By Tony Obiechina, Abuja

In its avowed commitment to ensuring that depositors of the defunct Heritage Bank are fully reimbursed, the Nigeria Deposit Insurance Corporation (NDIC) has declared first tranche of liquidation dividends totaling N46.6 billion from the proceeds of sales of the defunct bank’s assets and recovery of debts owed to the defunct institution.

This was disclosed in a statement yesterday by the NDIC Acting Head of Communication & Public Affairs, Hawwau Gambo in Abuja.

A liquidation dividend represents the amount paid by the Corporation to depositors of a closed bank, in excess of the maximum insured limit, from the proceeds of sales of assets and recovery from the debtors of the failed bank.

It also includes amounts paid to creditors and shareholders after all depositors have been fully paid.

The payment of the first tranche of the liquidation dividends commenced during the weekend.

This initial dividend payment was at the rate of 9.2 kobo per Naira on a pro-rata basis to the depositors whose account balances exceeded the NDIC’s maximum insured limit of N5.0 million as at the time of the bank’s closure.

It will be recalled that following the revocation of the Heritage Bank’s operating license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC promptly began reimbursing insured deposits of up to N5 million per depositor. 

To ensure a seamless and efficient payment process, the NDIC used the depositors’ Bank Verification Number (BVN) to locate alternate account numbers of depositors in other banks and automatically credited them with the insured amount.

Furthermore, the Corporation leveraged the existing records used in the payment of the insured amount to facilitate the disbursement of the first tranche of liquidation dividends. Consequently, any depositor with an amount in excess of N5.0 million who was paid insured amount but did not receive the payment the liquidation dividends should approach the nearest NDIC office or contact us on the telephone numbers below.

In the Meantime, depositors of the defunct banks who do not maintain alternative bank account and were not paid the insured amount, are advised to visit the nearest NDIC office or go to the claims page on the Corporation’s website, www.ndic.gov.ng to download, complete and submit deposit verification form for the payment of the insured amount and where applicable, the first tranche of their liquidation dividends.

“The Corporation wishes to reassure the public that this payment represents only the first tranche of liquidation dividends. Further payments will follow as more assets of the defunct Heritage Bank are realized and outstanding debts are recovered. The NDIC remains committed to its vigorous efforts in assets recovery and ensuring all eligible depositors are reimbursed”, the statement added.

By David Torough, Abuja

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has announced that the Federal Government is targeting single-digit inflation and large-scale job creation.

At the conclusion of the 2025 IMF and World Bank Spring Meetings in Washington, D.

In a statement yesterday by the Director of Information and Public Relations in the Ministry of Finance, Mohammed Manga, quoted Edun as saying, “We are focused on creating sustainable jobs for young Nigerians, supported by investment in critical infrastructure such as digital connectivity, access to data, and fibre optic networks.

“By crowding in the private sector and driving domestic revenue mobilisation, we are stabilising the economy and creating an environment where businesses can thrive.”

The Minister reaffirmed that the government’s economic strategy, anchored by President Bola Tinubu’s administration, is delivering results, with international partners acknowledging Nigeria’s policy direction.

“At both the IMF and the World Bank, Nigeria’s reform programme — spanning fiscal, monetary, and structural policies — has been recognised as being on the right track.

“Despite global uncertainty, Nigeria is poised for resilient, inclusive growth,” Edun added.

He also emphasised the government’s pragmatic approach to fiscal planning: “A budget is a statement of intent; it must be continually recalibrated to reflect on-ground realities and available resources.”

The Central Bank Governor, Olayemi Cardoso, echoed these sentiments, noting the CBN’s firm commitment to reducing inflation sustainably.

“Inflation remains the most disruptive force against the economic welfare of Nigerians. Our focus is to bring it down to single digits over the medium term,” Cardoso said.

Highlighting growing investor confidence, Cardoso referenced Nigeria’s recent high-level investment forum at the Nasdaq MarketSite in New York, showcasing the country’s reform momentum and rising interest from global investors and the diaspora.

Nigeria’s delegation to the Spring Meetings was led by Wale Edun and included Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN); Muhammad Sani Abdullahi, Deputy Governor, CBN Economic Policy Directorate; Distinguished Senator Mohammed Sani Musa, Chairman, Senate Committee on Finance; Hon. Saidu Musa Abdullahi, Deputy Chairman, House Committee on Finance; Lydia Shehu Jafiya, Permanent Secretary, Federal Ministry of Finance; Faruk Yusuf Yabo, Permanent Secretary, Federal Ministry of Communications, Innovation and Digital Economy; Patience Oniha, Director General, Debt Management Office (DMO); Sayande Okoli, Special Adviser to the President on Finance and Economy; as well as other senior government officials.

Manga noted that as the Federal Government deepens its reform efforts, it remains committed to building a transparent, inclusive and prosperous economic future for all Nigerians.

By Joel Oladele, Abuja

The Nigeria Labour Congress (NLC) has announced the cancellation of its centralised May Day celebrations in both Rivers and Edo states. The decision is attributed to the enforcement of an emergency rule in Rivers State and allegations of political interference affecting the NLC’s operations in Edo State.

The national leadership of the NLC has instructed all affiliated industrial unions in Rivers State to limit their Workers’ Day observance to a subdued gathering at the state NLC secretariat.

Similarly, unions in Edo State have been directed to commemorate the day independently at their respective union offices.

These directives were communicated through separate letters dated April 22, 2025, and signed by the NLC’s Deputy General Secretary, Ismail Bello.

The NLC opposes the emergency rule in Rivers State, which involved appointing a sole administrator, and called for the reinstatement of the elected government.

In Edo State, the NLC is at odds with the current administration over alleged interference and the creation of factions within the state council.

In the letter to Rivers State NLC Chairman Alex Agwanwor, the NLC stated, “In line with our tradition, Workers’ Day will be commemorated on May 1, 2025. This year, congress has finalised arrangements to mark the day with the theme: ‘Reclaiming the Civic Space amid Economic Hardship,’ to be observed across the 36 states and the Federal Capital Territory.

“However, given the peculiar circumstances surrounding the subversion of democratic governance in Rivers State, the occasion calls not for fanfare, but for critical reflection on the need to restore democratic governance and prioritise the people in leadership.

“As a democratic organisation, we must use this occasion to call for the restoration of democratic rule in Rivers State. Therefore, you are directed to organise a peaceful rally within the premises of the Rivers State Council of the NLC, involving all affiliate members.

“The rally should include messages advocating democratic governance, improved welfare for workers, and the people’s yearning for freedom and liberty.”

In a similar letter to its Edo State Chairman, Olaye Odion, the NLC among others wrote, “Given ongoing efforts to resolve the crisis within the NLC Edo State council and to bring about unity among affiliates, you are directed to inform all affiliates to make independent arrangements to commemorate the 2025 May Day at their respective union offices.

“We assure you that congress will continue its efforts to resolve the crisis as soon as possible and urge all members to ensure a peaceful and hitch-free May Day celebration.”

Recall that the Edo State Government and NLC have had a frosty relationship due to the government’s rejection of Odion’s leadership of the state NLC following perceived political comments in the lead-up to last year’s governorship election.

The government reportedly expressed unwillingness to work with Odion and was accused of engineering factional divisions within the state council.

Attempts by the national leadership of the NLC and the Federal Ministry of Labour and Employment to mediate were allegedly rebuffed by the Edo State Government.

Despite repeated pleas from the NLC to handle the matter internally as an independent body, no progress has been made.

S’Court Afraid to Adjudicate on Emergency Rule, Says HURIWA

The Human Rights Writers Association of Nigeria (HURIWA) yesterday accused the Supreme Court of deliberately stalling proceedings on a critical constitutional case brought by 11 Peoples Democratic Party (PDP) governors challenging the legality of a state of emergency declared in Rivers State.

In a press statement issued by its National Coordinator, Comrade Emmanuel Onwubiko, the prominent civil rights advocacy group alleged that the apex court’s failure to fix a hearing date nearly a month after the case was filed suggests judicial cowardice and a dangerous reluctance to confront executive overreach.

“We believe the Supreme Court of Nigeria is doing the greatest disservice to the country by refusing or unduly delaying the constitution of a panel to adjudicate on the salient constitutional questions posed in this groundbreaking suit,” Onwubiko stated.

The suit, filed by the attorneys general of Adamawa, Enugu, Osun, Oyo, Bauchi, Akwa Ibom, Plateau, Delta, Taraba, Zamfara, and Bayelsa states, seeks a declaration on whether President Bola Ahmed Tinubu acted within the constitution when he allegedly suspended the Rivers State governor and dissolved the state legislature under the guise of emergency rule.

Citing Sections 1(2), 5(2), 176, 180, 188, and 305 of the 1999 Constitution, the plaintiffs argue that no provision empowers the president to unseat an elected governor or install an unelected administrator. They also question the legality of suspending a functioning State House of Assembly.

HURIWA alleged that the Supreme Court’s silence may be a tactical ploy to pressure the governors into seeking a political resolution rather than a judicial one — a move the group warned could set a dangerous precedent.

“The delay is not just ominous; it is toxic,” Onwubiko said. “If the Justices are jittery and refusing to fix a hearing date, then we fear there may be a deeper conspiratorial plot to destabilize constitutional democracy and achieve total state capture. We pray that we are wrong.”

The group further warned that the vacuum created by judicial inaction is fueling political blackmail, with some PDP governors allegedly being coerced into endorsing President Tinubu’s re-election or defecting to the ruling All Progressives Congress (APC).

“The Justices of the Supreme Court should be patriotic enough to entertain this matter and take a decision one way or another,” the statement continued. “This unnecessary delay has allowed the APC to exploit fear among PDP governors who are scared of losing their re-election bids.”

HURIWA expressed alarm that despite the case’s national importance, there has been no communication from the court regarding its progress or scheduling, raising concerns about transparency and impartiality.

“It is surprising that such a landmark case is being treated with such a lackadaisical, ‘we don’t give a damn’ attitude,” Onwubiko said. “Millions of Nigerians and observers around the world are watching closely to see if our judiciary can still be trusted to defend democracy.”

The respondents, including President Tinubu, have 14 days from the service of the summons to enter an appearance. However, the absence of a hearing date has intensified public scrutiny of the court’s role.

“This is no longer just a legal matter. It’s about whether Nigeria’s democracy is governed by the rule of law or the whims of a powerful few,” HURIWA warned.

The group concluded by urging the Chief Justice of Nigeria to urgently constitute a panel and fix a hearing date, asserting that “justice delayed in this matter could very well be democracy denied.”