NDIC commences payment of N46bn to Heritage Bank depositors

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the disbursement of N46.6 billion in liquidation dividends to depositors of the now-defunct Heritage Bank.

This development was announced on Sunday in a statement by the Acting Head of Communication and Public Affairs at NDIC, Hawwau Gambo.

According to Gambo, the funds were generated from the sale of the bank’s assets and the recovery of outstanding debts. She explained that a liquidation dividend refers to payments made to depositors of a closed bank, beyond the maximum insured deposit amount, using proceeds from asset sales and debt recoveries.

Gambo further noted that, “Liquidation dividends may also cover payments to creditors and shareholders once all depositors have been fully reimbursed.”

The payment of the first tranche of the liquidation dividends began on April 25. Gambo revealed that the initial dividend payout was set at 9.2 kobo per naira on a pro-rata basis for depositors with account balances exceeding N5 million.

She added that further disbursements would follow as more assets are realised and additional debts are recovered.

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Following the revocation of Heritage Bank’s operating licence by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC had earlier reimbursed insured deposits up to the N5 million threshold.

To facilitate the refund process, the corporation leveraged depositors’ Bank Verification Numbers (BVN) to trace alternate bank accounts and credit the insured amounts directly. It also used records from the insured deposit payments to process the first tranche of liquidation dividends.

Gambo advised depositors who have balances above N5 million but have not received their dividends to visit the nearest NDIC office. She also urged those without alternative bank accounts who were not paid their insured amounts to do the same or to download the necessary forms from the NDIC’s official website.

She stated, “Depositors must complete and submit a deposit verification form to receive their insured amounts and, where applicable, the first tranche of dividends.”

Reaffirming NDIC’s dedication, Gambo emphasized the corporation’s commitment to the recovery of Heritage Bank’s assets and the reimbursement of all eligible depositors.

NDIC commences payment of N46bn to Heritage Bank depositors

I’m honoured, excited over World Bank’s appointment – Dangote

President and CEO of Dangote Group, Aliko Dangote, has expressed gratitude following his appointment to the World Bank’s Private Sector Investment Lab, a global initiative aimed at accelerating private investment and job creation in emerging economies.

In a statement confirming the development, Dangote described the appointment as both an honour and a reflection of his long-standing commitment to economic development through private enterprise.

“I am both honoured and excited to accept my appointment to the World Bank’s Private Sector Investment Lab, dedicated to advancing investment and employment in emerging economies,” Dangote said.

Air Peace suspends flights nationwide over NiMet strike

Air Peace has suspended all its flight operations across the country due to the ongoing strike by the Nigerian Meteorological Agency (NiMet).

The airline said in a statement on Wednesday that it was also suspending operations due to the unavailability of QNH (hazardous weather) reports required for safe landings.

“Due to the ongoing NiMet strike and the unavailability of QNH (hazardous weather) reports required for safe landings, Air Peace has suspended all flight operations nationwide until the strike is over,” Air Peace said.

“Your safety is our top priority. We appreciate your understanding and will share updates as the situation unfolds.”

The airline had earlier announced that the NiMet strike could lead to flight delays and cancellations across its network.

Air Peace added that it was monitoring the situation and working with relevant stakeholders to minimise the impact on customers’ travel plans.

Employees of NiMet commenced a nationwide indefinite strike over welfare issues on Wednesday.

Some of the issues raised involve “NiMet’s refusal to negotiate or implement agreed financial allowances and unresolved entitlements,” including wage awards, peculiar allowances, and outstanding payments from the 2019 minimum wage.

They also accused the management of the agency of withholding important documents, ignoring requests for inclusion of omitted staff in past payments, and neglecting key training programmes in favour of executive retreats.