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.
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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.
The Committee on Consequential Adjustments in Salaries for Civil Servants has confirmed that the newly approved minimum wage will be implemented starting July 29, 2024.
This was disclosed in a Memorandum of Understanding (MoU) issued at the conclusion of the committee’s meeting in Abuja on Friday.
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The MoU reads, “The National Salaries, Incomes, and Wages Commission (NSIWC) will prepare and release the necessary salary templates for other consolidated salary structures. The implementation date for the new wage will take effect from July 29, 2024.”
The committee, comprising 16 members, was set up to oversee the execution of the National Minimum Wage Act of 2024. This legislation raised the country’s minimum wage from ₦30,000 to ₦70,000.
Among its key responsibilities, the committee is tasked with negotiating salary adjustments across various sectors and developing a template for implementing the newly approved wage structure.
With the pump price of Premium Motor Spirit (PMS) popular in the streets as petrol, hovering around approximately N1000-N1300 per litre, concerns are mounting about the viability of fuel subsidies in Nigeria.
Energy policy analyst, Adeyemi Adeoye, has underscored the critical role of the Nigerian National Petroleum Company Limited (NNPC Ltd) in this issue, shedding light on who bears the subsidy costs.
He shared his views on TVC News on Friday.
Biztellers reports that the pump price of petrol has risen from below N200/litre at at May 29, 2023 to around N1300/litre as at September 20, 2024, with little variations depending the part of Nigeria, consumers are buying from.
Read More: Fuel Pricing Should Serve Public Interest, Not Profit — Yemi Adeoye
He stated, “Only the NNPC can engage in negotiations of this nature. Their partnership with the Dangote Refinery gives them leverage to negotiate from a position of strength.”
Adeoye highlighted that while the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other marketers lack significant influence over prices, the Dangote Refinery prioritizes profitability.
According to him, this makes the NNPC’s negotiations vital, as they are legally required by the Petroleum Industry Act to ensure fuel availability across the country and prevent long queues at gas stations.
Adeoye said, “It is only NNPC that could have gone into that type of negotiation because NNPC is coming to the table from a position of strength because they have a partnership with the Dangote Refinery, and they have other businesses they are supplying crude to, so they can come and say, ‘Look, this has to be this way.’
“The IPMAN and the other marketers cannot do that because Dangote is a profit-making organization; it is not a charity organization. So, the only thing that is important to the Dangote Refinery is to make a profit, which is the same thing that is important to any business.
“So, the NNPC went into these negotiations because it also understands that it is the last resort. In terms of fuel distribution in the country, NNPC is mandated by the Petroleum Industry Act to make sure that there are no queues in the country. So, even if they don’t want to do it, the law mandates NNPC as the supplier, the last resort, to make sure that there is petroleum product across Nigeria.
“That negotiation is such that NNPC took all the calculations in and said, ‘This is a fair pricing that we know we can withstand.’
“Because what NNPC was paying out, which you might call a subsidy or under-recovery, NNPC was paying the difference on behalf of the government, which is under the directive of the president, who has also said he wants to see this situation totally resolved.
“That was why he directed the NNPC to make sure that crude oil to the Dangote Refinery is sold in Naira, because NNPC produces the crude in dollars, and it has to be sold to the Dangote Refinery in Naira, which is good faith.” he added
Ukraine has implemented restrictions on Telegram for government, military, and security personnel, citing national security threats associated with the app, founded by Russian-born Pavel Durov.
The National Security and Defence Council announced in a statement on it’s Facebook page that these limitations will affect all government agencies, military units, and critical infrastructure facilities.
The council emphasized that this measure is essential for protecting national security.
Read Also: Russia Frustrates Ukraine’s Largest Drone Strikes On Moscow
It reads, “The National Security and Defence Council decided to restrict the use of Telegram in government agencies, military formations and critical infrastructure facilities. It is a “matter of national security.”
More to follow………….
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