Category: Economy

Heritage

By Grace Alegba

Lagos, June 5, 2024 (NAN) Customers of the liquidated Heritage Bank Plc gathered at the bank’s headquarters in Lagos on Wednesday, to seek clarification on the beginning of their deposit payments.

A visit by a News Agency of Nigeria (NAN) correspondent on Wednesday revealed that security personnel stationed at the bank’s entrance prevented customers from entering the premises.

Addressing the customers through the gate, an official informed them that payments had begun for savings account holders and would
continue until Friday.

“You don’t need to take any action. NDIC staff are already processing payments. Your money will be transferred to your other account linked with your BVN,” the official assured.

However, corporate account holders were advised to return “next week,” leading to concerns among some who noted that BVN is typically associated with individual accounts, not companies.

The atmosphere remained sombre as customers declined interviews with NAN.

A customer simply stated, “Mine is an entrepreneurship account.”

Efforts by a NAN correspondent to gain entrance were thwarted by security personnel, who referred to the Central Bank of Nigeria’s press release dated June 3, announcing the revocation of the bank’s license, as the response to all inquiries.

CBN revoked Heritage Bank Plc’s license on Monday, citing a breach of Section 12 (1) of BOFIA, 2020, and appointed the Nigeria Deposit Insurance Corporation (NDIC) as the liquidator.

NDIC Managing Director, Mr Bello Hassan, disclosed at a news conference in Abuja that 99 per cent of Heritage Bank depositors had total balances less than N5 million.

He assured that payments would start before the end of the week, with insured benefits capped at N5 million.

According to him, those with deposits exceeding N5 million would be paid after sale of the bank’s assets.

He added that payments would begin before the end of the week. (NAN)

GA/AWA

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Edited by Olawunmi Ashafa

16 vessels to berth at Lagos ports

Vessel
By Aisha Cole
Lagos, June 5, 2024 (NAN) The Nigerian Ports Authority (NPA), on Wednesday, said 16 ships were waiting to berth at the Lagos ports.

NPA, in its “Daily Shipping Position’, said three of the expected vessels would berth with containers of different goods.

“Two of the vessels will berth with cargos, three will berth with fresh fish, another two will berth bulk wheat, while the remaining six vessels will berth bulk gypsum, petrol, diesel and pellet.

“The 16 vessels will berth at Apapa Bulk Terminal (ABT), and ENL Consortium, Eko 1, Greenview Development Nigeria Ltd., terminals in Lagos.

“Another five vessels are waiting to berth at Lekki Deep Sea Port with bulk clinker, diesel, crude and containers,” it said. (NAN)

AIC/CEO/AWA

Edited by Chidi Opara/Olawunmi Ashafa

North -East-Jos-Gombe 330KV line restored -TCN

Power

By Constance Athekame

Abuja,  June 5, 2024 (NAN) The Transmission Company of Nigeria (TCN), says the Jos-Gombe 330 Kilo Volt (kV) Single Circuit Transmission line has been restored.

TCN says bulk supply was restored through the line on Tuesday at 9:37 pm.

Mrs Ndidi Mbah, TCN’s General Manager, Public Affairs said this in a statement in Abuja on Wednesday.

She said that the line now wheels normal load allocation from the National Control Centre (NCC) to transmission substations in the North East.

The manager said it also wheels to distribution load centers for Kano and Jos DisCos to off take and distribute to its customers in the North East.

”We are thankful for every assistance rendered by the governors in the North East and patience displayed by all the affected electricity consumers.

”Our gratitude also goes to the security operatives who always escorted our contractor and staff to the sites of the incidents, as well as the contractor and TCN engineers,”she said.

She said that TCN is appealing to residents in communities hosting or close to power installations to be vigilant, and to report any act or suspicion of vandalism to security operatives.

Mbah said that this would help the company swiftly arrest the situation, so as to preserve our power transmission towers and lines nationwide.(NAN)(www.nannews.ng)

COA/JPE

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Edited by Joseph Edeh

Payment

By Ginika Okoye

Abuja, June 5, 2024 (NAN) The Nigeria Deposit Insurance Corporation (NDIC), says it will begin payment of insured sum to 2.3 million depositors of Heritage Bank in-liquidation within the week.

The Managing Director of NDIC, Mr Bello Hassan, said this while briefing newsmen in Abuja on Wednesday.

The managing director said the move was to engender confidence among depositors to promote financial stability.

He said that 99.9 per cent of depositors of the defunct bank had a deposit balance of less than five million naira while only 4,000 of the depositors had more than five million naira deposit.

Hassan said the bank had deposits worth N650 billion and loans of about N700 billion.

He said the deposits and the loans could be more, adding that the final amount would be known at the end of the liquidation processes.

According to him, customers with Bank Verification Number (BVN) will be paid without verification with the Corporation while those without BVN will visit the nearest NDIC office or website for their verification.

The managing director said that there was no need for depositors to panic as the Corporation would settle all insured deposits.

“NDIC has assumed charge of the Heritage Bank.

“The bank has 116 branches and regional offices and we have deployed close to 400 staff of NDIC to take charge of the assets.

“If you have N100, we will pay you, if you have N5 million, we will pay you, if you have N10 million, we will pay N5 million for now because that is the insured sum.

“Depositors do not need to panic, you will get your monies back.

“We will start payment of the insured sums by this week but it will be difficult for me to give the time frame for the payment of the uninsured deposits,’’ he said.

On challenges of banks’ liquidation, he said the Corporation had experienced difficulties in loans recoveries.

Hassan, however, assured that the Corporation would immediately commence the process to avoid delays.

On litigations, he said the Corporation was ready for any litigation that would emanate from the handover of the bank.

Hassan said the Corporation would rely on support from the judiciary for expedited hearings on any debt recovery case brought by the Corporation.

“When cases are delayed in debt recovery, it is depositors that suffer.

“We believe that the judiciary will give the cases accelerated hearing,’’ he said.

The managing director assured bank customers that the system was safe and sound, saying that they should continue their banking businesses without fear. (NAN) (www.nannews.ng)

GINI/GOM/EEE

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Edited by Gregg Mmaduakolam/Ese E. Eniola Williams

Payment

By Ginika Okoye

Abuja, June 5, 2024 (NAN) The Nigeria Deposit Insurance Corporation (NDIC), says it will begin payment of insured sum to 2.3 million depositors of Heritage Bank in-liquidation this week.

The Managing Director of NDIC, Mr Bello Hassan, said this while briefing newsmen in Abuja on Wednesday.

Hassan said the bank had preliminary deposits of N650 billion and loan worth N700 billion.

According to him, 99.9 per cent of depositors of the defunct bank have a deposit balance of less than five million naira, while only 4,000 of the depositors have more than five million naira deposit. (NAN)

GINI/EEE

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Edited by Ese E. Eniola Williams

Details later

No plan to revoke more bank licences – CBN

CBN Governor,  Yemi Cardoso

Bank

By Kadiri Abdulrahman

Abuja, June 4, 2024 (NAN) The Central Bank of Nigeria (CBN) says it has no plan to revoke the licences of more Deposit Money Banks (DMBs).

The Acting Director, Corporate Communications of the apex bank, Mrs Hakama Sidi-Ali, said this in a statement on Tuesday in Abuja.

Sidi-Ali’s statement was a response to allegations in some quarters of plans to revoke the licences of Unity, Keystone and Polaris banks, following the withdrawal of the operating licence of Heritage Bank on Monday.

“The attention of the CBN has been drawn to some information
circulating in the public domain, suggesting that the CBN is set to revoke the licenses of three additional banks following its regulatory action against Heritage Bank Plc on Monday.

“The CBN unequivocally states that these allegations are false and intended to trigger panic in the financial system.

“The Nigerian financial system remains safe, sound, and resilient.

“Our banks have begun submitting implementation plans for the Banking Sector Recapitalisation Programme in compliance with the Circular reviewing the minimum capital requirements for
Commercial, Merchant, and Non-Interest Banks (CMNIBs),” she said.

She said that the plans were currently being reviewed by the apex bank.

According to her, in addition to enhancing buffers to withstand economic shocks, this proactive measure by the CBN to require CMNIBs to recapitalize, will result in increased capital for Nigeria’s bank.

She said that it would enable them to provide much-needed credit to critical sectors of the economy.

“This will increase the financial system’s contribution to the growth and development of a one trillion dollars Nigerian economy.

“The CBN will like to reassure all stakeholders of its unwavering commitment to ensuring the financial system’s stability.

“Our financial system remains on a solid footing, and the CBN
will continue to take all necessary steps to maintain its safety and soundness,” the director said.

The News Agency of Nigeria (NAN) reports that the CBN had, on Monday, announced revocation of the licence of Heritage Bank Plc with immediate effect.

It said that the action was in accordance with the apex bank’s mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA).

It said that the board and nanagement of the bank had not been able to improve the bank’s financial performance, a situation which constituted a threat to financial stability.(NAN)(www.nannews.ng)

KAE/MNA

Edited by Maureen Atuonwu
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Project

By Martha Agas
Abuja, June 4, 2024(NAN) The Nigeria Customs Service (NCS)’s Trade Modernisation Project (TMP), has been built foolproof against cyber-attacks, its General Manager, Mr Ahmed Ogunshola, has said.

“It is built with the latest security network gadgets to ensure its safety and integrity,” Ogunshola told newsmen during a media tour of the project’s office on Tuesday in Abuja.

He said that the system’s software, described as the Unified Customs Management System (UCMS), has seven layers of security built to resist cyber attacks.

The News Agency of Nigeria (NAN) reports that the customs modernisation project, which has three phases, is a 20-year concession agreement.

It was signed on May 27, 2023 between the Federal Government of Nigeria, represented by NCS Board, and the Trade Modernisation Project Ltd.

TMP is the automation of the business processes of the NCS to simplify and enhance the experience of stakeholders in the trade value chain.

It is expected to ease export and import clearances in paying duties and obtaining releases of good.

Ogunshola said that the project was incorporating high level of security for its operations.

“We are operating seven layers of security in terms of building the software to be deployed.

” We are working with one of the leading cyber security firms in the world to ensure the safety of the software.

“ We are doing code level cyber security analysis of the software as well.

“Before any code that is written for the software is pushed into the software, it analyses and assesses it.

“We are working towards the ISO 27001 information security standard; that is the highest you can get in the world,” he said.

He expressed confidence in its cybersecurity framework and other security measures put in place to ensure the safety of the software.

He added that the measures were also extended to its hardware and other reporting systems, to guarantee their safety.

According to him, the UCMS is an interactive platform that will help in checking fraudulent activities in trade operations, as traders can monitor all the processes using the software.”

“ We have made significant progress with respect to the deliverables of the project.

“ We believe that by the end of the project, NCS will be a pride among its peers.

“This will bring Nigeria Customs fully into the 22nd century to ensure that it earns its place of pride among customs administrations around the world,” he said.

Also speaking, the National Public Relations Officer of NCS, Abdullahi Maiwada, said that the media tour was aimed at showcasing the efforts of the service in implementing its modernisation project.

He said that the move was to update the media and other stakeholders on the efforts of NCS in facilitating ease of doing business through the project.

” The goal is to improve efficiency in services,” he declared. (NAN)(www.nannews.ng)
MAA/ETS

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Rescue
By Martha Agas
Abuja, June 4, 2024 (NAN) The Federal Government has rescued seven persons at a collapsed mining site, which occurred on Monday in Galadima Kogo, Shiroro Local Government Area (LGA) of Niger State

The Minister of Solid Minerals Development, Dr Dele Alake, said this in a statement issued by his Special Assistant on Media, Segun Tomori on Tuesday in Abuja.

He said that first responders had already been deployed to the scene of the incident, adding that the rescue mission was in collaboration with the mining company.

The News Agency of Nigeria (NAN) reports that 30 people were said to be trapped in the pit in a mining site operated by African Minerals and Logistics Ltd.

NAN further reports that Alhaji Abdullahi Arah, the Director-General of the Niger State Emergency Management Agency (NSEMA), had said that the cause of the collapse was as a result of the heavy downpour which softened the soil.

The minister said that the swift action was a demonstration of the commitment of the government to mitigate the adverse impact of the incident, and rescue those still trapped in the rubble.

“Upon learning of the incident, we mobilised our Federal Mines Officer (FMO) and officials of the Mines Inspectorate to the site.

“In collaboration with the mining company, we have rescued seven victims, some with injuries. Rescue operations with excavators are ongoing to ensure we avert loss of lives,” he said.

According to the statement, the minister recently announced a policy on the mandatory arrangements of remedial measures for mining pits as part of the criteria for applying for mining licences.

The move was aimed at minimising incidents such as the collapse of the mining site in Niger.

It said that the minister was actively monitoring the situation at the mining site

He assured Nigerians of the Federal Government’s resolve to investigate the remote causes of the disaster to prevent a recurrence. (NAN) (www.nannews.ng)
MAA/EEE

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Edited by Ese E. Eniola Williams