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NDIC Gives N5m Each To Defunct Heritage Bank Customers

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The Nigeria Deposit Insurance Corporation says it has disbursed the insured deposits of N5 million each to 82.36 per cent of the total customers of the defunct Heritage Bank.

It also noted that 17.64 per cent of the insured deposits still pending payment mainly belong to depositors with accounts that have Post-No Debits instructions or lack a Bank Verification Number.

This was disclosed in a statement signed by the Director, Communication and Public Affairs, Bashir Nuhu, on Sunday in Abuja.

On June 3, 2024, the Central Bank of Nigeria revoked the banking license of Heritage Bank Plc due to persistent financial instability and regulatory breaches.

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The decision, according to the apex bank, is in line with the CBN’s mandate under Section 12 of the Banks and Other Financial Institutions Act 2020, which aims to maintain a stable financial system in Nigeria.

Following the withdrawal of Heritage Bank’s licence, the NDIC stated that it would begin payment of the 2.3 million depositors of the bank.

Giving an update in the statement issued on Sunday, the director disclosed that disbursement to affected customers started four days after the liquidation.

He added that this feat was achieved using Bank Verification Numbers as a unique identifier to locate depositors’ alternate accounts in other banks.

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The statement read in part, “In the discharge of its deposit guarantee mandate, the Corporation began the payment of the insured deposits of N5m maximum per depositor within a record time of four days of the bank closure.

“This was achieved using Bank Verification Numbers as a unique identifier to locate depositors’ alternate accounts in other banks.

“This unprecedented achievement of direct payment through BVN-linked alternate accounts without the need for depositors to visit NDIC offices or fill out forms marks a historic shift for the NDIC in the prompt reimbursement of depositors with payment of about 82.36 per cent of the total insured deposit to date.”

For depositors with more than N5m, the director explained that the remaining balances (classified as uninsured deposits) would be paid as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed to the defunct bank.

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“It is instructive to state that, the remaining 17.64 per cent of the insured deposits yet to be paid were largely depositors whose accounts have post no debits instructions or have no BVN. Others are those with no alternative accounts in other banks or accounts with a KYC limit on the maximum lodgment per day and are yet to come forward for verification.

“However, depositors with balances exceeding Five Million Naira have been paid the initial insured sum of Five Million Naira, while the remaining balances (classified as uninsured deposits) will be paid as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed to the defunct bank,” the statement added.

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Nigerians man nabbed for k!lling his mother for rituals

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A 29-year-old man has been nabbed by the police for allegedly killing his mother for ritual purposes in Cross River.

Spokesperson for the Police Command in the state, SP Irene Ugbo, confirmed the suspect’s arrest and detention to newsmen on Friday in Calabar, albeit without further details.

The incident had occurred on Dec. 25, 2024 in Batriko, Eastern Boki Local Government Area (LGA) of the state.

Credible source revealed that a combined team of police and the security team of Obudu council area made the arrest on Friday.

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According to reports, the suspect had dumped his mother’s body in a well in Obudu LGA, while security operatives had been tracking him since the incident occurred.

The source said that the suspect, who was arrested alongside a native doctor, would be brought to the state command for further investigation.

Recall that the suspect was alleged to have shaved his dead mother’s hair and dumped her remains in a well thereafter.

The source told NAN that the arrest of the fleeing suspect was effected by security operatives at the shrine of a native doctor, with a bag containing his late mother’s shaved hair.

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“As I speak with you, the suspect and the native doctor are presently cooling off at the Obudu Divisional Police Headquarters,” said the source. (NAN)

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Royal matter: Appeal Court Orders Fresh Hearing into Kano Emirate Tussle

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The Court of Appeal in Abuja has ordered a fresh hearing in the legal battle over the disputed Kano Emirate involving Alhaji Nasir Ado Bayero.

The Appellate Court, in a judgment delivered on Friday, held that Bayero was denied fair hearing due to the shoddy manner in which a Kano High Court conducted proceedings against him.

Justice Mohammed Mustapha, who delivered the lead judgement, stated that the Kano High Court was unfair to Bayero by conducting proceedings without serving him a hearing notice to enable him to present his case.

Justice Mustapha held that all courts of law are bound to ensure justice for all parties by giving them equal opportunities, adding that the conduct of the proceedings against Bayero amounted to a travesty of justice.

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Specifically, the Appellate Court held that Bayero ought to have been served with a hearing notice to allow him to present his grievances before judgment was delivered against him in what it described as a shoddy arrangement.

The Court of Appeal, therefore, ordered that the case be remitted to the Chief Judge of the Kano State High Court to be reassigned to another judge for expeditious determination.

Justice Mustapha did not award costs against the respondents in the appeal filed by Ahaji Ado Bayero.

Details later.

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Just in: Ohanaeze Ndigbo Elects Factional President

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By Kayode Sanni-Arewa

The Apex Igbo socio-cultural group, Ohanaeze N’digbo Worldwide has elected Dim Uche Nnamdi Okwukwu as its new factional President General.

The election, which took place at a convention in Port Harcourt on Thursday night, saw Okwukwu, a legal practitioner and former Secretary General of the group, chosen unopposed.

Okwukwu, from Elele in Rivers State, expressed his gratitude to the delegates and outlined his commitment to addressing the issues facing the Igbo people.

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He stated that uniting the fractured Igbo community would be his priority.

His plans include engaging with the government and key stakeholders to seek the release of Nnamdi Kanu and other political prisoners, as well as pushing for economic and infrastructural development in Igbo areas.

Additionally, he intends to address security concerns, including kidnapping and other forms of violence, and work toward restructuring efforts that involve all ethnic groups.

More to come…

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