News
NDIC Lists Heritage Bank’s Head Office, Other Assets For Sale
By Kayode Sanni-Arewa
The Nigeria Deposit Insurance Corporation has listed the head office in Lagos and branches of failed Heritage Bank across the country for sale in its role as liquidator of the bank.
NDIC announced the sale of the bank properties numbering 48 and its chattel including vehicles, office equipment, plant, and machinery in another 62 locations across the country.
“The Nigeria Deposit Insurance Corporation in the exercise of its right as Liquidator of failed Deposit Money Banks hereby invites interested members of the general public to buy the assets (landed property and chattels) of defunct Heritage Banks through public competitive bidding,” part of the advertorial read.
The head office of the bank and its annex located at 143 Ahmadu Bello Way and 130 Ahmadu Bello Way, Victoria Island, Lagos was listed for sale (buildings, chattels, generator, and motor vehicle). Also listed for sale were six other branches in Lagos, four branches in Abuja, four in Rivers States, and the others spread across the country.
Interested parties are invited to come for an inspection and subsequently put in bids on the assets to be submitted to the NDIC office in Lagos.
Bids are expected to come in with 10 per cent of the bid amount in Certified Bank Draft. Successful bidders will be required to pay the balance of the bid price within two weeks of notification.
Earlier, the corporation announced the commencement of the verification and payment of the depositors of the bank with N5m or less in their accounts. This category of customers makes up about 99 per cent of the bank customers.
The Managing Director of the NDIC, Bello Hassan, at a media briefing on the liquidation of Heritage Bank in Abuja last Wednesday, put the total depositors at Heritage Bank at 2.3 million.
Hassan noted that the total bank deposits at Heritage Bank stood at N650bn while its loan portfolio was about N700bn
In announcing the revocation of the licence of Heritage Bank, the apex bank in a statement signed by the Acting Director of Corporate Communication, Sidi Ali, said, “This action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020. The board and management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.
“This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline. Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby, making the revocation of the licence the next necessary step.”
Stakeholders in the sector have gone on to express confidence in the decision of the CBN in the overall interest of the sector.
The chairman of the Bank Directors Association of Nigeria, Mustapha Chike-Obi, in a chat with The PUNCH said,“BDAN accepts and respects the unique position of the CBN in making this kind of decision in the interest of the banking sector. BDAN is confident that CBN analysed all the pros and cons of this decision and took the best decision in the interest of the banking sector.”
Also, the House of Representatives has passed a resolution mandating the CBN to investigate the leadership and management of Heritage Bank to “Identify any possible issues of mismanagement or wrongdoing that may have contributed to the bank’s failure.”
This followed the adoption of a motion of urgent public importance during plenary on Tuesday, filed by the member representing Idemili North/Idemili South Federal Constituency of Anambra State, Uchenna Okonkwo.
It also urged the NDIC “to conduct a comprehensive review of its operations and the effectiveness of its mandate to ensure that it is adequately equipped and resourced to fulfill its role as deposit insurer and investor of failed banks.”
By Ojomah Austin.
The evolving fall-out, which comes barely days to the contentious National Executive Committee (NEC) of PDP, followed a back and forth between the Federal Capital Territory (FCT) Minister, Nyesom Wike and the Governors forum, who declared support for Rivers State governor, Siminalayi Fubara to be made leader of the party in the state.
After a meeting with some members of the party’s National Working Committee (NWC) in Bauchi on Wednesday, Governor Mohammed, said “According to our party’s constitution, any leadership vacancy should be filled by someone from the region where it originated,” stressing that Damagum would be replaced soon considering that he hails from North East and not the North Central.
Same day, Makinde, during the groundbreaking of the upgrading of Ladoke Akintola Airport, Ibadan, to an international airport, which was attended by another set of NWC members, led by Damagum, said he would support whatever decision the Damagum-led NWC would take to reposition the party.
Damagum, who is considered a close ally of Nyesom Wike, the Federal Capital Territory (FCT) Minister, was appointed acting national chairman after the removal of Iyorchia Ayu in June 2023.
Meanwhile, the Board of Trustees (BoT) of the PDP led by Senator Adolph Wabara, met with members of the National Assembly caucus in Abuja.
The close door meeting comes barely hours after the BoT met with Wike in Abuja.
While Wabara refused to comment on the essence of the meeting with the lawmakers, it was noticed that most of the lawmakers didn’t honour the invitation.
By Mario Deepromoter
Sad development in Marika village, Kiyawa Local Government, Jigawa, where a 40-year-old man, Jibrin Adamu, committed suicide by hanging himself.
According to eyewitnesses, Adamu’s lifeless body was discovered in a classroom at Miftahul Khairat Islamiyya and Primary School Gurdiba on Thursday.
Police spokesperson DSP Lawan Shiisu Adam confirmed the incident, stating that preliminary investigations revealed Adamu had struggled with mental health issues.
“Police received a report on Thursday that at about 1830hrs, a tragic incident was reported at the Command headquarters that one Jibrin Adamu ‘m’ age 40yrs of Jigawar Maroka village, Kiyawa LGA has committed suicide by hanging himself over the ceiling at Islamiyya school,” the Police spokesperson told Daily Post.
The Jigawa State Commissioner of Police, CP AT Abdullahi, has instructed officers to conduct a thorough investigation into the incident.
By Mario Deepromoter
11plc, Total Energies, AA Rano, and other marketers have begun lifting Dangote Petrol through Nigerian National Company (NNPC) Trading Limited for N765.99 to retail outlets nationwide.
Findings showed some petroleum marketers who were able to complete their payment process on the NNPC trading payment portal commenced the lifting of petrol earlier this week under the existing agreement between marketers and the refinery.
Tunji Oyebanji, managing director, 11Plc confirmed to BusinessDay on Thursday evening that some marketers have started lifting the products at N765.99 from Dangote Refinery through NNPC who remain the sole off-taker of product.
“We were among the first marketers to complete the payment on the NNPC portal. We have no direct arrangement with the refinery,” Oyebanji said.
It was gathered that NNPC Retail, 11plc, Total Energies, A.A Rano are among the marketers that have picked up products from the refinery.
He added, “We don’t know the contractual financial arrangement between NNPC and the refinery but what I can confirm is we are buying at N765.99 from NNPC to lift Dangote petrol”.
Efforts to get the Independent Petroleum Marketers Association of Nigeria (IPMAN) to confirm if its members have picked up products at the Dangote Refinery proved abortive at the time of writing this report.
See also Nigeria’s Petrol Landing Cost Revealed
Adedapo Segun, executive vice-president, downstream at NNPC said marketers cannot purchase petrol directly from the refinery because the product is still sold at a subsidised rate.
“That is the same thing happening with Dangote. I said earlier that Dangote is a company and it is going to sell at market price,” he told Journalists.
According to Segun, “The market value of PMS is still higher than what N766 or N765 or N799 that NNPC is selling.
“The situation has not changed there. So, NNPC’s off-taking is only because the others would not buy at the price Dangote will be willing to sell, which is reasonable.
“As soon as the price allows for it, you will see the marketers go to Dangote and buy.”
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