COVER
NDIC Summons Depositors for Bank Liquidation Dividends
By Tony Obiechina, Abuja
The Nigeria Deposit Insurance Corporation, NDIC, has again enjoined depositors, creditors and shareholders of 20 closed banks to come for verification and payment of liquidation dividends.
Managing Director/ Chief Executive of the Corporation, Mr.
Bello Hassan, made the call at the ongoing Lagos International Trade Fair.He said, “While depositors of Deposit Money Banks, DMBs, Primary Mortgage Banks, PMBs, Non Interest Banks, NIBs, Payment Service Banks, PSBs and subscribers of Mobile Money Operators, MMOs are currently insured up to maximum limit of N500,000 per depositor per bank, those of MFBs are guaranteed up to a maximum limit of N200,000 per depositor per bank,” he said.
The Managing Director who was represented by Mr Bashir Nuhu, Director of Public Affairs and Communication, explained further, “While the insured limits are periodically reviewed by the Board of the Corporation to ensure that the majority of depositors are covered, it is important to add that depositors who have balances in excess of the insured sums are regularly paid the excess as liquidation dividends, which often extends to creditors and shareholders of the banks.”
He added that the Corporation has recorded significant achievements in the area of bank liquidation and recently had repeated its call to depositors of twenty closed banks in which it has declared full (i.e. 100%) liquidation dividends to come forward for verification and payment of their deposits that are in excess of the guaranteed sums, otherwise called “liquidation dividends”.
According to Mr Hassan, the affected Banks are, ABC Merchant Bank Limited; Allied Bank of Nigeria; Alpha Merchant Bank Plc.; Amicable Bank of Nig. Limited; Commerce Bank; Commercial Trust Bank Limited; Continental Merchant Bank Plc.; Cooperative & Commerce Bank Plc.; and Eagle Bank.
Others are, Financial Merchant Bank Limited; Icon Limited (Merchant Bank); Ivory Merchant Bank; Kapital Merchant Bank Limited; Mercantile Bank of Nig. Plc.; Merchant Bank of Africa Limited; Nigeria Merchant Bank Plc; Pan African Bank Limited; Premier Commercial Bank Limited; Progress Bank of Nigeria; and Rims Merchant Bank Limited.
According to the Managing Director, “Similar notices were also sent to Creditors of seven DMBs in-liquidation as well as depositors and ex-staff of Eurobank Savings & Loans, Okporo MFB and Eurofield MFB.’’
Veritas Kapital Assurance Plc has reported an eight percent rise in Gross Written Premium to N13.6 billion in the first half of the year.Managing Director of Veritas Kapital Assurance, Dr. Adaobi Nwakuche disclosed this in a statement on Wednesday in Lagos.Nwakuche said the performance reflected strong market presence and effective distribution channels.
She noted that Net Insurance and Investment Income surged by 244 per cent to N5. 2 billion, from N1.52 billion recorded in the full year 2024.According to her, Profit After Tax reached N3.2 billion, already surpassing the company’s total earnings for the full year 2024.“These results affirm the strength of our values-driven model, built on our people’s dedication, a clear strategy, and unwavering focus on customer value,” she said.Nwakuche said Total Assets rose by 11 per cent to N37 billion from N33.1 billion in 2024, showing improved financial health and operational efficiency.She added that shareholders’ funds increased to N15.1 billion from N11.92 billion in 2024, underscoring investor confidence and sound governance.“This performance is the result of disciplined underwriting, investment optimisation, expanded digital capabilities, and strong customer-focused service delivery.“The H1 2025 results go beyond growth. They show Veritas Kapital’s evolving role as a partner in progress, delivering solutions relevant to individuals, businesses, and communities. “Each figure tells a story of protection delivered, promises honoured, and futures secured. We are building trust, not merely growing profits,” Nwakuche said.She added that as Nigeria adapts to new economic realities, Veritas Kapital is charting a course defined by agility, innovation, and intentionality.The company, she said, is investing in digital access, claims responsiveness, and talent development, while reinforcing its core values of integrity, transparency, and service.
By Tony Obiechina, Abuja
The Federal Government has released funds for the disbursement of N5.12 billion in pension arrears to 90,689 Defined Benefit Scheme (DBS) pensioners under the Pension Transitional Arrangement Directorate.This was contained in a statement by the Head of Corporate Communications of PTAD, Olugbenga Ajayi.
He said that the directorate had finalised the disbursement of the money. The Nigeria Customs Service, the Nigeria Immigration Service, and Prisons Pension Department (CIPPD) pensioners are 8,626, received N276,032, for one-month arrears; the Police, Pension Department (PPD) pensioners are 9,681, received N619,584, for two months as arrears. The Civil Service Pension Department (CSPD) pensioners are 12,773, received N408,736, for one-month arrears, and the Parastatals Pension Department (PAPD) pensioners are 59,609, received N3,814,He said that the payment reaffirms the administration’s commitment to ensuring that pensioners receive their due entitlements in line with the Renewed Hope Agenda of President Bola TinubuAccording to the statement, the approvals align with the President’s Renewed Hope Agenda.“This move shows President Tinubu’s strong commitment to senior citizens’ welfare and marks a new era in DBS pension management,” said PTAD, Executive Secretary, Tolulope Odunaiya.Among the key measures is the immediate implementation of an extra budgetary allocation to enforce new pension rates for DBS pensioners.The President also endorsed the adoption of a proposed pension harmonisation policy, which will be incorporated into the 2026 pension budget. Additionally, health insurance coverage for all DBS pensioners has been approved, ensuring access to essential healthcare services.The proposed reforms include a new pension rate of N32,000 and incremental increases of 10.66% and 12.95% for pensioners from defunct and privatised agencies. Other components of the reform package include harmonisation of pension rates across all DBS pensioners and their enrolment into the National Health Insurance Scheme (NHIS).In June, PTAD announced the successful disbursement of N8.6 billion in pension arrears to 148,625 eligible DBS pensioners across various sectors. The payments reflect the implementation of the N32,000 pension increment approved by President Tinubu in 2024.PTAD had previously settled arrears related to the first pension increment of 20% to 28%, which came into effect in January 2024.
By David Torough, Abuja
The Nigerian Air Force (NAF) has killed no fewer than 592 terrorists and destroyed 372 enemy assets in Borno within the last eight months, surpassing the total operational gains recorded in 2024.A statement by NAF’s spokesman, Air Commodore Ehimen Ejodame yesterday said the Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, said this during a courtesy visit to Gov.
Babagana Zulum of Borno. Abubakar said the offensive had destroyed 206 technical vehicles and 166 logistics hubs in deep hostile territory, with coordinated day-and-night strikes from Gonori to Rann, Dikwa to Damboa, Azir to Mallam Fatori.He said the offensive had been boosted by the deployment of A-29 Super Tucano aircraft capable of precision and night missions, Mi-171 helicopters for medical evacuation and logistics, and enhanced intelligence, surveillance and reconnaissance platforms for round-the-clock target tracking.He added that a new Mi-35 gunship was expected to further intensify close-air support for ground troops in the theatre.“Backed by an upgraded fleet and precision night-strike capabilities, NAF aircraft executed 798 combat sorties, clocking over 1,500 operational flight hours in the Air Component of Operation Hadin Kai.“This year, our air war is faster, sharper, and more surgical.“We are taking out high-value targets, crippling their logistics, and hunting down every cell that threatens the peace of the North-East,” he said.The CAS also praised the “Borno Model” of combining community-driven non-kinetic measures with decisive military action, saying it had proven effective in the counter-insurgency campaign.He also inspected facilities at the NAF Base, met with aircrew and ground personnel, and received operational briefings.He reaffirmed the NAF’s commitment to precision air power, intelligence-led operations, and inter-agency collaboration to protect Nigerians.In his response, Gov. Zulum praised the NAF for its sustained air support in degrading terrorist capabilities and protecting communities.According to him, the NAF has been a steadfast partner in their fight against insurgency.“Your operations have saved countless lives and allowed our communities to begin rebuilding.“The people of Borno recognise your sacrifices and stand firmly behind you,” he said.
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