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Revocation of Heritage Bank’s licence will stabilise financial system – experts

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Some financial experts have commnded the Central Bank of Nigeria (CBN) for its proactive action in revoking the operating licence of Heritage Bank Plc in order to save depositors’ funds.

The experts, who spoke with the News Agency of Nigeria (NAN), on Monday in Abuja, said that the action was in the overall interest of the financial system.

According to Uche Uwaleke, a Professor of Finamce and Capital Market, and the president of Capital Market Academics of Nigeria, the revocation is a step in the right direction.

Uwaleke said that the proactive step by the CBN was in the overall interest of financial system stability.

He, however, said that efforts should be made to protect the depositors and employees of the liquidated bank.

“With the Nigeria Deposit Insurance Corporation (NDIC) taking over the liquidation process, efforts should be made to protect the depositors as well as interests of employees using liquidation dividends,” he said.

An economist, Dr Chijioke Ekechukwu, said that Heritage Bank had been struggling over the years to remain afloat, adding that the situation must have become irredeemable for the apex bank to revoke its licence.

According to Ekechukwu, a  past  president  of  the  Abuja  Chamber  of  Commerce  and  Industry, some years ago, some of us in the finance sector knew that the bank is struggling to remain afloat.

“For the CBN to revoke its licence, it means that it was irredeemable and probably not marketable to investors,” he said.

He said that there would be an initial setback to all the bank’s customers because it would take a while to verify them for the purpose of compensation and refund of their monies by the NDIC.

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“It is, however, better to sanitise the financial system than to allow a sick and weak bank to continue to open its doors to customers,” he said.

Mr Gregory Mmaduakolam, also an economist, said that the action by the CBN was rash and capable of eroding the much needed confidence in the banking system.

Mmaduakolam said that the action would also result in avoidable job loss of staff of the bank, thereby, further exacerbating the country’s unemployment challenge.

“I would have preferred a situation where the CBN supports ailing banks and prevent them from failing than simply withdrawing their licences.

“Such an action does not encourage confidence in the banking system, ” he said.

The News Agency of Nigeria (NAN) reports that the CBN had on Monday, announced revocation of the licence of of the bank witb immediate effect.

It said that the action was in accordance with the apex bank’s mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA).

It said that the board and nanagement of the bank had not been able to improve the bank’s financial performance, a situation which constituted a threat to financial stability. (NAN)

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Bring justice out of courtrooms – ECOWAS Court

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President of the Community Court of Justice, ECOWAS, Justice Ricardo Goncalves, has called for justice to be brought out of courtrooms to the heart of West African communities.

Goncalves made the call on Monday in Lagos, at the sensitisation outreach by the Community Court of Justice, Economic Community of West African States (ECOWAS).

He noted that the image of justice had long been confined to courtrooms and legal texts, adding that it was time for a change.

He said that justice must no longer be the ”language of the privileged” or ”a distant dream” but a birthright for every citizen, from the remote village to the bustling urban centres.

He added that it was essential to ask why the court needed to reach out to citizens.

According to him, justice hidden was justice denied.

He explained that when individuals, such as farmers, women, and children are unable to access justice due to distance, lack of information, or other barriers, the court would have failed its oath.

”The era of justice being perceived as distant, slow, or inaccessible must come to an end.

”Justice should not be reserved for the elite or seen as a luxury for the informed few. Instead, justice should be accessible and meaningful to all,” he emphasised.

The Chief Registrar of ECOWAS Court, Dr Yaouza Ouro-Sama, said that the court of justice was established in 1991 with the primary mandate of resolving disputes among member states

He noted that the court’s mandate expanded in 2005 to include human rights violations, adding that individuals and corporate bodies were granted direct access to the court.

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He added that the court’s most prominent mandate was its human rights jurisdiction, which formed the centre piece of its judicial activities.

The chief registrar acknowledged that many community citizens were unaware of the court’s existence or its mandate, jurisdiction, and procedures.

”To address this, the court has embarked on a sensitisation programme to engage with stakeholders, including government authorities, institutions, and citizens.

”ECOWAS Court of Justice belong to the member states and community citizens, and it is essential to involve all stakeholders in the court’s affairs.

”The court aims to maintain a cordial relationship with national courts and is not in competition with them,” he said.

He appealed to the government and people of Lagos State to support the ECOWAS Court of Justice in discharging its judicial mandate, hoping that the sensitisation programme would be mutually beneficial to all parties involved.

Mr Lawal Pedro (SAN), Attorney-General and Commissioner of Justice, Lagos State, considered it a privilege to collaborate with the ECOWAS institutions.

He said that the collaboration was also a responsibility aimed at promoting justice, regional integration, and human rights.

”This partnership underscores Lagos State’s commitment to upholding these values,” Pedro said.

He said that the state’s association with the ECOWAS court, aimed at promoting human rights, upholding the rule of law, and ensuring access to justice.

He commended the court’s mandate and encouraged legal practitioners to deepen their knowledge of its procedures and jurisprudence.

He also urged the legal community to engage with the opportunities offered by the ECOWAS court.

Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, who chaired the ceremony, affirmed the critical role the ECOWAS court played in safeguarding rights and strengthening the rule of law across West Africa.

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She noted that the court did not threaten national judiciaries but complemented them in addressing cross-border challenges such as corruption, terrorism, and human rights violations.

”No single national judiciary can effectively respond to these transnational issues.

”The ECOWAS court enhances consistency in the application of regional legal instruments and provides a reliable forum for resolving disputes beyond national jurisdictions,” Kekere-Ekun said. (NAN)

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Ibas charges military officers to develop practical solutions to insecurity

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Rivers Sole Administrator, Ibok-Ete Ibas, has charged Armed Forces Command and Staff College (AFCSC) participants to provide practical solutions to insecurity issues in their study tour reports.

Ibas gave the advice when the Senior Course 47 of the Armed Forces Command and Staff College Jaji, paid him a courtesy visit in Port Harcourt on Monday.

Ibas, represented by the Secretary to the State Government, Prof. Ibibia Worika, stressed that internal security without proper feedback mechanisms from the security agencies would be an illusion for the state and the country.

He emphasised the significance of gathering credible intelligence to address insecurity, noting that security challenges negatively impact economic productivity, reduce government revenue, and deter investments.

The Administrator urged the participants to ensure that their interactions with security agencies and other stakeholders translate into practical, actionable strategies for enhancing security operations.

Ibas expressed confidence that the study would contribute to both academic scholarship and the broader security framework necessary for a safer Rivers State.

The Team Leader and Director of Logistics, AFCSC Jaji, Comdr S. O. Abdularaheen, explained that the study tour was part of the 2025 research on the Nigerian environment as it relates to national security concerns.

Abdularaheen said that his team was one of nine groups currently on a study tour across selected states in Nigeria.

He said that the team was guided by the theme: “Harnessing Grassroots Intelligence for Enhanced Internal Security.”

Abdularaheen said that their findings would be compiled into a research paper for the college with recommendations expected to be adopted by relevant government agencies and organizations for implementation. (NAN)

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NELFUND calls on south-south, south-east to boost loan participation

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The Nigerian Education Loan Fund (NELFUND) has called on the South-South and South-East regions to increase their participation in the student loan scheme.

The Fund stated this during its stakeholders’ engagement session and technical workshop on system automation and the loan application process in Abuja on Monday.

The Fund cited a noticeable disparity in applications compared to other parts of the country.

The three-day event, which began on Monday with universities, will continue with polytechnics, monotechnics, and institutes tomorrow. The final day, on the 7th, will feature colleges of education, agriculture, health, and nursing.

Speaking , the The managing director and Chief Executive Officer of NELFUND, Akintundr Sawyerr, said the gathering is a critical milestone in the collective journey it has embarked upon to deliver a fully digitized, transparent, and student-centric financial aid system for Nigerian higher education.”

Responding to reports that NELFUND was paying students who have already graduated, he clarified that the Fund is handling government and taxpayers’ money, and no disbursement would be rushed.

“We have to adhere to our processes. If a person has already paid their fees in their final year, and we’ve paid their tuition, it is the obligation of that individual to go to school. I know my fees are now being paid by an officer.

“But to complain that you’ve already graduated and you’ve left, the fact of the matter is people applied in their final year. You have to go through a process that allows us to make sure that they are the ones who are actually applying and who actually need it. Again, let me just point out this thing about delays.”

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According to him, the meeting is intended to influence how the platform evolves and how we address practical challenges faced by institutions and students alike.

Ifeoluwa Ehindero, Chairman of the House Committee on Students Loan, Scholarships, and Higher Education Financing, said for the system to be truly effective, there is need to modernise and streamline how we manage, track, and deliver these funds to deserving students.

According to him, by automating and optimising the NELFUND system, it aims to create a more transparent, efficient, and responsive process for loan applications, approvals, and disbursements.

“This is essential for the success of the initiative and will go a long way in ensuring that our students benefit in a timely and accountable manner.

“As members of the House of Representatives Committee on Student Loans, we have been working tirelessly to ensure that the legislative framework supports and facilitates these reforms. However, legislative efforts alone are not enough.

“We need your expertise, your feedback, and your active participation to make sure that we have a system that works for everyone from the students applying for loans to the institutions managing the funds.

“This workshop is not just a platform for training but also an opportunity for collaboration. As you interact with the NELFUND system, your insights into how we can improve its functionality will be invaluable in helping us refine and enhance it to meet the needs of our institutions and students.”

Executive Director of Operations at NELFUND, Mr. Iyal Mustapha, earlier disclosed in his presentation that over 576,058 students have registered, with a total application value of ₦170,437,179,836.

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He also urged institutions in the South East and South South to improve sensitisation efforts for timely loan applications.

The representative of the National Universities Commission (NUC), Lawal Mohammed Faruk, said NELFUND is one of the best policies of the Federal Government.

“Our dream is to see NELFUND one day onboard all the students in the country, whether public or private,” he said.

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