NEWS
JUST IN: NDIC Disburses N5m To 82.36% Of Heritage Bank Customers
The Nigeria Deposit Insurance Corporation (NDIC) has announced that it has disbursed insured deposits of N5 million each to 82.36% of the total customers of the now-defunct Heritage Bank.
However, the NDIC noted that 17.64% of insured deposits remain pending, primarily due to accounts flagged with Post-No Debits instructions or those lacking a Bank Verification Number (BVN).
This information was revealed in a statement by the NDIC’s Director of Communication and Public Affairs, Bashir Nuhu, on Sunday in Abuja.
For depositors with balances exceeding N5 million, the director clarified that the remaining funds, classified as uninsured deposits, will be paid out as liquidation dividends.
Read Also: Heritage Bank Depositors To Be Compensated In 7 Days – NDIC
These payments will be made once the defunct bank’s assets are realized and debts owed to the bank are recovered.
Recall that the Central Bank of Nigeria (CBN) revoked Heritage Bank Plc’s banking license on June 3, 2024, citing ongoing financial instability and regulatory violations.
The CBN stated that this action was taken under Section 12 of the Banks and Other Financial Institutions Act 2020, which is intended to ensure the stability of Nigeria’s financial system.
Following the license withdrawal, the NDIC began the process of paying out to the 2.3 million depositors of Heritage Bank.
According to the statement, disbursements to affected customers commenced four days after the bank’s liquidation.
The director highlighted that this swift action was facilitated by the use of Bank Verification Numbers as a unique identifier to locate depositors’ alternate accounts in other banks.
The statement partly reads, “In the discharge of its deposit guarantee mandate, the Corporation began the payment of the insured deposits of N5m maximum per depositor within a record time of four days of the bank closure.
“This was achieved using Bank Verification Numbers as a unique identifier to locate depositors’ alternate accounts in other banks.
“This unprecedented achievement of direct payment through BVN-linked alternate accounts without the need for depositors to visit NDIC offices or fill out forms marks a historic shift for the NDIC in the prompt reimbursement of depositors with payment of about 82.36 per cent of the total insured deposit to date.
“It is instructive to state that, the remaining 17.64 per cent of the insured deposits yet to be paid were largely depositors whose accounts have post no debits instructions or have no BVN.
“Others are those with no alternative accounts in other banks or accounts with a KYC limit on the maximum lodgment per day and are yet to come forward for verification.
“However, depositors with balances exceeding Five Million Naira have been paid the initial insured sum of Five Million Naira, while the remaining balances (classified as uninsured deposits) will be paid as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed to the defunct bank,” the statement added.
NEWS
BREAKING: Sen Kingibe Weeps Over Arraignment Of Minors In Adult Court
The Senator representing the Federal Capital Territory, Abuja, Ireti Kingibe, has wept openly that Nigeria has ‘become a nation that turns against its own children’.
The senator was reacting to the “arraignment of over 100 young boys, aged between 10 and 16, who participated in the #EndBadGovernance protest,” in an adult court, against established legal standards.
She took to her verified handle on micro-blogging site, X, on Saturday, to shed tears and register her strong disappointment with all the parties involved in the shameful and illegal act.
ALSO READ: #EndBadGovernance2024: Atiku Decries Dehumanisation Of Minors
According to Sen Kingibe “How can a government tasked with protecting its citizens justify holding minors in correctional centers, treating their peaceful protest as a criminal offense?”
On the law enforcement agencies breaching the law, Sen Kingibe pointed out that, “According to Nigeria’s Criminal Procedure Act (CPA), minors between the ages of 1 and 17 should never be arraigned in adult criminal courts but instead in juvenile courts, which have exclusive jurisdiction over such cases. Yet, these minors were held in maximum correctional centers for over 85 days before being charged with treason.”
She expressed her firm position that all relevant stakeholders must “urgently unite to secure the immediate and unconditional release of these minors.”
Sen Kingibe wrote, “As the Senator representing the Federal Capital Territory, I condemn in the strongest terms the recent arraignment of over 100 young boys, aged between 10 and 16, who participated in the #EndBadGovernance protest. These minors, who bravely voiced their grievances against the unbearable hardship and hunger ravaging our land, are now being charged with treason — an offense that, if found guilty, carries the death penalty.
“When did we become a nation that turns against its own children — our very hope for tomorrow? When did we lose our compassion and humanity to the extent that we humiliate, arrest, and drag young children into court for the “crime” of speaking out? This shameful prosecution of our youth is not only unjust — it is a betrayal of our humanity and an assault on our future. How can we stand idly by as the dreams of our children are crushed under the weight of oppression? This must end.
“This is utterly disgraceful, and everyone involved should feel ashamed. We owe our citizens, particularly our children, not just protection from external threats but also from unjust treatment within. Children deserve quality education, better healthcare, and protection from domestic violence and abuse, not brutal treatment for exercising their constitutional rights. According to Nigeria’s Criminal Procedure Act (CPA), minors between the ages of 1 and 17 should never be arraigned in adult criminal courts but instead in juvenile courts, which have exclusive jurisdiction over such cases. Yet, these minors were held in maximum correctional centers for over 85 days before being charged with treason.
“How have we, as leaders, stooped so low? Instead of addressing the root causes of their protest, we prosecute those who cry out against them. How can a government tasked with protecting its citizens justify holding minors in correctional centers, treating their peaceful protest as a criminal offense? When did peaceful protest — a fundamental right of citizens — become a crime in Nigeria?
“Numerous videos circulating on social media and news platforms show malnourished children with visible collarbones, countable ribs, fainting, crying, hungry, sick, and, most horrifically, being manhandled. This has turned us into an international embarrassment. If we cannot protect our own citizens, how can we expect to safeguard foreign investors whom we are actively trying to attract to our country?
“This is not only condemnable but an absolute disgrace, and it cannot stand. I demand that every relevant authority — the Ministry of Women Affairs, the Ministry of Humanitarian Affairs, the Ministry of Justice, and the Chief Justice of the Federation — as well as the Human Rights Commission and all human rights lawyers, urgently unite to secure the immediate and unconditional release of these minors. I also call upon all mothers and women across the nation to rise in protest against this deplorable treatment of our children. This is not the Nigeria we dreamed of; we cannot allow our future to be sacrificed in silence.”
NEWS
Strike Relief: FG Releases Funds To NASU, Retirees
In a significant development aimed at resolving the ongoing strike by non-academic university staff, the Federal Government has released funds to settle the long-overdue salaries owed to members of the Non-Academic Staff Union of Federal Universities (NASU).
The funds will also cover outstanding pension payments for retirees under the Nigerian Union of Pensioners Contributory Pension Scheme.
READ ALSO: Banky W, Adesua Etomi Welcome Second Child [VIDEO]
Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant-General of the Federation, confirmed the release in a statement on Saturday.
Mokwa stated that payments to NASU members have commenced, with numerous staff already confirming receipt of the funds.
The move comes after members of NASU and the Senior Staff Association of Nigerian Universities (SSANU), operating under a Joint Action Committee, began an indefinite strike last Monday in protest over the withheld salaries.
The strike brought federal universities across the country to a standstill, with various academic and administrative services halted.
Several other unions and universities expressed support for the protest, amplifying calls for the funds’ immediate release.
Tensions between the union leadership and the federal government had escalated in recent days, despite a directive from President Bola Tinubu for payments to be made.
On Wednesday, SSANU leaders expressed frustration, stating that many top university officials, including vice-chancellors, bursars, and registrars, had yet to receive the outstanding salaries, further straining relations.
SSANU leadership vowed to keep university facilities shut until all owed salaries are fully disbursed.
“We will not resume activities in our universities until every last outstanding payment has been made,” SSANU leaders warned in a statement.
In his official statement, Mokwa reassured all concerned parties that the government has fulfilled its commitment to fund these payments, which he called “a priority move to alleviate the financial strain on university staff and retirees.”
NEWS
#EndBadGovernance Protests: IGP Claims Suspects’ Collapse Staged To Sway Public Opinion
The Inspector-General of Police (IGP), Kayode Egbetokun has alleged that the collapse of six suspects in court was a deliberate act intended to attract negative attention to law enforcement efforts.
The six individuals, part of a group of 76 mostly minor suspects facing charges related to the #EndBadGovernance protest, collapsed in the courtroom on Friday.
Related News: EndBadGovernance Protests: Court Sets N10m Bail Each For 67 Minors
Egbetokun, however, underscored that medical aid was promptly provided, highlighting the police’s commitment to the welfare of individuals in custody.
In a statement dated November 1 and signed by Force Spokesperson Muyiwa Adejobi, the IGP affirmed that under Nigerian law, individuals who reach the age of criminal responsibility are held accountable for their actions, irrespective of age.
“Today, an unexpected incident in court saw six of the suspects suddenly rush out and faint, drawing media attention in a deliberate and scripted manner to attract negative attention,” Egbetokun said.
“Medical aid was promptly provided to these individuals, demonstrating the Police Force’s commitment to the welfare of those in its custody, irrespective of the allegations they face.”
Recall that the court granted bail for each minor at N10 million, sparking criticism both domestically and internationally.
The arraigned individuals, many of whom appeared malnourished, are facing a series of grave charges including terrorism, arson, treasonable felony, and other allegations related to the destruction of public property and threats to national security.
The IGP emphasized that the Nigeria Police Force (NPF) remains committed to balancing justice with compassion, noting that the Force has adhered to legal procedures to ensure fairness.
“The NPF has rigorously adhered to legal provisions to ensure fairness and accountability under the rule of law,” he said.
“Throughout this process, the Police have worked to balance justice with compassion, ensuring that each suspect’s basic rights and privileges are respected, including access to medical care and other necessary provisions.”
In his statement, Egbetokun urged the public to avoid bias and pledged transparency throughout the legal proceedings.
“The NPF acknowledges public interest in this case and assures the public that our officers will maintain professionalism throughout the legal process.
“The public is encouraged to view this case without undue bias, as the Force remains focused on a transparent pursuit of justice.”
The police chief added that the Force is committed to aligning with international standards in justice, drawing comparisons to legal practices in countries like the United Kingdom, where young individuals facing serious charges are held accountable, though with empathy and respect for human rights.