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

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.
“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.
“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.
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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.
News
SAD! APC lawmaker dies while asleep

The lawmaker representing Kaura Namoda South Constituency in the Zamfara State House of Assembly, Aminu Ibrahim Kasuwar-Daji, has died.
It was gathered that the lawmaker passed on in his sleep during the early hours of Wednesday.
Aminu Ibrahim Kasuwar-Daji’s sudden death came as a shock to many in the state, especially his colleagues and political associates.
The All Progressives Congress (APC) in Zamfara, the party under which he was elected, expressed deep sorrow over his passage.
Members of the party, including the State Working Committee and other supporters, described his death as a great loss.
They said he was known for his dedication and honesty in serving his people.
His family, community members in Kaura Namoda South, and fellow lawmakers have been thrown into mourning as preparations for his burial began.
According to Islamic rites, he was buried today at 3:00 pm in his hometown of Kasuwar-Daji, located in the Kaura Namoda Local Government Area.
Many in the state have continued to express grief as they remember the role he played in representing the people and contributing to the work of the state assembly.
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Just in: Sam Olumekun takes over as INEC’s Acting Chairman

Mr. Sam Olumekun has taken over at the Independent National Electoral Commission (INEC) as Acting Chairman.
Olumekun is INEC’s National Commissioner in charge of Information and Voter Education.
He performed his first duties today, receiving a high-level delegation of the Labour Party (LP) at the Commission’s headquarters in Abuja with other National Commissioners in attendance.
The delegation was led by Abia State Governor Dr. Alex Otti, who visited the Commission to discuss key developments within the Labour Party.
It was gathered that both parties engaged in discussions centered on enhancing collaboration and reinforcing democratic values.
During the visit, Governor Otti formally presented a Certified True Copy of the recent Supreme Court judgment concerning the party’s leadership.
He noted that the meeting was aimed at fostering clarity, mutual understanding, and institutional alignment regarding the Labour Party’s current structure.
Mr. Olumekun, the Acting INEC Chairman, reaffirmed the Commission’s unwavering commitment to neutrality, transparency, and the rule of law in the discharge of its constitutional responsibilities.
Recall that a viral WhatsApp message had indicated that Prof. Mahmood was sacked by President Bola Tinubu and replaced with one Prof. Bashiru Olamilekan.
“INEC Chairman Prof. Mahmud Yakubu has been replaced with Prof. Bashiru Olamilekan by President Tinubu,” the message, which had no attribution, read. However, both INEC and the Presidency debunked the widespread report.
Yakubu, who is rounding off his second tenure in office, is expected to exit the system towards the end of this year.
The process of appointing an INEC chairman is the President nominating a candidate and forwarding his particulars to the Department of State Services (DSS) for profiling.
After such screening, the President, thereafter, takes the name to the National Council of State for its advisory review.
Based on the outcome, the President sends the name to the Senate for screening and confirmation.
News
Crude oil prices slide further, now selling below $57

Crude oil prices have dropped below $57, following a previous rate of $59.78.
This decline coincides with the imposition of tariffs on several countries by US President Donald Trump.
A report from West Texas Intermediate attributes this price slump to consistent 6% reductions observed last week.
JPMorgan Chase & Co has warned that these tariffs could likely push both the US and global economies into a recession this year.
The financial institution explained that the tariffs, set to take effect this week, are expected to have widespread economic repercussions.
Market analysts and the business community have expressed concerns about the negative implications of these measures, predicting a slowdown in economic activities and a subsequent decline in oil demand.
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