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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.

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“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.

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“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.

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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.

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“How we imortalised Olunloyo before his death-Makinde

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By Kayode Sanni-Arewa

Governor of Oyo State, Seyi Makinde has said he is happy that former governor of the State, Omololu Olunloyo was imortalised before his demise.

Makinde, in a condolence message by his media aide Sulaimon Olanrewaju on Sunday, said the country had lost a patriotic leader, an icon and one of its most cerebral former administrators with the politician’s demise.

The governor said it is sad that the late mathematical guru and administrator passed away before his 90th birthday.

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“This death hits differently because I was looking forward to Baba’s 90th birthday, which would have come up on April 14. However, we have to submit to the will of God, who gives and takes lives as He wills.

“My joy is that our government immortalised and honoured Pa Olunloyo in his lifetime and he was present to witness it as we named the Ibadan Airport Road and the Leisure Park on the axis after him in recognition of his service to the state.

“May the Lord grant repose to his soul and give his family the fortitude to bear his demise,” Mr Makinde said.

The death of Mr Olunloyo was confirmed on Sunday morning through a statement by his family.

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The deceased died just a few days before his 90th birthday, according to the statement.

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Iran turns down Trump’s call for direct nuclear talks

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Iran’s top diplomat has rejected direct negotiations with the United States as pointless, his office said Sunday, after US President Donald Trump said he preferred face-to-face talks over its nuclear programme.

Trump sent a letter to Iran’s supreme leader Ayatollah Ali Khamenei last month calling for negotiations but warning of military action if diplomacy failed.

On Thursday, the US president said he favoured “direct talks”, arguing they were “faster” and offered a better understanding than going through intermediaries.

But Iranian Foreign Minister Abbas Araghchi said direct talks made no sense with a country “that constantly threatens to resort to force in violation of the UN Charter and that expresses contradictory positions from its various officials”.

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“We remain committed to diplomacy and are ready to try the path of indirect negotiations,” he was quoted as saying in a statement issued by his ministry.

Iran keeps itself prepared for all possible or probable events, and just as it is serious in diplomacy and negotiations, it will also be decisive and serious in defending its national interests and sovereignty.”

On Saturday, Iranian President Masoud Pezeshkian said his country was willing to engage in dialogue with the United States on an “equal footing”.

He also questioned Washington’s sincerity in calling for negotiations, saying “if you want negotiations, then what is the point of threatening?”

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Iran and the United States have had no diplomatic relations since shortly after the 1979 Islamic Revolution with some regional countries like Oman playing a mediating role between the two sides.

Letter diplomacy
Trump’s letter was delivered to Iran via the United Arab Emirates, and Tehran responded at the end of March via the Sultanate of Oman.

On Sunday, the chief of staff of the Iranian armed forces, General Mohammad Bagheri, said Iran’s response stressed that “we seek peace in the region”.

“We are not the ones who start wars, but we will respond to any threat with all our might,” he said of the content of Iran’s response.

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Western countries, led by the United States, have for decades accused Tehran of seeking to acquire nuclear weapons.

Iran rejects the allegation and maintains that its nuclear activities exist solely for civilian purposes.

In 2015, Iran reached a landmark deal with the permanent members of the UN Security Council, namely the United States, France, China, Russia, and the United Kingdom, as well as Germany, to limit its nuclear activities.

The 2015 agreement — known as the Joint Comprehensive Plan of Action — gave Iran sanctions relief in exchange for curbs on its nuclear programme to guarantee that Tehran could not develop a nuclear weapon.

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In 2018, during Trump’s first term in office, the United States withdrew from the agreement and reinstated biting sanctions on Iran.

A year later, Iran began rolling back on its commitments under the agreement and accelerated its nuclear programme.

On Monday, Ali Larijani, a close adviser to Khamenei, warned that while Iran was not seeking nuclear weapons, it would “have no choice but to do so” in the event of an attack against it.

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Nigerian Army ‘Destr0ys Over 70 Bandits Dens In Taraba, Wastes Three Terrorists’

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During the operation, three terrorists were reportedly eliminated, and security forces recovered firearms and logistical supplies.

The Nigerian Army says it has destroyed over 70 camps used by bandits in Taraba State, as part of a continued effort to combat terrorism in the region.

During the operation, three terrorists were reportedly eliminated, and security forces recovered firearms and logistical supplies.

SaharaReporters learnt that the military engaged the terrorists at a hideout in Achelle, situated within the Karim Lamido Local Government Area, as part of their ongoing efforts to dismantle the remaining elements of terrorist groups in the state.

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Captain Oni Olubodunde, spokesperson for the 6 Brigade of the Nigerian Army in Jalingo, confirmed the operation, stating that its primary objective was to identify and neutralise dangerous criminals active in the area.

Olubodunde further reported that, in addition to eliminating the three terrorists, security personnel seized an AK-47 rifle, ammunition, and two motorcycles during the operation, which took place on April 5, 2025.

“In continuation of Operation Lafiya Jama’a, a military offensive to remove criminal elements from Taraba State, the brave troops of the 6 Brigade Nigerian Army and Sector 3 Operation Whirl Stroke (OPWS) successfully neutralised three bandits, destroyed several camps, and seized weapons and ammunition during a daring clearance operation conducted in the Karim Lamido Local Government Area on April 5, 2025,” said Olubodunde.

The operation targeted suspected bandit hideouts, beginning in Achelle, where troops carried out a thorough sweep before advancing to Chibi.

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As forces reportedly approached Chibi, the bandits attempted to escape but were intercepted. In the ensuing clash, three bandits were eliminated, and multiple makeshift camps were destroyed. Security personnel also seized two motorcycles, an AK-47 magazine, and 13 rounds of 7.62mm special ammunition.

Furthermore, troops conducted extensive searches in the Dutsen Zaki and Achalle areas, where over 70 criminal camps have been dismantled in recent weeks.

According to Olubodunde, no signs of human activity were detected during this latest operation, underscoring the effectiveness of previous security efforts.

Brigadier General Kingsley Chidiebere Uwa, Commander of the 6 Brigade Nigerian Army, praised the troops for their dedication and strategic execution. He reassured the people of Taraba State that terrorists and criminals would find no refuge in the region.

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General Uwa also urged residents to remain vigilant while going about their daily activities without fear. He emphasised the importance of maintaining law and order.

He encouraged the public to provide timely and credible information to security agencies, stressing that such cooperation is essential for ensuring the safety of local communities.

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