Author: Grace Alegba

Awards
By Grace Alegba
Lagos, June 3, 2024 (NAN) FirstBank has won two awards by emerging Best SME Bank in both Nigeria and Africa at the Asian Banker Global Excellence Retail Awards 2024.

FirstBank Group Head, Marketing and Corporate Communications, Ms Folake Ani-Mumuney, in a statement on Monday while expressing her delight, dedicated the two awards to the bank’s SME customers.

The Excellence in Retail Finance Awards Programme, which includes the Global Excellence in Retail Finance Awards and the Annual Digital Bank Awards recognise exceptional innovation, leadership, management and performance in the financial sector.

First Bank clinched the awards for meeting needs of medium and small enterprises and offering flexible financing options across the entire lifecycle needs of customer’s business.

Ani-Mumuney said, “We thank the Asian Banker Awards for the recognition and dedicate these awards to our esteemed SME customers that have progressively impacted the socio-economic growth of not just Nigeria but also the African continent, given their critical role as the engine of any economy.

“For 130 years, FirstBank has continued to enable the giants in our customers including our SMEs as well as other stakeholders, and we remain committed to delivering the ultimate ‘gold standard’ of value and excellence.”

She quoted the Asian Banker’s Strategic Business Intelligence for the Financial Services Community to have said “FirstBank demonstrated exceptional performance, notably in its SME sector, by achieving more than 100 per cent revenue growth while maintaining a reduced cost-to-income ratio of 16.5 per cent’’.

“Small and Medium-sized Enterprises contributed 26 per of overall bank revenue.

“Furthermore, the institution’s SME customer base grew by 7 per cent reaching a total of more than one million.

“For its significant growth in the SME business, the award for Best SME Bank in Nigeria and in Africa goes to FirstBank,” she said.

Ani-Mumuney said FirstBank supported its customers by providing exceptional value proposition around each industry sector to create best in class customer engagement.

She said the bank’s integrated platform not only helped businesses grow and reduced operational costs but also facilitated expansion into regional and overseas markets through its Sub-Saharan Africa subsidiaries. (NAN)(www.nannews.ng)
GA/AJA
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Edited by Adeleye Ajayi

Liquidation

By Grace Alegba

Lagos, June 3, 2024 (NAN) The Nigeria Deposit Insurance Corporation (NDIC) says it has started the liquidation process of Heritage Bank with immediate verification and payment of insured deposits to bank depositors.

The News Agency of Nigeria (NAN) reports that the CBN revoked Heritage Bank’s license on Monday.

Mr Bashir Nuhu, Director of Communications and Public Affairs, NDIC, in a statement, said that relevant laws necessitated immediate actions to safeguard depositors’ funds.

“Following the revocation of the banking license of Heritage Bank Plc by the Central Bank of Nigeria (CBN) today, June 3, 2024 and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the liquidator, pursuant to Section 12(2) of BOFIA, 2020,

“The corporation wishes to announce to depositors of the bank in particular and the banking public in general, as follows:

“The NDIC has commenced the Liquidation of Heritage Bank Plc in accordance with Section 55 sub-section 1 & 2 of the NDIC Act 2023

“The corporation has also commenced the liquidation process of the failed bank with immediate verification and payment of insured deposits to the bank depositors.”

He explained the payment options to various categories of the bank’s depositors.

“Depositors of the bank that have alternate accounts within the industry will be paid up to the insured amount of N5 million per depositor using their Bank Verification Number (BVN) to locate their alternate account.

“While depositors with funds in excess of N5 million will be paid liquidation dividend upon realisation of the bank’s assets and recovery of debts owed to the bank,” he said.

Nuhu advised all depositors of the defunct bank without alternate bank accounts in the industry to visit the nearest branch of the bank with proof of account ownership, and verifiable means of identification.

He listed the required documents to include a driver’s license, permanent voter’s card, National Identity Card, together with an alternate account and BVN for the verification of deposits and subsequent payment of insured sums.

He added that depositors could also file online claims by visiting the NDIC website claims page on www.ndic.gov.ng/claims/claims, download and fill the claims forms and upload the required documentation.

He advised creditors to visit the nearest branch of the bank to file their claims or via the online platform.

“Please note that the process of payment of creditors will commence immediately after all depositors have been paid,” Nuhu said.

He advised debtors who had not completed repayment of loans to contact the Corporation’s Asset Management Department (AMD).

“Visit the NDIC website for more details. The NDIC wishes to assure the entire banking public of its commitment to the continued safety of depositors’ funds in all licensed banks.

“As such, depositors are urged to continue their banking businesses without fear as banks whose licenses have not been revoked remain safe and sound,” he said. (NAN)

GA/AWA

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Edited by Olawunmi Ashafa