Connect with us

News

Liquidation: Heritage Bank depositors to receive first tranche of dividends in April

Published

on

Depositors at the defunct Heritage Bank with balances exceeding the N5 million insurance cap are set to begin receiving partial refunds in April, according to the Nigeria Deposit Insurance Corporation (NDIC).

The development follows months of uncertainty for customers who held significant balances at the lender before its abrupt closure.

The Central Bank of Nigeria (CBN) revoked Heritage Bank’s banking licence on 3 June 2024, citing concerns about the bank’s financial condition. The NDIC was appointed as liquidator in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 55(1 & 2) of the NDIC Act 2023.

In a Sunday statement signed by its Acting Head of Communication and Public Affairs, Hawwau Gambo, the NDIC confirmed that it had made progress in recovering the bank’s assets and would begin the first tranche of liquidation dividends next month.

Advertisement

“With the considerable progress recorded in the asset realisation, the Corporation will declare the first tranche of liquidation dividends in April 2025, which will be paid to uninsured depositors on a pro-rata basis, in line with Section 72 of the NDIC Act 2023 on the priority of claims,” the statement said.

While depositors with balances below N5 million have already been reimbursed, those with higher amounts have only received the insured portion to date.

“The remaining balance in excess of the insured sum of the N5 million already reimbursed will be paid as liquidation dividends in accordance with the Corporation’s statutory mandate,” the NDIC said.

The corporation said it had commenced the realisation of Heritage Bank’s physical and investment assets, alongside an “aggressive recovery of the risk assets,” in order to fund repayments.

Advertisement

“Following the revocation of Heritage Bank’s banking licence… the Corporation immediately commenced the bank’s liquidation process, including the verification and payment of insured deposits to all depositors,” the statement said.

However, it acknowledged challenges in reaching some insured depositors due to incomplete Know Your Customer (KYC) information, post-no-debit restrictions, name mismatches, or lack of alternate bank accounts.

“Some payments may have been processed without their immediate awareness,” the NDIC added, urging depositors to check other bank accounts they may hold.

liabilities take precedence in bank liquidation. The NDIC reiterated this, citing Section 72 of its Act: “Deposit liabilities shall have priority over all other liabilities of the insured institution.” As a result, other claimants—such as creditors and shareholders—will be considered for payment only after all depositors have been fully reimbursed.

Advertisement

Tinubu birthday
The corporation sought to reassure the public about the safety of Nigeria’s banking sector. “Members of the public are enjoined to continue their banking activities without fear, as all other banks remain safe and sound,” the statement said.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Oyo tightens security in preparation for Alaafin’s Saturday coronation

Published

on

By

As the coronation of the 46th Alaafin of Oyo, Oba Akeem Owoade, takes place on Saturday, April 5, 2025, the Oyo State government has put in place heightened security measures, including the deployment of security operatives at strategic locations within the ancient city and surrounding communities.

Oba Owoade, who was presented with the staff of office and instrument of office on Monday, January 13, 2025, at the Governor’s Office in Ibadan, ascends the throne after the late Oba Adeyemi passed away.

The new monarch completed the compulsory 21-day traditional rites known as Oro Ipebi last Saturday, March 29.

The coronation event will take place at Oliveth Baptist High School in Oyo, where Governor Seyi Makinde is expected to lead a host of dignitaries, including notable Nigerians.

Advertisement

Other venues for the event include Ladigbolu Grammar School, Durbar Stadium, the Oba Lamidi Adeyemi Mini Stadium, and the Palace of the Alaafin of Oyo.

Among the dignitaries expected are the former Prime Minister of Canada, Justin Trudea, ambassadors from four different countries, over 200 Oyo indigenes based in Canada, traditional rulers, diplomats, and various government officials.

Security arrangements have been significantly enhanced ahead of the ceremony.

Police vans and other security agency vehicles have been stationed at strategic points across the town, including Owoade, Jabata, Akesan, Isale Oyo, Eleekara, and the School of Survey, among other key areas.

Advertisement

A senior police source confirmed to our correspondent on Thursday that additional personnel have been deployed to the town to prevent any breakdown of law and order during the event.

“The police, in conjunction with other security agencies, are fully prepared to ensure a smooth and trouble-free event,” the source assured.

Meanwhile, local hotels have reported full bookings, with accommodations made for the influx of visitors expected for the coronation.

A hotel manager, who requested to remain anonymous, mentioned, “We have upgraded our facilities to ensure that our guests have a memorable stay. The security agencies have also assured us of adequate protection for our facilities.”

Advertisement

Additionally, reports indicate that the popular Akesan market, along with other nearby markets, will be temporarily closed during the coronation to allow the active participation of local market men and women in the event.

Continue Reading

News

Court dismisses suit against coastal road project

Published

on

By

The Federal High Court in Lagos has struck out a suit by the Okun-Ajah community and other property owners in the Eti-Osa Local Government Area challenging the Lagos-Calabar coastal road project.

Justice Akintayo Aluko ruled that the court lacked jurisdiction to adjudicate on the suit marked FHC/L/CS/1488/2024.

The judge transferred it to the Lagos State High Court as the appropriate court to hear the case.

The plaintiffs are Chief Saheed Olukosi (Akogun of Okun-Ajah Community), Noibi Issa Afolayan, Yussuf Odunuga Sulaiman, Olufemi Fasehun and Adeola Tokunbo, all representing Okun-Ajah Community and other Concerned Property Owners at Okun-Ajah Community.

Advertisement

The defendants/objectors are Minister of Works Dave Umahi, Attorney-General of Lagos, Hitech Construction Limited and other agencies.

The plaintiffs’ through their lawyers, A.O. Ajiboye, Esq, and E. C. Okorie had asked the court to stop the project on several grounds.

But the defendants/objectors prayed the court to strike out the suit for lack of jurisdiction.

Justice Aluko held: “Counsel to the plaintiffs made an alternative submission in his written address urging the court not to strike out this suit if the court finds that it lacks jurisdiction to adjudicate over the case.

Advertisement

“Counsel urged the court to transfer this suit to the State High Court instead of striking out same.

“I agree with counsel on this request as this court possesses the needed power and jurisdiction to accede to such prayer.

“This court is fortified under Section 22(2) of the Federal High Court Act which provides thus: ‘No cause or matter shall be struck out by the court merely on the ground that such cause or matter was taken in the court instead of the High Court of a State or of the Federal Capital Territory, Abuja in which it ought to have been brought, and the Judge of the court before whom such cause or matter is brought may cause such use or matter to be transferred to the appropriate High Court of a State or at the Federal Capital Territory, Abuja in accordance with Rules of Court to be made under section 44 of this Act.”

Advertisement
Continue Reading

News

U.S. backs Nigeria, demands justice for slain Kaduna Priest

Published

on

By

The U.S. Mission in Nigeria has expressed support for the Nigerian government’s efforts to pursue justice following the tragic killing of Father Sylvester Okechukwu in Kaduna.

In a statement released today, the mission emphasized the crucial role of Nigeria’s judicial system in ensuring accountability and due process throughout the investigation and trial.

“We welcome the Nigerian government’s interest in pursuing justice and emphasize the critical role of the judicial system in ensuring due process and accountability,” the statement read.

The mission also urged for a transparent legal process, stressing the importance of a fair and swift trial to establish the innocence or guilt of the accused.

Advertisement

The U.S. Mission’s call underlined the need for the rule of law to be upheld to provide justice not only for Father Okechukwu but also for other victims of similar violence across the country.

The statement concluded by highlighting that transparency in legal proceedings would help provide closure for the victims’ families and communities, assuring them that justice would be served.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News