News
First Bank recovers N456 Billion loan from Heritage Bank before license revocation
By Kayode Sanni-Arewa
First Bank has received the full repayment of a “N456 billion loan” extended to Heritage Bank.
This recovery is part of a “bailout loan” arranged during the tenure of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele.
According to top sources from First Bank, the CBN credited the tier-one bank prior to its decision to revoke Heritage Bank’s license, thus averting what could have been a significant impairment charge for First Bank.
On Monday, the CBN announced the revocation of Heritage Bank’s license, stating that “the bank has continued to suffer and has no reasonable prospects of recovery,” which led to the bank’s eventual collapse.
Verified information from Nairametrics indicates that the actual amount received by First Bank was N456 billion, concluding a seven-year wait since First Bank supported Heritage Bank in clearing.
First Bank’s financial statements reveal that the bank held balances with other banks amounting to N688 billion as of the first quarter ending March 2024, down from N735 billion in December 2023.
According to First Bank, these balances include clearing balances with other deposit money banks. First Bank provides clearing services for some banks in Nigeria, and the current balances within Nigeria include clearing exposures to banks as of December 31, 2023.
Push for Recovery: Efforts to recover the N456 billion loan intensified as Heritage Bank’s situation worsened over the years. However, a resolution was not reached until a new board and management took over the holding company of the bank earlier this year.
The amount was eventually credited to First Bank ahead of the official announcement of Heritage Bank’s license revocation, ending the seven-year wait.
This payment is expected to be reflected in FBN Holdings’ half-year financial statements, bolstering its cash positions and preventing the bank from incurring a write-off for the loans.
FBN Holdings reported a pre-tax profit of N358.8 billion in the first quarter of 2024, alongside an impairment provision of N227.4 billion.
By Gloria Ikibah
As part of the annual 16 Days of Activism Against Gender-Based Violence, the House of Representatives is set to lead a historic march on Monday, November 25, 2024, in a bold effort to tackle gender-based violence (GBV) in the country.
The march, which begins at 8:00 AM, will see over 1,000 participants, including lawmakers and members of the public walk from the National Assembly to the Nigeria Police Force Headquarters in Abuja. The event will culminate in the submission of a petition to the Inspector General of Police, demanding decisive action against GBV and greater protection for vulnerable groups.
Speaking about the initiative, the Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, PhD., GCON, said, “This march and the activities that follow are not mere gestures but a reflection of our determination to confront gender-based violence head-on. We are committed to building a society where justice, equality, and safety prevail for all Nigerians.”
In a statement by the House Spokesperson, Rep. Akin Rotimi on Saturday in Abuja, he said, “The 10th House of Representatives has reaffirmed its commitment to systemic reforms, collaboration, and accountability in the fight against gender-based violence.
“In addition to the march, the House has outlined key activities in alignment with its Legislative Agenda (2023–2027) to sustain awareness and action throughout the campaign period.
“Sash Demonstration Ceremony – Tuesday, November 26, 2024
“Convergence of State Assembly Speakers – Monday, December 9, 2024. A strategic meeting at the Transcorp Hilton, Abuja, will bring together Speakers of State Houses of Assembly to discuss legislative measures for combating GBV nationwide.
“National Citizens’ Summit and GBV Conference 2024 – Tuesday, December 10, 2024. The summit will focus on constitutional reforms and securing endorsements for gender equality initiatives led by the House of Representatives”.
Naijablitznews.com reports that this year’s 16 Days of Activism aims to galvanise nationwide efforts and inspire collective action to protect human rights, ensure justice, and create a safer, more equitable Nigeria.
President Bola Tinubu has departed Galeao Air force Basa (SBGL) Airport, Rio de Janeiro, Brazil, on Saturday, for Abuja after attending the 19th G20 Leaders Summit in Rio de Janeiro, Brazil.
The President is due to arrive at the Presidential Wing of Nnamdi Azikiwe International Airport, Abuja, at 10.00 p.m. (Nigerian time).
President Tinubu had attended the G20 Leaders summit where he endorsed the global alliance against hunger and poverty, which he said was pivotal.
The President also held bilateral talks with Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), who commended his administration’s economic reforms and their positive indicators.
He also presided over the signing of a 2.5 billion dollar Letter of Intent between the Nigerian government and the JBS S.A., a Brazilian company and one of the top three largest meat processing companies in the World.
The president was accompanied in the trip by senior government officials including the minister of foreign affairs yusuf Tuggar, the national security adviser, Nuhu RIBADU and many others.
HoR to Lead March, Launch Initiatives Against Gender-Based Violence
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