News
HoR Assures Public on Heritage Bank License Revocation
The House of Representatives is aware of the recent revocation of the license of Heritage Bank (under liquidation) by the Central Bank of Nigeria (CBN) and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the liquidators, in accordance with the provisions of the Banks and Other Financial Institutions Act (BOFIA).
We assure the public, particularly depositors and stakeholders of Heritage Bank, that the House is committed to carrying out its constitutional oversight functions to ensure that this development does not negatively impact Nigerians. The relevant House Committees on Banking Regulations; and Insurance will be up to their duty, thoroughly examining the circumstances surrounding this decision and the subsequent steps taken by the NDIC.
Our priority is to safeguard the interests of all depositors and maintain the stability of the financial system. We will engage with the CBN, NDIC, and other relevant stakeholders to ensure a transparent and orderly resolution process, providing necessary support to mitigate any potential negative impact on the public.
Furthermore, we urge the CBN and NDIC to establish clear channels of communication to allay the fears of the public and prevent any loss of trust in our financial system. Effective public engagement is crucial to maintaining confidence during this period.
Chairman of the House Committee on Banking Regulations, *Rep. Mohammed Bello El-Rufai*, stated, “The Committee on Banking Regulations will closely monitor the liquidation process to ensure that the rights of depositors are protected and that the process adheres to the highest standards of transparency and accountability.”
Similarly, the Chairman of the House Committee on Insurance and Actuarial Matters, *Rep. Ahmed Usman Jaha*, emphasised, “We will work diligently to oversee that the NDIC executes its mandate effectively, ensuring the protection of depositors’ funds and maintaining confidence in the financial sector. The NDIC Act and the Banks and Other Financial Institutions Act (BOFIA) are clear in their provisions that depositors’ funds are insured and protected.”
We urge all depositors and stakeholders to remain calm and be assured of our dedication to protecting their interests.
News
Video: Tinubu Arrives Lagos, Meets Old ‘Friend’ Papa Ajasco
President Bola Ahmed Tinubu has arrived in Lagos for the Christmas and New Year celebrations.
Tinubu arrived at the Presidential Wing of the Murtala Mohammed International Airport, Lagos, at noon on Wednesday, December 18.
Tinubu had earlier today presented the 2025 Appropriation Bill to the 10th National Assembly in Abuja.
His arrival was disclosed in a post via the X handle of his Special Assistant on Social Media, Dada Olusegun, on Wednesday, December 18.
The caption reads: “President Tinubu arrives in Lagos where he will spend the Christmas. He is received by H.E #jidesanwoolu and members of the Lagos Executive Cabinet.”
Upon arrival at the Lagos airport, Tinubu met his ‘longtime friend’, Abiodun Ayo Yinka (a.k.a Papa Ajasco).
Disclosing this, Olusegun wrote: “Beautiful moment between PBAT and his long-time friend, Mr Abiodun Ayo Yinka (a.k.a Papa Ajasco) at the Presidential Wing of the Muritala Muhammed International Airport, Lagos.”
watch video
https://twitter.com/TrendingEx/status/1869482391645106394?s=19
News
How FG paid N199billion as electricity subsidy for Nigerians in December
The Nigerian Electricity Regulatory Commission (NERC) has stated that the government of Nigeria paid N199 billion as electricity subsidy for December 2024, up from N194.26 billion in November.
The disclosure was made in NERC’s December 2024 Multi-Year Tariff Order (MYTO) report, published on its website.
According to the report, Band-A customers continued to pay N209/kWh, while tariffs for customers in Bands B to E remained frozen at December 2022 rates.
However, the Nigerian government is expected to pay N29.10 billion in subsidies for consumers under Abuja Electricity Distribution Company (DisCo) and N26.68 billion for those under Ikeja Electric.
The rise in subsidies is attributed to a higher exchange rate pegged at N1,687.45 per dollar, an inflation rate increase of 33.9%, and adjustments in available power generation capacity.
NERC also retained the benchmark gas-to-power price at $2.42/MMBTU, as determined by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Meanwhile, the Commission noted that tariffs would remain subject to monthly adjustments based on key indicators, including inflation, exchange rates, and gas-to-power prices.
News
Lagos Mosque Takes Down ‘Jesus Christ is Not God’ Banner After Backlash
Through this removal, the mosque’s administration has seemingly acquiesced to the widespread criticism and pressure from the public to remove the banner widely perceived as inflammatory and divisive.
The Lekki Central Mosque in Lagos State has removed a contentious banner that bore the inscription, “Jesus Christ is Not God”.
This action was substantiated by a widely circulating video on social media platform X, in which a member of the community, identified as Tunde Alabi, asserted that he had personally visited the mosque on Wednesday evening to verify the removal.
The initial placement of the banner in front of the mosque had previously sparked a firestorm of controversy, eliciting a multitude of comments from Nigerian netizens.
These online commentators had unequivocally condemned the management of the mosque, strenuously urging the pertinent authorities and stakeholders to intervene and address the situation.
Through this removal, the mosque’s administration has seemingly acquiesced to the widespread criticism and pressure from the public to remove the banner widely perceived as inflammatory and divisive.
In a video shared by an X user, Adeleke Opeyemi, the community source, Tunde Alabi, said the backlash pushed him to ask for the removal of the banner.
The video narrator said: “My name is Tunde Alabi. I am a member of the Lekki Muslim Community. I noticed a banner pasted in front of our mosque, causing some controversies. I sent a message to the mosque community and was told that it had been removed, so I came to confirm myself. As you can see, the one that was removed is supposed to be behind me.”
Alabi also apologised for the issues that the banner might have caused.
“I am not speaking on behalf of the mosque. I am speaking for myself. I am sorry for any inconvenience this might have caused. Today is the 18th of December,” he added.
The contentious banner garnered widespread public attention following a social media post by renowned Nigerian actress, Wumi Tuase.
She took to platform X to express her profound dismay and disappointment upon discovering the banner, emblazoned with the inscription “Jesus Christ is Not God”, prominently displayed in front of the Lekki Central Mosque.
She said, “I don’t like to get into religious conversations, but I found it very weird that Lekki Central Mosque has this in front of their gate.”
Tuase’s public expression of discontent resonated with many, prompting a national conversation about religious tolerance, respect and the role of places of worship in promoting unity and understanding.
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