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NDIC to Pay First Tranche of Liquidation Dividends to Heritage Bank Depositors in April

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The Nigeria Deposit Insurance Corporation (NDIC) says it would begin the payment of the first tranche of liquidation dividends to depositors of Heritage Bank from April.

It would be recalled that Heritage Bank operating licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024.

The Managing  Director of NDIC, Mr Bello Hassan, said this on Wednesday at the NDIC Special Day at the ongoing 36th Enugu  International Trade.

Represented by Mrs Pamela Robert, South-East Coordinator of NDIC, Hassan said that NDIC was in collaboration with the CBN to maintain stability in the banking sector, enforce compliance with banking regulations and exercise effective oversight over insured deposit-taking institutions.

According to him, NDIC have commenced preparations to pay the first tranche of liquidation dividends this month of April.

“I wish to reassure all depositors that the NDIC has the financial and operational capacity to fully reimburse all depositors as recoveries are made,” he said.

Hassan said that the approach of paying insured deposits while concurrently realising assets and recovering loans ensured that no depositor was left behind.

The managing director emphasised that as more recoveries were made, subsequent tranches of liquidation dividends would follow.

“Our record in bank liquidation is reassuring. NDIC has successfully declared fully liquidation dividends to depositors of 20 previously failed banks.

“This reflects our unwavering commitment to depositor protection and our proven capacity to manage bank failures effectively.

“Therefore, I urge depositors of closed banks, particularly Heritage Bank, who have not yet received their payments, to come forward and provide necessary documentation supporting ownership of the account.

These, he said, included the Bank Verification Number (BVN), and alternate bank account number for payment of the insured sum.

“Claims can be submitted through our website, email, social media platforms, or by visiting any of our Zonal Offices,” he said.

He said that the NDIC had consistently played a crucial role in maintaining financial stability by ensuring depositors receive prompt compensation when banks failed.

“A recent example is the revocation of Heritage Bank’s operating license by the CBN.

“In line with its statutory mandate, the Corporation immediately began liquidation process, including verification and payment of insured deposits of up to a maximum of ₦5 million per depositor within four days.

“This swift action has enabled the payment of insured amounts to the majority of the bank’s depositors using their BVN as a unique identifier to locate their alternate accounts for payment.

“Those yet to be paid are largely depositors without BVNs or alternate accounts in other banks, or those with Post-No-Debit (PND) restrictions.

“Some accounts also have KYC issues, such as Tier 1 limits or name mismatches, while a few depositors may be unaware that payments have been made due to lack of transaction alerts on the alternate accounts,” he added.

Chief Odeiga Jideonwo, the President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) commended  NDIC for its operations.

The president however, called on the corporation to improve on its level of compensation paid to depositors when banks went under.

“It is indeed a big challenge and we hope that the NDIC would increase the percentage of money paid to depositors depending on the total amount of deposit each customer has in the bank,” Jideonwo said.

He also pleaded that the CBN through its regulatory framework should make the work of NDIC easier by ensuring that chances of bank failure was reduced to the barest minimum and guard against depositors going through this negative experience. (NAN)

NEWS

Uduaghan: Bayelsa, South-South Govs Condole With Delta, Family

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Bayelsa State Government and the South-South Governors Forum (SSGF) have extended their condolences to the government and people of Delta State on the passing of a former governor of the state, Dr. Emmanuel Eweta Uduaghan.

They also commiserated with the Uduaghan family, his wife, Deaconess Roli Uduaghan and their children, on the painful loss.

Dr.

Uduaghan died on Monday, October 19, 2026 aged 71.

In a statement issued by his Chief Press Secretary, Daniel Alabrah, the Bayelsa Governor, Senator Douye Diri, who is also chairman of the SSGF, said the state and the South-South governors received the news with a profound sense of sorrow.

They described Uduaghan as an exceptional public servant, who was committed to the transformation of Delta State before, during his time as governor and after he left office.

“On behalf of the government and people of Bayelsa State and the South-South Governors Forum, I extend our deepest condolences to our brother-governor, Rt. Hon. Sheriff Oborevwori, and the people of Delta State over the death of Dr. Emmanuel Uduaghan.

“We also express our heartfelt sympathies to the entire Uduaghan family, his wife and children.

“The late former governor was reputed as an exceptional public servant, a consummate bridge-builder and a gentleman.

“His shining legacies, remarkable leadership and people-centred governance style endeared him to many in Delta State and beyond.”

Governor Diri prayed that the Almighty God comfort the family and the people of Delta State at this moment and grant them the fortitude to bear the loss.

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Economy

Delta Tops States in Liquidity Rating, Says Tilije

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From Francis Sadhere, Delta 

Delta State has emerged as the best-performing state in liquidity rating among Nigeria’s 36 states, Commissioner for Finance, Sir Fidelis Okenmor Tilije, has disclosed.

Tilije attributed the development to fiscal discipline, improved internally generated revenue and prudent management of public funds by the administration of Governor Sheriff Oborevwori.

The commissioner made the disclosure during a meeting with management and staff of the Ministry of Finance in Asaba, where he outlined the financial policies and strategies supporting the state government’s development agenda.

He said the administration’s M.O.R.E Agenda had strengthened the state’s financial position through responsible borrowing practices, revenue diversification and reforms designed to improve public financial management.

According to him, Delta State is currently financing its 2026 procurement cycle and implementing major projects across the road, bridge, healthcare and education sectors without taking on new loans.

Tilije described the government’s zero-borrowing approach as a deliberate fiscal policy aimed at meeting development needs with available resources while preventing the accumulation of additional debt.

He explained that the expansion of the state’s revenue base, particularly through non-oil economic activities and improved internally generated revenue, had contributed significantly to its financial stability.

The commissioner stressed that the increase in IGR was not achieved through higher tax rates but through reforms that strengthened revenue collection, widened the tax net, improved compliance and checked leakages.

He added that the government was also working towards introducing more economically sustainable empowerment programmes to improve livelihoods, stimulate economic activities and create greater opportunities for residents.

On workers’ welfare, Tilije said the state had maintained regular salary payments to more than 60,000 public servants, with salaries consistently paid between the 24th and 25th of every month.

He also cited the institutionalisation of the 13th-month salary for public servants as evidence of the administration’s commitment to workers’ welfare and financial security.

In the health sector, the commissioner said the government had sustained free medical services for pregnant women and children below five years of age in government hospitals.

He noted that efforts were also ongoing to upgrade primary healthcare centres across the state to improve access to essential medical services.

Tilije assured residents that the administration would continue to prioritise fiscal responsibility, infrastructure development and investment in human capital, maintaining that prudent management of public resources remained central to achieving its development objectives.

He urged Deltans to support Governor Oborevwori’s re-election bid in 2027, expressing confidence that a continuation of the administration would enable it to consolidate its achievements and pursue further development across the state.

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NEWS

Adeniyi, JAMB Registrar Seek Operational Synergy

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By Tambaya Julius, Abuja

The Nigeria Customs Service (NCS) and the Joint Admissions and Matriculation Board (JAMB) are considering areas of cooperation to improve their operations and strengthen service delivery.

The Comptroller-General of Customs, Adewale Adeniyi, received the JAMB Registrar, Professor Segun Aina, and his delegation at the Service’s Operational Headquarters in Maitama, Abuja, on Friday, October 16, 2026.

During the meeting, Adeniyi praised JAMB for its progress over the years, particularly its use of technology, timely release of examination results and improved placement of candidates into tertiary institutions.

He said the Board’s adoption of technology had made its operations more efficient and improved the process of placing candidates in higher institutions.

“The improvement JAMB has recorded over the years, particularly through the integration of technology into its operations, is commendable,” Adeniyi said.

He expressed confidence in Aina’s ability to sustain the gains and urged the Board’s management team to support his leadership.

The Customs chief also welcomed JAMB’s offer to make its electronic facilities available to the Service.

He explained that Customs officers serving across the country sometimes need designated centres to sit examinations and carry out other official activities.

He said access to the facilities would make it easier for the Service to organise such exercises when necessary.

On JAMB’s request for operational vehicles, Adeniyi acknowledged the importance of transportation to the Board’s nationwide activities.

He said the Service would explore possible ways to assist, depending on available resources and the applicable framework.

Aina said the visit was aimed at establishing a working relationship between the two organisations and identifying areas of mutual support.

“We want to formally come and introduce ourselves. We recognise the important work the Nigeria Customs Service is doing and are aware of the operations you carry out,” he said.

The JAMB registrar disclosed that the Board serves about five million people annually, operates Computer-Based Test (CBT) centres across Nigeria and conducts examinations in more than 15 countries.

He added that JAMB provides electronic services to government agencies and professional bodies, noting that its nationwide operations require adequate vehicles to reach communities, including local government areas, for candidate verification and monitoring of examination standards.

Aina stressed that effective transportation was necessary to ensure proper supervision, protect the integrity of examinations and maintain compliance with established procedures.

Both organisations expressed their willingness to explore practical areas of cooperation, share available resources and support each other in addressing their operational needs.

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