#ndic

[accuratenewsng]

Sale Of Heritage Bank Assets To Begin December 4 — NDIC

The Nigeria Deposit Insurance Corporation (NDIC) says the sale of Heritage Bank’s assets will begin on December 4, 2024.  This is according to a statement by NDIC’s Director of Communication and Public Affairs Bashir Nuhu. He said the move involve the landed properties of the firm and is in line with the NDIC’s statutory powers as liquidator of failed banks under section 62 (1)(d) of the NDIC…

[aalawsng]

Categories of Financial Institutions in Nigeria

[betanewsngr]

FIRS, NDIC, others to spend over N8.7billion on software in 2024

[akeliciousmedia]

NDIC To Begin Payment Of Uninsured Depositors Fund For Heritage Bank In April

The Nigeria Deposit Insurance Corporation (NDIC)has announced that it will begin payments to depositors of the defunct Heritage Bank who held balances exceeding the insured limit of N5 million by April 2025. This follows significant progress in the liquidation process after the revocation of the bank’s license by the Central Bank of Nigeria (CBN) on June 3, 2024. In line with its statutory…

[smlblogtv]

NDIC Reveals Steps To Follow For Unpaid Heritage Bank Customers To Get Their Fund

The Nigeria Deposit Insurance Corporation (NDIC) has called on customers of the defunct Heritage Bank who have not yet received their payments to come forward and provide their account details for processing. This announcement was made by Bello Hassan, the managing director of NDIC, during the corporation’s ‘special day’ event at the 36th Lagos International Trade Fair. Addressing the audience,…

[tjnewsnigeria]

House of Reps Member Alex Ikwechegh Apologizes for Assaulting Bolt Driver, Vows Accountability. Alex Ikwechegh, a member of Nigeria’s House of Representatives, has publicly apologized after a viral video surfaced showing him assaulting an e-hailing (Bolt) driver who had come to deliver a package to him at his Abuja residence. In the video, Ikwechegh was seen slapping and insulting the driver, Abuwatseya, while threatening him with consequences. Read Also: Senate Strips CBN Power To Appoint CEO Of NDIC In a statement issued on Monday, Ikwechegh acknowledged that his actions were "unacceptable and unbecoming" of a public official.   As a public servant, I recognize the trust placed in me by my constituents and the Nigerian people,” Ikwechegh said. “My behaviour fell short of the standards expected of me, and for that, I am truly sorry. Read Also: Three Arrested As Troops Bust Notorious Kidnap Syndicate In Taraba The lawmaker expressed regret for the harm caused to Abuwatseya, his constituents, and the general public, pledging full cooperation with the Nigerian Police in their investigation. "I support their efforts to ensure that justice is served and that those responsible are held accountable," he added. [caption id="" align="alignnone" width="747"] Combined Photo of Alex Ikwechegh and Bolt Drive[/caption] Alex Ikwechegh and Bolt Drive In his apology, Ikwechegh commended the Nigeria Police Force and his party for their swift condemnation of his actions, which he described as a commitment to uphold the law and protect citizens' rights. He further stated that he was taking steps to address the underlying issues behind the incident, including seeking professional counselling and engaging in community service initiatives focused on respect and empathy. The lawmaker’s apology comes amid widespread public outrage over the viral footage, in which he is seen repeatedly slapping the driver and warning he could make the driver "disappear" without consequences. Following the backlash, the police invited Ikwechegh for questioning at the Maitama Divisional Headquarters, condemning his actions and asserting that he had brought the Inspector General of Police's name into disrepute by daring the driver to escalate the matter. As the investigation continues, Ikwechegh called on Nigerians to work together in fostering a culture of respect and tolerance, pledging to turn this incident into an opportunity for personal growth and healing.

[aajjks]

also that’s not how ‘angel dust’ or pcp even works. https://www.justice.gov/archive/ndic/pubs4/4440/index.htm

Oh my God, he is never going to snort it or smoke it or eat it

[mynewshq]

NDIC gives N5m each to defunct Heritage Bank customers

The Nigeria Deposit Insurance Corporation says it has disbursed the insured deposits of N5 million each to 82.36 per cent of the total customers of the defunct Heritage Bank. It also noted that 17.64 per cent of the insured deposits still pending payment mainly belong to depositors with accounts that have Post-No Debits instructions or lack a Bank Verification Number. This was disclosed in a statement signed by the Director, Communication and Public Affairs, Bashir Nuhu, on Sunday in Abuja. On June 3, 2024, the Central Bank of Nigeria revoked the banking license of Heritage Bank Plc due to persistent financial instability and regulatory breaches. The decision, according to the apex bank, is in line with the CBN’s mandate under Section 12 of the Banks and Other Financial Institutions Act 2020, which aims to maintain a stable financial system in Nigeria. Following the withdrawal of Heritage Bank’s licence, the NDIC stated that it would begin payment of the 2.3 million depositors of the bank. Giving an update in the statement issued on Sunday, the director disclosed that disbursement to affected customers started four days after the liquidation. He added that this feat was achieved using Bank Verification Numbers as a unique identifier to locate depositors’ alternate accounts in other banks. The statement read in part, “In the discharge of its deposit guarantee mandate, the Corporation began the payment of the insured deposits of N5m maximum per depositor within a record time of four days of the bank closure. “This was achieved using Bank Verification Numbers as a unique identifier to locate depositors’ alternate accounts in other banks.“ This unprecedented achievement of direct payment through BVN-linked alternate accounts without the need for depositors to visit NDIC offices or fill out forms marks a historic shift for the NDIC in the prompt reimbursement of depositors with payment of about 82.36 per cent of the total insured deposit to date. ”For depositors with more than N5m, the director explained that the remaining balances (classified as uninsured deposits) would be paid as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed to the defunct bank.“ It is instructive to state that, the remaining 17.64 per cent of the insured deposits yet to be paid were largely depositors whose accounts have post no debits instructions or have no BVN. Others are those with no alternative accounts in other banks or accounts with a KYC limit on the maximum lodgment per day and are yet to come forward for verification. “However, depositors with balances exceeding Five Million Naira have been paid the initial insured sum of Five Million Naira, while the remaining balances (classified as uninsured deposits) will be paid as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed to the defunct bank,” the statement added. Read the full article

[tracknews1]

NDIC: We’ve Paid Heritage Bank Depositors N5m Sum Insured

The Nigeria Deposit Insurance Corporation (NDIC) said it had paid depositors of liquidated Heritage Bank N5 million, being the initial insured sum. It restated that the balance (classified as uninsured deposits) would be paid as liquidation dividends upon realisation of the defunct bank’s assets and recovery of debts owed to the bank. The corporation confirmed the update in a statement issued on…

[aalawsng]

Winding Up or Liquidation of Banks in Nigeria: Legal Framework and Procedures The winding up or liquidation of a bank in Nigeria is a critical process governed by several key pieces of legislation, primarily the Companies and Allied Matters Act (CAMA) 2020, the Banks and Other Financial Institutions Act (BOFIA) 2020, and under the regulatory purview of the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC). This article provides a comprehensive overview of the legal and procedural framework for bank liquidation in Nigeria.

Legal Basis and Grounds for Liquidation A. Under Companies and Allied Matters Act (CAMA) 2020, there are two basis for liquidation and they are: 1. Voluntary Winding Up: Initiated by a special resolution of the bank’s shareholders. This typically occurs when the shareholders believe that the company can no longer continue its business operations effectively.

2. Compulsory Winding Up: Initiated by a court order, which can be sought by creditors, shareholders, or the company itself. Grounds for compulsory winding up include: a. The company is unable to pay its debts. b. A special resolution by the company to wind up. c. It is just and equitable for the company to be wound up.

B. Under Banks and Other Financial Institutions Act (BOFIA) 2020:

Regulatory Non-compliance: Failure to comply with any condition of the license or any regulatory directive issued by the CBN.

Financial Instability: Conducting business in an unsound manner, insolvency, or engaging in unsafe banking practices that threaten the financial stability of the bank.

Initiation of Liquidation A. Voluntary Winding Up under CAMA: 1. Resolution: The process begins with a special resolution passed by the shareholders. 2. Liquidator Appointment: The company appoints a liquidator who takes over the management of the company’s affairs to wind up its operations.

B. Compulsory Winding Up under CAMA: 1. Court Petition: Creditors, shareholders, or the company itself can petition the court for a winding-up order. 2. Court Order: Upon hearing the petition, if the court is satisfied with the grounds presented, it issues an order for the company to be wound up. 3. Official Receiver: The court appoints an official receiver to oversee the liquidation process.

Winding Up under BOFIA: 1.CBN’s Decision: The CBN, with the approval of its Board, decides to revoke the bank’s license. 2. NDIC Appointment: The NDIC is appointed as the liquidator to manage the winding up of the bank’s affairs. NOTE: The court with the exclusive jurisdiction over these proceedings is the Federal High Court.

The Role of the NDIC The NDIC plays a crucial role in the liquidation process, particularly when it comes to banks. As the appointed liquidator, the NDIC has the following responsibilities: 1.Taking Control: The NDIC takes control of the bank’s assets and assumes responsibility for its operations. 2. Asset Realization: The NDIC identifies, secures, and sells the bank’s assets to generate funds. 3.Debt Settlement: Proceeds from asset sales are used to settle the bank’s liabilities. Priority is typically given to secured creditors, followed by unsecured creditors. 4.Depositor Reimbursement: The NDIC ensures that insured depositors receive their funds up to the insured limit. For amounts exceeding the insured limit, depositors may receive liquidation dividends based on the proceeds from the asset sales. 5.Reporting: The NDIC must provide regular reports to the CBN and other regulatory bodies on the progress of the liquidation.

The Liquidation Process The winding up of a bank involves several steps to ensure a thorough and transparent process: 1.Revocation of License: The CBN publishes a notice of revocation in the Federal Government Gazette and the media, officially revoking the bank’s license. 2.Appointment of Liquidator: The NDIC is appointed as the liquidator and takes immediate control of the bank’s operations and assets. 3.Asset Valuation and Sale: The liquidator conducts a thorough valuation of the bank’s assets and prepares them for sale. This can include real estate, financial instruments, and other assets owned by the bank. 4. Settlement of Liabilities: The liquidator uses the proceeds from the asset sales to pay off the bank’s debts. The order of payment usually follows a legal priority, with secured creditors paid first. 5. Payment to Depositors: Insured depositors receive their funds up to the insured limit, typically through alternate banks designated by the NDIC. For amounts above the insured limit, depositors receive payments based on the remaining proceeds from the asset sales. 6. Final Reporting and Closure: The liquidator submits a final report to the CBN and other relevant authorities, detailing the outcomes of the liquidation process. Once all obligations are settled, the bank is officially dissolved.

Regulatory Compliance and Oversight Throughout the liquidation process, regulatory compliance is crucial to ensure transparency and protect the interests of all stakeholders. The liquidator must adhere to all relevant legal provisions and report regularly to the CBN. The NDIC’s role as a liquidator is governed by both the CAMA and BOFIA, ensuring that the process is carried out in accordance with established legal standards.

Conclusion The winding up or liquidation of a bank in Nigeria is a complex process that involves multiple legal and regulatory frameworks. However, through proper guidance with the laws, the winding up or liquidation of a bank may be easily facilitated.

References a. Companies and Allied Matters Act (CAMA) 2020 b. Bank and Other Financial Institutions Act (BOFIA) 2020 c. Nigerian Deposit Insurance Corporation (NDIC) Act

[premimtimes]

NDIC increases banks deposit insurance coverage

http://dlvr.it/T6KfZS

[hardynwa]

NDIC amendment bill scales second reading in Senate

An Amendment Bill seeking to guarantee the autonomy and independence of the Nigeria Deposit Insurance Corporation, NDIC, scaled second reading in the Senate on Thursday. The sponsor of the bill, Senator Mukhail Adetokunbo Abiru, APC, Lagos East, said the proposed amendment is line with Section 1 (3) of the principal Act, 2006. Speaking on the general principles of the bill on the floor of the Senate on Thursday, the lawmaker argued that the provisions of the Act are inadequate. According to him, the envisaged amendment would be make the Corporation more effective in discharge of its mandates. He said: “This bill which is co-sponsored by all the 42 members of the Senate Committee on Banking, Insurance and other financial institutions was read the first time in this hallowed chamber on Wednesday 22nd November, 2023. “The bill basically seeks to amend the Nigeria Deposit Insurance Corporation Act No 63 of 2023 to make the Corporation more effective, safeguard its independence and autonomy and to bring it in line with current realities and best practices.” Abiru said the NDIC was set up primarily to protect depositors and to guarantee the settlement of insured funds when a deposit-taking financial institution can no longer repay their deposits. “Though the 2023 Act made substantial improvements to the 2006 Act, its implementation has been fraught with continuous debates and there have been series of appeals from and consensus among stakeholders on the need for an amendment of the Act to address all the issues that have been raised concerning it. “Whereas Section 1 (3) of the Act provides that ‘’The Corporation shall be independent in the performance of its functions” nearly all of its important and exclusive duties, functions and powers are to be exercised subject to the concurrence of the Central Bank of Nigeria (CBN). “The above provisions make the Act self-contradictory and this bill is therefore amending the principal Act to guarantee NDIC’s independence in performing its statutory functions.” Other Senators contributed in favour of the proposed amendment, noting that the amendment will prevent interference in the functions of the NDIC. Read the full article

[globalhint]

PalmPay emphasis on Customers’ safety at 2023 Fintech Week

PalmPay emphasis on Customers’ safety at 2023 Fintech Week. Leading African fintech startup PalmPay has called on anyone involved in the financial services industry to prioritize the safety of their clients. PalmPay is dedicated to advancing financial inclusion via technology. Folu Aduloju, Head of Operations at PalmPay, gathered support from other players in the Nigerian fintech ecosystem to advance client safety in the fight for economic inclusion during the 2023 Nigeria Fintech Week at the Landmark Center in Lagos. "Partiers in the fintech ecosystem should focus on gaining the trust of customers while developing strategies to attract more clients from the unofficial to the legitimate sector. This is a crucial element since consumers are extremely anxious as a result of previous bank failures. As a result, in order for consumers to feel confident in the fintech industry, fintech companies must establish a safety net for them. At PalmPay, user experience and security are of utmost importance. We use a closed-loop risk management approach that entails ongoing threat analysis, monitoring, and reaction. It lessens the possible impact of security mishaps by enabling us to identify and stop threats in real-time, said Aduloju. "In PalmPay, we also have Wallet Safety Workshop, a way to educate our users on how to safeguard their wallets, educate them on fraud issues, and proffer safety tips to apply to limit fraudulent incidents," the official said in a statement to the media on the sidelines of the event. "Lastly, PalmPay users can feel secure knowing that their money is safe with us because we follow rules set forth by government organizations like the CBN and NDIC to protect users' funds." The "Resilience, Innovation, and Diversification" theme of this year's Nigeria Fintech Week brought together over 15,000 executives from the financial and fintech sectors, along with decision-makers from well-known fintech companies, banks, insurers, venture capitalists, media outlets, government representatives, and regulators from over 80 countries. The event brings together traditional financial institutions and cutting-edge fintech businesses in Nigeria, one of the fastest-growing tech start-up hubs in Africa. It gives participants from a variety of industries the chance to actively participate in crucial conversations about cutting-edge fintech solutions through technology integration. PalmPay is dedicated to promoting African economic empowerment. PalmPay provides top-notch products to Nigerians through a secure, user-friendly, and comprehensive suite of financial services, including bill payment, credit services, money transfers, savings on its smartphone, and mobile money agents. With 1.1 million businesses, including 600,000 merchants and 500,000 agents, a part of its cashless payment ecosystem, the platform has expanded to 30 million users since its 2019 launch in Nigeria under a license from Mobile Money Operator. The company's financing of USD 140 million is public. In Nigeria and Ghana, the PalmPay app is accessible on the Google Play Store and the iOS App Store; further markets will be added in 2023. Read the full article

[tjnewsnigeria]

Top Nigerian Newspaper Headlines For Today, Monday,  August 12, 2024.   Good morning, Nigeria. Here is a roundup of the top newspaper headlines in Nigeria for today, Monday, 12th August 2024: 1. SERAP Urges Tinubu to Probe $1.5 Billion World Bank Loan and $3 Billion Chinese Loan The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to investigate the spending of a $1.5 billion World Bank loan allocated to the 36 states and Abuja for poverty reduction. SERAP also urged a probe into the management of a $3.121 billion Chinese loan obtained by the Federal Government.   2. Senate Challenges Obasanjo Over Salary Claims The Nigerian Senate has responded to former President Olusegun Obasanjo’s accusations that lawmakers fix their own salaries and allowances. The Senate insists its salaries are determined by the Revenue Mobilisation Allocation and Fiscal Commission and challenges anyone with contrary evidence to come forward.   3. AYCF President Calls Buhari's Eight Years in Office a 'Waste' Yerima Shettima, the National President of the Arewa Youths Consultative Forum (AYCF), has labeled former President Muhammadu Buhari’s eight-year tenure as a failure for both the North and the entire country. Shettima expressed concerns over the region’s neglect and the ongoing challenges it faces.   4. #EndBadGovernance Protest Organizers to Sue FG Over Protester Deaths Human rights activist Omoyele Sowore announced plans to take legal action against the Federal Government following the deaths of protesters during the recent #EndBadGovernance protests. Sowore claims that 17 protesters were killed by the Nigeria Police Force during the demonstrations.   5. NDIC Disburses ₦5 Million Each to Defunct Heritage Bank Customers The Nigeria Deposit Insurance Corporation (NDIC) has successfully disbursed insured deposits of up to ₦5 million to 82.36% of customers of the defunct Heritage Bank, following the revocation of the bank’s license by the Central Bank of Nigeria (CBN).   6. Shettima Warns Northern Leaders Amidst #EndBadGovernance Protests AYCF President Yerima Shettima has warned northern leaders that the ongoing protests signal a shift in power dynamics, urging them to recognize that true power belongs to the people.   7. Tinubu to Blame if Dangote Refinery Faces Setback – Atiku’s Aide Paul Ibe, media adviser to former Vice President Atiku Abubakar, has claimed that there is a deliberate agenda to undermine Dangote Refinery. He warns that President Bola Tinubu should be held accountable if this agenda succeeds.   8. Family Denies Tailor's Involvement in Russian Flag Production The family of Ahmad Yusuf Muhammad, one of the tailors arrested in Kano for allegedly producing Russian flags, has denied his involvement, stating that Muhammad has never handled a sewing machine.   9. AYCF President Says Hunger Drove North's Participation in Protests AYCF President Yerima Shettima attributes the North’s active involvement in the #EndBadGovernance protests to widespread hunger and economic hardship, exacerbated by insecurity and failed government policies.   10. Salihu Lukman Calls for Democratic Reform Amid Economic Crisis Former APC National Vice Chairman North-West, Salihu Lukman, has called on political leaders, including Peter Obi, Atiku Abubakar, and Rabiu Kwankwaso, to lead efforts in reforming Nigeria’s democracy in response to the nation’s economic challenges.

[wushigod]

5 NDIC Institutes that has grown stock value over the capitalization

[alabingo]

Stakeholders canvass support for NDIC act ammendment bill

Stakeholders canvass support for NDIC act ammendment bill

Public and private sector stakeholders across the financial services industry have canvassed support for the Nigeria Deposit Insurance Corporation (NDIC) Act 2006 amendment Bill currently before the National Assembly with a view to strengthening the capacity of the Corporation to contribute more effectively and efficiently to the stability of the financial system. At a public hearing organized…