Business
NDIC reassures Heritage Bank depositors of prompt payment
Managing Director, NDIC, Mr Bello Hassan, gave the reassurance on Saturday during the 2024 edition of the NDIC Editors Forum in Lagos.
The theme of the conference is: “Strengthening Nigeria’s Financial Safety-Net: The Role of Deposit Insurance”.
Hassan, represented by NDIC’s Executive Director, Operations, Mr Mustapha Ibrahim, said the corporation was working diligently to facilitate payments.
Hassan explained that depositors with amounts above the maximum insured limit of N5 million were being reimbursed through liquidation dividends derived from asset recovery and debt realisation efforts.
“The corporation has initiated the process of debt recovery and realisation of investments as well as physical assets of the defunct bank to ensure timely payment of uninsured deposits,” he said.
He added that NDIC’s responsibilities also extend to creditors of the defunct bank, who would receive payments after all depositors had been fully reimbursed.
“This orderly process, based on asset realisation and prioritisation of claims, is essential for maintaining public trust in the banking system and promoting financial stability,” Hassan noted.
According to him, the theme of the conference is in line with the corporation’s recent engagement with business editors and finance journalists.
He emphasised NDIC’s mandate to protect depositors, especially the uninformed, and its commitment to financial system stability.
Established over three decades ago, the commision’s boss said that NDIC safeguards depositors’ funds and mitigates risks in the banking sector.
Responding to questions, Hassan provided updates on Fortune Bank, liquidated over a decade ago.
He told the News Agency of Nigeria (NAN) that NDIC faced challenges collating depositor data due to the absence of Bank Verification Numbers (BVN) at the time of the bank’s operation.
Bello, however, assured Nigerians of prompt payment of depositors of defunct Fortune Bank Plc.
He stated that litigation also delayed NDIC’s intervention, but added that payments had started for insured deposits, with efforts underway to pay the uninsured portion and other claimants.
“We’ve already paid the insured portion and are now paying the uninsured portion and other claimants,” Hassan said.
He assured of the commision’s continued awareness efforts to encourage more depositors to come forward.
Hassan commended the media for its role in the successful implementation of the deposit insurance system.
The Managing Director of the News Agency of Nigeria (NAN), Malam Ali Muhammad Ali, described the forum as an “eye-opener” for editors, enhancing their understanding of global financial sector trends.
Ali said the theme of the conference was apt and addressed worries caused by turbulence in the financial sector, especially in the banking sector.
Ali praised NDIC’s ability to secure 98 per cent to 99 per cent of depositors’ funds, reinforcing public confidence in the banking system.
According to him, the forum is a learning curve every year and editors are kept abreast with new information on the health of the global economy and the Nigerian economy.
Mr Eze Anaba, President of the Nigeria Guild of Editors, emphasised the forum’s importance, stating, “It is reassuring to know our banking sector remains stable despite the challenging economic situation.”
“We know how challenging the economic situation is. And it will be a double job if our banks are also not healthy. And listening to you here today, it’s reassuring for us to know that things are well,” he said. (NAN)
A former Vice Chancellor of Redeemer’s University, Prof Oyewale Tomori, has urged the Federal Government to put in the necessary work for its reforms to produce quick positive results that will assuage the suffering and hardship of ordinary Nigerians.
The eminent virologist was a guest on the Friday edition of Inside Sources with Laolu Akande, a socio-political programme aired on Channels Television.
According to him, Nigerians have been patient enough in the last 22 months since the administration of President Bola Tinubu introduced its twin policies of petrol subsidy removal and unification of the foreign exchange.
Tomori said, “We must not think of the immediate but long term. Where are we going? Where are all these economic policies leading us? Is it going to be better than what we have? If it is, then we need to be patient.
“There are measles spots of the good things they are doing. We must let those things continue and improve on them rather than say this government is not this, this government is not that.
“It is easy to destroy but it takes a long time to rebuild. It is easy to tell Nigerians: ‘Be patient, be patient’. We’ve been patient all along. I hope the government people are also listening that there is a time limit to patience.
“People must begin to see the effect of what you are doing and making a change in their lives, positive changes. When that happens, this government or any government will get the support of the people.
“But when you tell me to be patient when I have black hair and by the time I have grey hairs you are still telling me to be patient, then I will have to say what else am I waiting for?
“There is the need for patience but also there is the need to accelerate certain things so that people can live well.”
The professor urged the government to address the issues of security and electricity and make the environment conducive for people to live and practice what they know.
Tomori challenged state governments to rise to the occasion and be beneficial to the people.
“We should see more from state governments, they should bring the facilities next to the people. They come into Abuja to collect money but nobody monitors what they do with the money,” he said.
“As we are putting pressure on the Federal Government, we should put pressure on the state governments, and get them to do the work.
“I’ve been to different states and nothing has changed. We have flyovers and fly-unders but how is that affecting the people? Look at the problems of the people, put your money there, and solve those problems. That is the relevance we are talking about. State governments are not relevant to their people,” he added.
The cryptocurrency market is stabilising after a turbulent start to the week, gaining nearly $89 billion and pushing the total market cap to $2.61 trillion.
Bitcoin rebounded above $80,000, with analysts suggesting a breakout past $82,761 could lead to $85,000, supported by strong investor confidence.
In the U.S., Speaker Mike Johnson urged patience, saying, “People need to be patient in waiting to see what President Trump was planning for the economy.”
White House Press Secretary Karoline Leavitt reassured investors, stating, “The recent market volatility was a transitory period, not a trend or a long-term one.”
Earlier in the week, crypto markets saw nearly $1 billion in liquidations as Bitcoin and Ethereum hit monthly lows.
However, stability returned, and in the past 24 hours, total liquidations reached $384.4 million—$138.2 million from long positions and $246.2 million from short positions.
Despite the recovery, analysts remain cautious. While reduced geopolitical risks and trade tensions have helped, inflation data, Federal Reserve policies, and ongoing global uncertainties could still impact markets.
The coming weeks will determine whether the market sustains its gains or faces renewed volatility.
In a move to support Nigeria’s transition to renewable energy, global technology giant Huawei has collaborated with the Office of the Head of the Civil Service and the Ministry of Power to equip Nigerian civil servants with essential skills in the green energy sector.
The two-day training programme theme “Green Energy and Solar Power Training” held in Abuja, targeted Directors of Engineering Departments across various ministries and agencies, aiming to enhance their knowledge of solar energy technologies and further champion its adoption in Nigeria. Participants were trained in making informed decisions on solar product selection, system maintenance, and ensuring energy efficiency in government operations.
Speaking at the opening of the training, Minister of Power Chief Adebayo Adelabu, represented by Permanent Secretary Alhaji Mahumuda Mamman, highlighted Huawei’s critical role in advancing renewable energy solutions.
“Huawei, as a global leader in technology and innovation, has been instrumental in making solar energy more efficient, scalable, and accessible,” Adelabu stated.
“Their involvement in this programme reflects their commitment not only to technological advancement but also to the education and empowerment of Nigeria’s energy leaders.”
Adelabu expressed confidence that the training would equip participants with valuable skills that would benefit their careers and contribute to Nigeria’s goal of energy independence and sustainability.
“The success of our energy transition depends on collaboration—between government, industry, and the technology sector,” he added.
“By working together, we can develop the infrastructure, policies, and human capital needed to accelerate Nigeria’s shift to a green energy economy.”
In his welcome remarks,Huawei Board Director Jim Zhang underscored the company’s longstanding presence in Nigeria, emphasising its contributions to the country’s digital and energy sectors.
“A lot of people know Huawei for our equipment, headsets, and laptops. However, we also provide digital power solutions, smart photovoltaic (PV) systems, and energy storage solutions (ESS) in Nigeria,” Zhang said.
He noted that Huawei has been in Nigeria for 26 years, operating two headquarters in Lagos and Abuja, alongside a training centre, an operations centre, and an innovation hub.
“We have already supplied nearly 100 megawatts of power through our smart PV and ESS systems in Nigeria,” Zhang revealed.
“We also collaborate with several universities, offering training programmes for students and professionals.”
Zhang reaffirmed Huawei’s commitment to working closely with the Nigerian government and businesses to address electricity challenges and enhance energy efficiency.
Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, represented by Permanent Secretary Dr Danjuma Usman Kalba, commended Huawei’s efforts in training civil servants. She stressed the importance of institutionalising such initiatives to ensure continuous capacity building in the public sector.
“We cannot thank Huawei enough for making itself available and organising this training,” Walson-Jack said.
“We hope this will become a continuous initiative within the civil service.”
She further emphasised the economic and environmental benefits of renewable energy, urging ministries and agencies to align their strategies with global sustainability policies.
“The world is increasingly focusing on climate change and its impact. It is essential that Nigeria aligns with global renewable energy policies,” she said.
“I encourage participants to seize this opportunity to understand solar energy systems, particularly their maintenance and practical applications.”
The 2-day training program features technical sessions tailored to enhance participants knowledge and capabilities in solar power, as well as site visits to Huawei-implemented project sites as part of the effort to equip participants with practical knowledge and drive the nation towards a sustainable and energy-efficient future.