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JUST IN: NDIC Gives N5m Each To Defunct Heritage Bank Customers

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The Nigeria Deposit Insurance Corporation says it has disbursed the insured deposits of N5 million each to 82.36 per cent of the total customers of the defunct Heritage Bank.

It also noted that 17.64 per cent of the insured deposits still pending payment mainly belong to depositors with accounts that have Post-No Debits instructions or lack a Bank Verification Number.

This was disclosed in a statement signed by the Director, Communication and Public Affairs, Bashir Nuhu, on Sunday in Abuja.

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On June 3, 2024, the Central Bank of Nigeria revoked the banking license of Heritage Bank Plc due to persistent financial instability and regulatory breaches.

READ ALSO: How Buhari Blocked My Bid To Purchase Oil Field – Elumelu

The decision, according to the apex bank, is in line with the CBN’s mandate under Section 12 of the Banks and Other Financial Institutions Act 2020, which aims to maintain a stable financial system in Nigeria.

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Following the withdrawal of Heritage Bank’s licence, the NDIC stated that it would begin payment of the 2.3 million depositors of the bank.

Giving an update in the statement issued on Sunday, the director disclosed that disbursement to affected customers started four days after the liquidation.

He added that this feat was achieved using Bank Verification Numbers as a unique identifier to locate depositors’ alternate accounts in other banks.

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READ ALSO: NDIC Announces Date For Refund Of Heritage Bank Customers

The statement read in part, “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.

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“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.”

For depositors with more than N5m, the director explained that the remaining balances (classified as uninsured deposits) would be paid as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed to the defunct bank.

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.

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“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.

 

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Oba of Benin Renews Bond With Ancestral Relations, Nigerians During Emorhọ Feast

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The palace of the Oba of Benin was agog with activities during the 2025 Emorhọ fest, declared by Omo N’Oba N’Edo Uku, Uku Akpolokpolo, Ewuare II, Oba of Benin as part of activities to mark the ancient Emorhọ, otherwise known as the ‘New Yam Festival’.

Oba of Benin, who reenacted the age-long festival, renewed the bond that exist between him and his ancestral relations from Issele-Uku in Aniocha North Local Government Area of Delta State at the event, which attracted dignitaries, including Benin people, indigenes and non-indigenes across Edo State.

Members of the Benin Royal family, Edionwere (village heads), youth leaders across the various communities in Benin, market women group, palace chiefs, traditional priests and priestesses in Benin, were also in attendance.

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READ ALSO:Oba Of Benin Declares Two-week Fasting, Prayer For Edo

A special prayer offered on behalf of the palace by Chief Enorense Ozigbo-Esere, the Osuma of Benin, paved the way for the commencement of the feast, where Secretary to the Benin Traditional Council, Frank Irabor, welcomed guests and highlighted the essence of the gathering.

Speaking in an interview, Oba Ewuare younger ancestral relations from Issele-Uku led by Chief Michael Odiakosa, expressed delight for the privilege to be part of the historic celebration.

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He explained the relationship between Benin and Issele-Uku, reaffirming that, “Issele-Uku is an extension of Benin Kingdom. We are all descendants of Benin. So, we are at home”.

READ ALSO:Oba Of Benin Ushers In ‘Emorọ’

We are in a safe place. We came to celebrate the festival with our father, the Omo N’ Oba, and we are happy to be here”, Odiakosa said.

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On his part, 99-year-old Pa. Paul Osarumwense Oyemwen, the Odionwere of Orior-Ozolua community in Uhunmwode LGA who thanked the Oba for the gesture, said the festival is not new in Benin and it’s devoid of sacrifices.

Expressing her appreciation to the Oba of Benin, the ‘Edo markets leader’, Pastor (Mrs) Josephine Ibhaguezejele, noted that members of the group have been waiting anxiously for the opportunity to partake in the yearly festival, while praying God that the blessings of the festival to transform lives.

Also speaking, Pa. Daniel Osunde, the Odionwere of Idumwun-owina, N’ Iyeke-orhiomwon, also prayed for the Oba and thanked the first Class traditional ruler for his foresight.

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Excited guests in their numbers were fed with African delicacy, amid dancing and jubilation, while members of Isikhian women group who gave a good account of their stewardship, were not left out in the celebration by the Oba who rewarded them with cash gift and other items in acknowledgement their duties in Benin.

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Okpebholo Poised To Surpassing People’s Expectations — Edo Deputy Gov

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Edo deputy governor, Hon Dennis Idahosa has assured that the Governor Monday Okpebholo-led administration is poised to surpass the expectations of the people of the state in terms of campaign promises fulfilment.

Idahosa said that the administration had hit the grand running right from the day of inauguration by identifying and prioritising the key areas of the SHINE agenda for implementation.

A statement by Mr Friday Aghedo, Chief Press Secretary to the deputy governor, said Idahosa spoke when he received the prestigious Peace Ambassador Award from the International Association of World Peace Advocates (IAWPA).

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The award ceremony held at the deputy governor’s office during a courtesy visit by the leadership of the IAWPA led by the President, Amb. Per Stafsen, the South-South Coordinator/Edo state Director, Amb. Amos Areloegbe, and other zonal representatives.

READ ALSO:Okpebholo Warns Companies Against Fuelling Edo–Delta Boundary Dispute

“We pray, by the grace of God, Edo State will surpass the expectations of the people when we are through with our tenure,” he declared.

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Idahosa described the recognition as a source of pride, not just for him, but for the Governor Monday Okpebholo-led administration.

Governor Okpebholo is a man of peace, and his government stands firmly for peace. This award is a validation of his unwavering commitment to building a safe and harmonious Edo State,” he said.

The Deputy Governor emphasized that peace and security remain central pillars of the government’s five-point SHINE agenda, noting that collaboration with traditional institutions, religious leaders, and civil society organizations has been vital in sustaining stability across the state.

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Peace is extremely important in any society. Where there is peace, there is security; where insecurity prevails, peace cannot exist.

“This recognition today strengthens our resolve to continue being ambassadors of peace,” Idahosa stated.

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On his part, Amb. Amos Areloegbe noted that IAWPA, a United Nations–certified body aligned with the 17 Sustainable Development Goals (SDGs), deliberately chose Edo State to commemorate the International Day of Non-Violence on October 2.

According to him, “Edo State remains one of the most peaceful states in the federation, hence our choice to celebrate here.”

The investiture was hailed by observers as not only an honour to Idahosa but also as an acknowledgment of Edo’s growing reputation as a bastion of peace under Governor Okpebholo’s leadership.

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Ogoni Women Protest Resumption Of Oil Production, Demand Accountability In $1Bn Cleanup Funds

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Ogoni women drawn from all works of life have come out to protest against the resumption of oil production in the area without proper negotiation.

The women expressed anger over the non-transparent nature of the entire oil resumption exercise, accusing the government of attempting to manipulate them into giving up on their demands as expressed in the Ogoni Bill of Rights (OBR).

The women further demanded that the Nigerian government account for $300million Ogoni infrastructure development fund which is alleged to have been diverted by some key government personalities in alliance with some Ogoni leaders.

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They further demanded accountability for the $1Billion Ogoni cleanup funds which they said is a failed project.

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The women, who marched on the streets of Bori, the traditional headquarters of Ogoni, accused the government of neglecting the core demands of the Ogoni people including the demand for the creation of a Bori State and compensation for livelihood losses due to decades of devastating oil spills in the lands.

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“We lost everything, crops, drinking water sources, food and farming lands and we now live with strange illnesses which ultimately will lead to our death. No one is interested in all that. The only thing the government is interested in is our oil resources. We reject the insensitivity of the government and we want to be heard”; one of the protesters who pleaded anonymity told Ogoninews.

Another speaker, Mrs Helen Huoma said the plot to resume oil production in Ogoni is deceptive.

“The oil industry people are always lying. They will tell us something and do another. When we ask our MOSOP leaders, they tell us they know nothing about what the government and the oil industry are doing. It’s all a bunch of confusion and deceit. We will resist this move because we paid heavily to give Ogoni a name and the pride it has today”

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A woman identified as Janet from Gokana Local Government Area alleged that the Nigerian government has never been interested in the welfare of the Ogoni people.

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She alleged that the government had only been interested in the oil and after that, they appeased political leaders with contracts to suppress local residents.

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“All they do is deceive the Ogoni people and we continue to suffer in the midst of abundant natural resources. If they can divert $300million, then how can we trust them? Before we start, let them account for the $300 million and the cleanup program which, at least, should have solved some basic problems.”

The Nigerian President, Bola Ahmed Tinubu had recently directed the National Security Adviser, Nuhu Ribadu to engage the NNPC Limited and work out modalities for the resumption of oil production in Ogoni. This directive followed a meeting with some Ogoni leaders in Aso Rock, Presidential Villa.

The president had also recently granted pardon to the Ogoni nine including Ken Saro-Wiwa and to four Ogoni leaders who were murdered on May 21, 1995. The Abacha regime had blamed Ken Saro-Wiwa for the murders and executed him along with 8 others on November 10, 1995 despite global outcry acknowledging their innocence.

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Following the executions, a United Nations fact finding team visited Nigeria. The team acknowledged that the entire trial process was flawed and noted that Nigeria did not even follow the minimal prescription of its own laws in the conduct of the trial.

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