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We Will Pay Heritage Bank Depositors Within One Week — NDIC

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The Nigerian Deposit Insurance Corporation (NDIC) says it is already in the process of paying depositors of Heritage Bank.

Managing director of NDIC Bello Hassan provided the guarantee on Wednesday at an Abuja press briefing.

The Central Bank of Nigeria (CBN) cancelled Heritage Bank’s banking licence on June 3 due to the bank’s “inability to improve its financial performance.”

The NDIC announced that it had taken over Heritage Bank as the designated liquidator on the same day.

Speaking at the briefing, Hassan stated that under Section 28 of the NDIC Act, the company is required to reimburse the insured depositors within 30 days of being named liquidator.

He also promised to settle insured customers within one week, adding that the total bank deposits at Heritage Bank stand at N650 billion while its loan portfolio is above N700 billion.

Hassan said the bank’s total depositors are 2.3 million, with 99 percent of them having total balances of less than N5 million.

“They will get all their money back. Only about 4,000 people had more than N5 million in their accounts,” he said.

“They will get N5 million now and more later when the NDIC gets more money from the bank’s assets and loans.

“We need to move as quickly as possible and we are doing that. I can assure you that all the payments will commence this week for the insured deposits.

“We will leverage the bank verification number (BVN) to identify alternate bank accounts of the depositors to pay the maximum amounts of N5 million. While customers without alternate accounts should visit branches of the bank.”

The MD said all depositors are currently being verified for onward payment of insured benefit of N5 million while depositors with insured deposits above N5 million will be paid upon the sale of Heritage Bank’s assets.

Speaking on possible cases of litigation that may arise, the NDIC boss expressed readiness, adding that the judiciary has been asked to expedite cases concerning the liquidation of Heritage Bank.

  • Loan Repayments To Be Done Within Six Months

Hassan also said the corporation is working to ensure that loan repayment is completed within the next six months.

“We have been engaging the judiciary for their support. When cases relating to debt recovery or liquidation generally are brought before them, what we need, the support we need from them is expedited hearing. Let them give it accelerated hearing so that justice can be served,” he said.

“We have been engaging with them (the court) and pleading with them that look, give these cases accelerated hearing and understand that when we bring a debt recovery case before any court the way we are trying to say this person has borrowed from the bank and we establish our case  and we want it to be given a selection hearing so that justice is served.

“When money is recovered, it’s not coming to NDIC, you are only collecting to pay depositors, it’s not our money, it’s depositors’ money.

“So if cases are delayed, it is depositors that suffer and they quite appreciate that and we believe that when such cases are brought before them, they will give them accelerated hearing as we solicited from them.”

Hassan also said there are about 116 branches of  Heritage Bank across the country and creditors will be paid when the assets of the bank are sold.

BIG STORY

BREAKING: President Tinubu Arrives National Assembly To Present N47.96tn 2025 Budget

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Barring any last-minute twist, President Bola Tinubu has just arrived at the National Assembly Complex with his entourage to present the 2025 budget proposal before a joint session of parliament.

The Federal Executive Council on Monday approved the N47.96tn budget estimate for the 2025 fiscal year.

Consequently, security agents, including operatives of the Department of State Services, the Nigeria Police Force, Nigerian Security and Civil Defence Corps, Sergeant-At-Arms, and the Federal Road Safety Corps, are restricting access to the complex, assuring that only those with legitimate business related to the proposed budget presentation are allowed entry through the gates.

Staff members of the National Assembly providing clerical and other auxiliary services were on Tuesday instructed to remain at home until the President’s visit was over.

 

More to come…

 

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BIG STORY

After Spending Over 14 Yrs In Prison, Governor Adeleke To Pardon Man Sentenced To Death For ‘Stealing Chicken’

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Ademola Adeleke, governor of Osun, is seeking to pardon Segun Olowookere, who was sentenced to death by hanging for allegedly stealing a fowl and eggs in 2010.

In an interview with Biola Adebayo, a Nigerian actress, the parents of the victim claimed that police officers from the Osun command arrested Olowookere for an offence he did not commit.

Olowookere Olanrewaju, the man’s father, said a divisional police officer (DPO) asked him to pay N30,000 for his son’s release, but N20,000 was all he could raise at the time.

“We are here to beg Nigerians to help us. In 2010, I was at the shop where I was renting out cassettes, and at about 11am, some police officers came around,” he said.

“We later found out some students from Segun’s school were in their vehicle and they said they were arrested because of the theft of a chicken and eggs.

“Truth be told, Segun does not eat chicken. Because I trained broilers. He refused to run away, telling us that he didn’t know anything about the theft of the chicken.

“They came back around 9pm in the night and he was eventually arrested. It was when I visited the station that I knew who owned the chicken and eggs. He was just like a brother to me.

“I was told by the DPO in charge to bring N30,000 so my son could be released but after running around, all I could raise was N20,000 which he refused to collect.”

Folashade Olowookere, mother of the victim, said her son, who was 17 at the time of his arrest, has now spent over 14 years in prison since he was sentenced.

In a statement on Wednesday, Adeleke directed the attorney-general and commissioner for justice in Osun to commence a full probe into the matter.

“I have received the report of a case of a young man reportedly sentenced to death by hanging in Osun State for stealing a fowl,” the statement reads.

“Consequently, I have directed the Attorney-General and Commissioner for Justice, Osun State to commence full investigation into the matter and initiate processes to grant the prerogative of mercy to the young man.

“Osun is a land of justice and equity and must ensure fairness and protection of the sanctity of lives.

“I assure members of the public that this matter is receiving my direct attention with every sense of urgency also attached to our response to the matter.”

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BIG STORY

Two LAUTECH Students Win N20m In NOA Campus Debate Competition

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  • Extra N1million from NELFund

 

Two students of the Ladoke Akintola University of Technology (LAUTECH) in Ogbomoso, Oyo State, Adekunle Ayomide and Oladeji Oluwashina, have won the 2024 National Orientation Agency (NOA) campus debate competition.

The competition, organized by the NOA, featured two university representatives from each of the six geopolitical zones, debating the topic “Criticising and dissenting peacefully while maintaining love for one’s country.”

The LAUTECH representatives emerged victorious in the debate, receiving a prize of N20 million.

The students were also awarded an additional N1 million from the Nigerian Education Loan Fund (NELFund).

Ahmadu Bello University in Zaria and the University of Ilorin were the first and second runner-ups, winning N750,000 and N500,000, respectively.

Ignatius Ajuru University of Education in Port Harcourt, Gombe State Polytechnic in Bajoga, and the Institute of Management and Technology in Enugu secured the fourth, fifth, and sixth positions, respectively.

Speaking during the event on Tuesday, Lanre Issa-Onilu, the NOA director-general, stated that the debate aims to engage the youth in governance matters.

Issa-Onilu emphasized that while criticism is essential for nation-building and democracy, it must be constructive to ensure peace and development.

He congratulated the participants for their thoughtful strategies in engaging with the government constructively.

“Constructive criticism is not rebellion; it is a cornerstone of democracy and a vital tool for nation-building,” Issa-Onilu said.

“Patriotism is not silence. Loving your country does not mean turning a blind eye to its shortcomings. It means recognizing those shortcomings, speaking up against them constructively, and working together to find solutions.”

Akintunde Sawyerr, managing director of NELFund, reaffirmed the agency’s commitment to ensuring that Nigerian students have access to quality tertiary education through its education loans.

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