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Before final liquidation, NDIC set to auction Heritage bank properties
In a bid to ensure timely declaration of liquidation dividends to uninsured depositors of the failed Heritage Bank (In-Liquidation), the Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of auctioning the landed properties and chattels of the defunct bank.
According to the Corporation, this exercise is in line with its statutory powers as the Liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023, noting that; “This is another follow-up action sequel to the disposal of physical assets and chattels belonging to the defunct bank at its leased locations nationwide”.
This was contained in a statement signed by the Director, Communication and Public Affairs Department, Bashir A.
Therefore, the auction of the landed assets shall be by competitive bidding in sealed bids scheduled to take place at the six (6) selected locations of the Corporation across the country, for the affected 36 branches of the failed bank beginning from Wednesday 4th December 2024.
“Buyers who wish to participate in the auction are expected to follow laid down guidelines purposely aimed at ensuring transparency, fair competition, equity, and accountability to enable recovery of commensurate values from the exercise. This is critical for the payment of liquidation dividends to eligible claimants.
The Corporation shall give preference to financial institutions who are willing to buy at the highest auctioned value to allow for the continuation of provision of banking services to the Nigerian public at the designated locations”, adding; “This is desirable towards bolstering financial inclusion as envisaged by the financial system regulatory authorities.
“However, Corporate bodies and Private individuals willing to compete are equally eligible to compete in the process without prejudice, the auction shall be open and competitive to all bidders.
Furthermore, bidders will be allowed to inspect the properties and chattels across all locations one week before the date of disposal.”
Importantly too, the statement said; “All interested parties are to make available 10% bid security of the value of their sealed bids to be dropped in the bid box provided at the specific centre out of the six locations of the Corporation as contained in the published advertisements.
“All interested bidders are advised to submit their bids only at the designated NDIC offices covering their choices amongst Abuja, Lagos, Bauchi, Kano, Enugu, and Port Harcourt.”
Meanwhile, the Corporation has vowed that there would be no hiding place for debtors of the defunct Heritage Bank whose financial obligation portfolio is in the region of over N700 billion.
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Nigeria to get 6,000 power generation by December-Power Minister vows
By Kayode Sanni-Arewa
The Minister of Power, Adebayo Adelabu, has expressed his unwavering optimism that the government will successfully meet its ambitious target of generating 6,000 megawatts of electricity by December 2024, despite the numerous challenges currently affecting the power sector.
The Special Adviser on Strategic Communication and Media Relations, Bolaji Tunji, conveyed this assurance at the fourth edition of the Power Correspondents Association of Nigeria’s annual workshop, themed “Ending the Talk, Moving the Action,” held on Thursday in Abuja.
Nigeria’s power generation currently ranges between 3,500 and 4,000 MW for a population of approximately 200 million people. For instance, on Thursday, the country’s power generation was 3,556.38 MW as of 8 am.
Earlier this year, Adelabu pledged that power generation in Nigeria would reach 6,000 MW by the end of the year, citing improvements in the sector over the past year.
However, the frequent collapse of the nation’s electricity grid and the vandalisation of towers have raised concerns about the stability of the Nigerian Electricity Supply Industry and its ability to achieve the target.
In his goodwill address, the Special Adviser emphasised that the minister’s primary focus remains on achieving the goal of increasing generation and ensuring its efficient distribution to consumers.
Tunji said, “The minister aims to achieve what seems to be an intractable goal—improving generation and ensuring that what is generated reaches the final consumers. There are challenges, but they are surmountable.
“The minister has promised that by December this year, we will reach 6,000 megawatts; yes, we still hope to get there.
“We are confident that we will get there, but we are aware of the current issues with grid collapse. Efforts are being made to resolve these problems. Day and night, teams are being dispatched to address the various issues, and we remain hopeful that we will achieve the 6,000 MW target by December.”
The Director of Renewable Energy, Sunday Owolabi, also reiterated that the government is committed to ensuring 24-hour power supply for Nigerians.
Owolabi, another representative of the minister, stressed that the government’s policies are focused on resolving the challenges facing the country’s electricity transmission, distribution, and generation sub-sectors.
“We are fully committed to transforming the country’s power sector. We are focused on ensuring that our policies are practical and sustainable. We are resolute in ensuring power supply for every Nigerian.
“The government remains fully committed to transforming Nigeria’s power sector through meaningful and actionable reforms.
“We are focused on ensuring that our policies are not only visionary but also practical, impactful, and sustainable. From the ongoing efforts to address infrastructure gaps, enhance power generation, and improve transmission networks, to vital reforms in distribution and the full implementation of the electricity market, we are resolute in our mission to improve power supply for every Nigerian.”
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Just in: Wike sends FCDA Executive Director on indefinite suspension
By Kayode Sanni-Arewa
Minister of the Federal Capital Territory, Nyesom Wike has suspended the Executive Secretary, Federal Capital Development Authority (FCDA), Engr. Shehu Hadi Ahmad indefinitely.
According to a statement on Thursday, by Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory (FCT), the suspension of Engr Hadi Ahmad is with immediate effect.
The suspended Executive Secretary has consequently been directed to hand over to the Director of Engineering Services, in the FCDA.
Meanwhile, Nyesom Wike has revealed that President Bola Tinubu ordered the construction of houses for judges in Abuja.
The former Rivers State governor said the project is part of the government’s plan to provide secure housing for judges and strengthen the judiciary’s independence.
Speaking during a media chat on Wednesday, the former Rivers Governor clarified that the housing project is not his personal initiative.
Wike explained that the housing scheme was included in the 2024 budget, approved by the National Assembly, and is not his personal decision.
He added that judges currently live in rented homes, which could make them vulnerable.
He compared this to similar projects he carried out as Rivers State governor and expressed surprise at the criticism, especially from legal professionals.
Wike insisted the project is lawful and should be welcomed as a step in the right direction.
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Ondo Election: FRSC Deploys 1,500 Officers
By Kayode Sanni-Arewa
The Federal Road Safety Corps, FRSC, says it has deployed One Thousand five hundred officers and men as part of efforts to ensure smooth conduct of this Saturday’s governorship election in Ondo state
FRSC Corps Marshal, Mallam Shehu Mohammed, while speaking in Abuja, ordered the personnel to collaborate with other security agencies to enforce compliance on restrictions of vehicular movement.
Mallam Shehu stressed the need for the operatives to clear obstructions, carry out rescue operations in case of emergencies, and maintain orderliness in polling units.
According to the FRSC Boss, 25 patrol vehicles, 7 tow trucks, and 6 ambulances have been deployed to Ondo state to strengthen enforcement of restrictions during the entire process of the election
Mallam Shehu Mohammed, however, warned the personnel to be proactive, avoid any act that could lead to abuse of the rights of the electorates, and exhibit the highest sense of professionalism.
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