable future.” Overnight vigils and late-night prayer meetings have been suspended indefinitely.
Where such gatherings are considered necessary, leaders are to restructure them into evening prayer sessions that must still wrap up by 8 p.m. at the latest.
The circular was signed by Temitope A. Olawale, Director of Administration at MFM International Headquarters and Nigeria. He said the decision is a safety measure based on the current state of security in the country.
“The directives are purely precautionary and aimed at safeguarding the lives and well-being of our members in the face of the current security situation in the country,” the statement read.
MFM is known for its marathon prayer sessions and overnight programmes. The new rule marks a major shift for the church as insecurity continues to impact religious gatherings across Nigeria.
News
CBN Imposes N100M Penalty On Inadequate Processing Of Forex Documents
The Central Bank of Nigeria (CBN) has introduced stricter sanctions for banks that process foreign exchange transactions without proper documentation, imposing penalties that could run into hundreds of millions of naira.
Under the revised foreign exchange regulatory framework, authorised dealer banks found to have completed forex transactions with insufficient supporting documents will pay a N100 million fine. They will also incur an additional N10 million penalty for each affected transaction.
The sanctions are contained in the fourth edition of the Foreign Exchange Manual released by the apex bank. The document serves as the operational guide for participants in Nigeria’s foreign exchange market.
According to the CBN, the updated manual is designed to strengthen regulatory compliance, improve transparency and reinforce confidence in the country’s foreign exchange system.
The regulator classified the offence as the execution of foreign exchange transactions without adequate documentation. It stated that any authorised dealer found culpable would be liable to the prescribed penalties.
The revised guidelines place greater emphasis on documentation requirements for all categories of foreign exchange transactions. These include spot transactions, forward contracts, swap arrangements, imports and export-related dealings.
Banks are now required to obtain, verify and retain all relevant supporting documents before foreign currency can be released to customers. Similar requirements apply to forward and swap transactions, where evidence of the underlying trade or obligation must be available before settlement.
The manual also retains existing documentation requirements for imports. Importers are expected to provide Form M, invoices, certificates of origin, packing lists and shipping documents, among other mandatory records.
In addition, importers must submit Exchange Control Documents within 90 days after negotiating shipping documents through overseas correspondent banks.
Failure to comply with the documentation requirements attracts progressively stiffer sanctions.
A first violation will result in a 90-day suspension from foreign exchange transactions. A second offence carries a 180-day restriction, while a third attracts a one-year suspension.
The CBN warned that a fourth violation could lead to a complete prohibition from participating in foreign exchange transactions.
Banks that fail to report cases of default to the regulator will also face sanctions under the new framework.
The apex bank further tightened reporting obligations for authorised dealers. Institutions that fail to submit required daily or monthly returns will be fined N500,000 for late submission.
Where returns are not rendered at all, the offending institution will pay a minimum penalty of N5 million. An additional N500,000 daily fine will apply until the breach is corrected.
The revised manual also strengthens oversight of banks’ foreign currency exposure levels.
Financial institutions that exceed approved Net Open Position limits will receive a warning for the first offence. A second violation will attract a 10-working-day suspension from the Nigerian Foreign Exchange Market.
A third breach will result in a 90-day suspension from market activities.
The CBN also imposed sanctions on unauthorised reallocation of foreign exchange funds. Any bank found engaging in such practices will pay N10 million for each transaction involved.
Beyond the monetary penalty, affected institutions may be referred to the Bankers’ Committee ethics framework for further disciplinary action.
The central bank said the new measures form part of ongoing efforts to deepen transparency, promote market discipline and establish a more rules-based foreign exchange regime.
According to the regulator, stronger compliance standards and stricter enforcement will help improve market integrity, reduce abuses and enhance investor confidence in Nigeria’s foreign exchange market.
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