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NDIC Liquidates Aso Savings, Union Homes, Pays N2m Deposits

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By Tony Obiechina, Abuja

The Nigerian Deposit Insurance Corporation (NDIC) exercised its appointment as the liquidator of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc following the revocation of the licenses by the Central Bank of Nigeria (CBN) yesterday.

The corporation stated that its appointment as the liquidator of the defunct mortgage banks was in line with the provisions of Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020.

It maintained that in view of the development, it had commenced the liquidation process for Aso Savings and Loans Plc and Union Homes Savings and Loans Plc with the verification and payment of insured deposits to depositors based on some processes.

The NDIC stated on Verification and Payment processes that depositors of the two defunct mortgage banks would be paid their insured deposits up to the maximum amount of N2,000,000 per depositor, using the Bank Verification Number (BVN) as a unique identifier to locate their alternate bank accounts, into which the insured sums will be automatically credited.

It clarified that depositors with balances in excess of N2,000,000 would be paid the initial insured amount, while their outstanding balances would be settled as liquidation dividends upon the realisation of the assets and recovery of debts owed to (of) the failed banks.

To ensure this, the NDIC hinted that it would commence the sale of the banks’ assets and continue recovery of outstanding loans in order to expedite payment of uninsured sums.

On submission of claims by depositors, the corporation stated that verification and processing of depositors’ claims may be carried out online or physically.

Specifically, it advised depositors to submit their claims online by visiting the NDIC claims portal at https://ndic.gov.ng/claims-verification-forms/completing the digital claims form with all required information, and clicking the “Submit” button, adding that depositors who prefer physical verification should visit the nearest branch of the closed banks between Tuesday, December 16, 2025 and Thursday, December 30, 2025, where NDIC officials will be available to attend to them.

The NDIC further clarified: “For verification of deposits and subsequent payment of insured sums, depositors are required to present Proof of account ownership; A verifiable means of identification (Driver’s License, Permanent Voter’s Card, or National Identity Card); and Details of their alternate bank account and Bank Verification Number (BVN).

On activation of transaction alerts, it advised the depositors to ensure that transaction alerts are activated for their alternate bank accounts in order to receive notifications of payments. Where alerts are not active, depositors may check their account balances using their bank’s USSD codes or by visiting their bank branches.

This is even as it advised creditors of the closed banks to submit their claims online or by visiting the nearest branch of the banks between Tuesday, December 16, 2025 and Thursday, December 30, 2025, assuring that in accordance with the provisions of the law, payment of liquidation dividends to creditors will commence after all depositors have been fully paid.

In addition, the Corporation stated payment to the defunct banks’ staff would be made after the full payment to all depositors, from the proceeds of the sale of the banks’ assets, as liquidation dividends.

On payments to the affected banks’ shareholders, the NDIC promised that after the full payment to depositors and creditors, the shareholders shall subsequently be paid from further realisation of the banks’ assets and the recovery of outstanding debts, as liquidation dividends.

It advised debtors of the defunct banks to visit the Corporation’s Asset Management Department to ensure the settlement of their indebtedness in full.

NEWS

Information Minister Backs NIPSS Plan to Unlock Nigeria’s Orange Economy Potential

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By David Torough, Abuja

The Federal Government has pledged its support for the National Institute for Policy and Strategic Studies (NIPSS) to harness Nigeria’s Orange Economy as a driver of job creation, entrepreneurship, economic diversification and sustainable development.

The Minister of Information and National Orientation, Mohammed Idris, made the commitment on Tuesday in Abuja when the Director-General of NIPSS, Prof.

Ayo Omotayo, led a delegation from the institute on a courtesy visit.

The meeting focused on the research being undertaken by participants of NIPSS Senior Executive Course 48 and plans for a National Summit and Exhibition on the Orange Economy.

Idris commended NIPSS for choosing the creative economy as the focus of its research, describing the sector as a significant opportunity to diversify Nigeria’s economy, create jobs for young people and promote sustainable prosperity.

“I want to commend NIPSS for this initiative of examining the Orange Economy and entrepreneurship for sustainable development,” the minister said.

He assured the delegation that the Ministry and its agencies would support both the research and the proposed summit. According to him, effective communication would be essential to ensuring that Nigerians and the international community understand the opportunities available in the creative economy.

“This Ministry is essentially about taking information to the public and taking it back from the public. It is a two-way thing,” Idris said.

The minister also highlighted the role of the National Orientation Agency (NOA), which has a nationwide presence, in gathering feedback on the views, needs and aspirations of Nigerians at the grassroots.

He said President Bola Tinubu’s administration remained committed to listening to citizens and adjusting policies and programmes where necessary in the national interest.

“The first question the President asks whenever I sit with him is: ‘What are Nigerians saying?’” Idris said.

To strengthen coordination, the minister said the Ministry would designate an official to work with NIPSS as preparations for the proposed summit advance.

Omotayo said NIPSS was seeking the Ministry’s partnership in its research and the planned national summit, which is expected to examine how the Orange Economy can contribute to Nigeria’s economic transformation and the administration’s ambition of building a trillion-dollar economy.

He said participants in Senior Executive Course 48 had conducted research visits across Nigeria and to several countries to examine how creative industries are being developed and leveraged for economic growth.

The proposed summit, he added, would bring together government representatives, creatives, entrepreneurs, investors and other stakeholders to explore opportunities across the sector.

“The Orange Economy is a very huge sector. We have identified about 48 subdivisions, and we believe the summit will bring out the potentials in every sector,” Omotayo said.

According to the NIPSS Director-General, Nigeria’s growing creative and digital industries have considerable potential to tackle youth unemployment while creating new avenues for entrepreneurship, investment and wealth creation.

Idris reaffirmed the Ministry’s commitment to working with NIPSS and other strategic institutions to turn research and policy ideas into practical opportunities for Nigerians, particularly young people, while strengthening the country’s position in the global creative economy.

The meeting was attended by senior government officials and representatives of NIPSS and the private sector, including Permanent Secretary of the Federal Ministry of Information and National Orientation, Dr. Binyerem Ukaire; former Minister of Information and Culture, Alhaji Lai Mohammed; and other officials.

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NEWS

First Bank Backs 10th Calabar Entertainment Conference, Festival

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First Bank has renewed its partnership with the Calabar Entertainment Conference and Festival (CECF) as the event’s official banking partner for the second consecutive year.

Hit FM, Cross River’s radio station and organiser of the festival, disclosed this in a statement on Tuesday.

According to the statement, the renewal underscores First Bank’s commitment to supporting Nigeria’s creative economy and platforms that promote innovation, entrepreneurship and sustainable economic growth.

The CECF, now in its 10th edition, brings together stakeholders in the creative and entertainment industries, including policymakers, business leaders, investors, artists, media professionals, content creators and young entrepreneurs.

The platform is designed to explore opportunities and challenges shaping the future of Africa’s creative sector.

The statement said First Bank would participate as a Platinum Sponsor of the two-day event through “First@Arts”, its initiative supporting the arts ecosystem in Africa.

It said the initiative provides funding, visibility and capacity-building support to artists, curators, galleries, festivals and cultural institutions.

According to the statement, First@Arts also seeks to preserve African heritage, promote creative enterprise and position the arts as a driver of economic growth and cultural diplomacy.

Patrick Ugbe, Executive Producer of CECF and Chief Executive Officer of Hit FM, described First Bank’s continued partnership as a vote of confidence in the festival’s vision.

“Having First Bank return as our official banking partner for the second consecutive year is both an honour and a vote of confidence in what we are building.

 “Beyond sponsorship, this partnership reflects a shared belief that the creative industry is a powerful driver of economic development, job creation, youth empowerment and national growth,” Ugbe said.

He said the organisers were pleased to continue the partnership with the bank, whose legacy spans more than 132 years.

Olayinka Ijabiyi, Group Head, Marketing and Corporate Communications, First Bank, said the renewed partnership aligned with the bank’s strategic focus on supporting the creative economy.

“At First Bank, we remain committed to enabling success and creating value for our customers and the communities we serve.

“Our continued partnership with the Calabar Entertainment Conference and Festival aligns with our strategic focus on supporting the creative economy by providing platforms that inspire innovation, encourage entrepreneurship and unlock opportunities for sustainable growth,” Ijabiyi said.

He said the bank would continue to support the creative arts ecosystem through First@Arts.

The organisers said the two-day festival would feature keynote addresses, masterclasses, panel discussions and networking sessions aimed at strengthening collaboration across the creative value chain.

They added that the event would further promote Cross River as a destination for creative exchange, cultural tourism and entertainment business in Africa. (NAN)

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Adeleke, ASUU Differ over Tenure Extension for UNIOSUN VC

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The Osun State Government has urged members of the Osun State University community to refrain from actions capable of creating needless tension in the institution, as the national leadership of the Academic Staff Union of Universities moved against the decision to extend the tenure of the institution’s Vice-Chancellor, Prof.

Clement Adebooye.

The government, in a statement signed by the state Commissioner for Information and Public Enlightenment, Kolapo Alimi, obtained in Osogbo on Tuesday, faulted ASUU’s position on the two-year tenure extension recently announced for Adebooye.

ASUU had, in a communiqué issued after an emergency National Executive Council meeting held in Abuja on Saturday, September 5, declared that Adeleke’s extension of Adebooye’s tenure by two years violated the provisions of the university law.

The union subsequently mandated its UNIOSUN branch to mobilise and respond courageously to the alleged “flagrant violation of the Miscellaneous Act as amplified in the 2025 FGN-ASUU Agreement.”

The group also constituted a visitation team to the UNIOSUN branch to interact with the university administration, Governing Council and the Visitor, “in a bid to address the infraction on the two (2) years extension of the tenure of the Vice-Chancellor within two (2) weeks.”

Reacting to ASUU’s move, the government said it respected the right of every recognised staff union of the university to express its views on matters concerning the welfare and administration of the institution.

It, however, stated that the governance of Osun State University was regulated by the law and clearly defined statutory responsibilities of the Visitor, the Governing Council and other organs of the university.

It also said it was necessary to correct the impression that the decision concerning the Vice-Chancellor’s tenure was taken arbitrarily or outside the framework of due process.

“In the first place, the current tenure of the Vice-Chancellor subsists until January 2027, so the government has not taken any retroactive decision with respect to the tenure of the Vice-Chancellor. The decision by His Excellency, Senator Ademola Nurudeen Jackson Adeleke, as Visitor to Osun State University, must be understood within the context of the constitutional and statutory responsibilities of the Visitor and the subsequent legislative intervention by the Osun State House of Assembly.

“Following the Visitor’s decision, the State Legislature commenced the process of amending the Osun State University Establishment Law to provide the necessary statutory framework for the tenure extension. The amendment was subsequently considered and passed by the House of Assembly after legislative consideration of the relevant provisions.

“It is therefore inaccurate to portray the matter as though the Visitor acted in isolation or that the University’s governing framework has been disregarded. The Visitor cannot be said to have acted outside the law where the competent legislative authority has exercised its constitutional legislative function to amend the enabling law,” the statement read.

The government cautioned against attempts to create an unnecessary atmosphere of crisis, illegality or institutional instability around a matter that had been subjected to the appropriate governmental and legislative processes.

“No staff union, including ASUU, has the statutory authority to teach the Visitor or the Governing Council how to exercise powers lawfully vested in them. The University is governed by its enabling law, and not by the unilateral interpretation of any union or pressure group. It is also pertinent to state that the Governing Council remains the appropriate statutory organ for matters within its jurisdiction, just as the Visitor exercises the powers assigned to that office by the enabling framework of the University. Staff unions are important stakeholders, but they are not substitutes for these statutory organs.

“The Governor consequently urges all members of the University community to refrain from actions, statements or mobilisations capable of creating needless tension in an institution that has remained focused on its core mandates of teaching, research, innovation and community service,” the statement further read.

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