Business
NDIC commences payout to defunct Heritage Bank top depositors
The Nigeria Deposit Insurance Corporation, NDIC, has begun payment of N46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank, whose funds exceeded the maximum insured limit of N5 million.
The acting Head of Communication and Public Affairs of NDIC, Hawwau Gambo, made this announcement in a statement on Sunday.
Ekwutosblog reports that the Central Bank of Nigeria revoked the banking license of Heritage Bank on June 3, 2024, citing regulatory infractions.
The NDIC, shortly after the revocation had commenced the payment of insured deposits, promptly reimbursing depositors up to the N5m insured threshold.
According to the NDIC, the payment of the first tranche of liquidation dividends started on Friday, April 25, 2025, and is aimed at ensuring that all eligible depositors of the closed bank are adequately reimbursed.
“In its continued commitment to ensuring that depositors of the defunct Heritage Bank are fully reimbursed, the Nigeria Deposit Insurance Corporation has declared the first tranche of liquidation dividends totaling N46.6bn from the proceeds of sales of the defunct bank’s assets and recovery of debts owed to the defunct institution,” the statement read.
The Corporation noted that the liquidation dividend represents the amount paid to depositors from the proceeds realised from the sale of the bank’s assets and recovery of outstanding debts, in excess of the maximum insured limit.
It explained that it could also include amounts eventually paid to creditors and shareholders after all depositors have been fully settled.
The NDIC, while providing details on the mode of payment, stated that the initial dividend was disbursed 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 N5.0m as at the time of the bank’s closure.
“To ensure seamless and efficient payment process, the NDIC used the depositors’ Bank Verification Number to locate alternate account numbers of depositors in other banks and automatically credited them with the insured amount,” the Corporation said.
The NDIC noted that it also relied on the verified records used during the insured deposit payment phase to facilitate the liquidation dividend disbursement.
It, however, urged depositors whose balances exceeded N5m and who have yet o receive the first tranche of liquidation dividends to contact the Corporation.
The Corporation also called on depositors who did not maintain an alternate bank account and who had not received even their insured deposits to visit any NDIC office or download and complete a deposit verification form from its website for processing.
The naira appreciated massively against the United States dollar across official and parallel foreign exchange markets to end the week on a good note.
The Central Bank of Nigeria’s data showed that the naira strengthened to N1,487.90 against the dollar on Friday, up from N1,498.98 on Thursday.
This means that the Naira firmed up against the dollar at the official market by N11.08 on a day-to-day basis.
At the black market, the naira appreciated by N15 to N1,522 on Friday per dollar from N1,537 on Thursday.
The development showed that the Naira gained against foreign exchange currenciesacross FX markets on Friday. This is a major boost from Wednesday and Thursday’s downtrend the naira experienced.
Ekwutosblog reports that the Naira gained N3.9 on a week-on-week basis when compared to N1,501.50 traded last week Friday.
This comes as the apex bank data showed that the country’s external reserves had continued its rise and stood at $41.99 billion as of September 18, 2025.
The government in Hanoi has ordered the closure of bank accounts lacking biometric verification, affecting over 86 million accounts.
Starting September 1, Vietnam has decided to permanently close more than 86 million bank accounts that did not comply with the new facial biometric authentication requirements. The remaining 113 million accounts have been subjected to verification under the new anti-fraud and anti-money laundering regulations.
The situation has particularly impacted foreigners residing in the Asian country. A Reddit user, a former international contractor, reported being forced to return to Vietnam in person to avoid the closure of his HSBCaccount, as remote solutions for biometric verification were not available.
“This is a very insidious way to do a bail-in while also increasing the surveillance state,”commented Marty Bent.
According to Daniel Batten, researcher and co-founder of CH4 Capital, these measures give the Vietnamese central bank “next-gen financial surveillance ability.”
The Hanoi government justified the introduction of the new rules by citing the increased use of generative AI and sophisticated spoofing techniques to bypass banking security systems. Last May, local police dismantled a laundering network that used fake facial scans and had moved approximately 1,000 billion Vietnamese dong ($39 million).
The new regulations require facial biometric authentication for first-time registration and online transfers over 10 million dong ($379), while combined transactions exceeding 20 million dong ($758) always require biometric verification.
The National Industrial Court has granted an interim injunction restraining the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) from blocking Nigerian roads, or frustrating and shutting down the operations of Dangote refinery, MRS Oil Nigeria Limited, and MRS Oil and Gas Company Limited.
The court also restrained NUPENG and other drivers’ associations from embarking on an industrial action or compelling other truck drivers to join in its industrial action.
Emmanuel Subilim, the presiding judge, delivered the ruling on Wednesday following an ex parte motion filed by George Ibrahim, the refinery’s lawyer.
Ibrahim approached the court with an ex parte motion filed alongside the originating processes and a motion on notice, dated and filed September 15.
The lawyer prayed the court to direct NUPENG and its members to continue petroleum trucking services to the refinery, MRS, and the Nigerian public pending the determination of the motion on notice.
In an affidavit deposed by Ahmed Hashem, the group’s general manager, government and strategic relations of the refinery, the applicants provided an undertaking of damages to the organisation if the court ultimately rules against the restraining request.
After hearing Ibrahim, the judge held that “this court, having satisfied itself that there is a serious issue to be tried, that the balance of convenience tilts in favour of the Applicants (Dangote Refinery), that irreparable damage may be occasioned if the necessary orders are not granted, and that the Applicants have given an undertaking as to damages”.
He ruled that NUPENG ought to be restrained, granting interim injunction on the refinery’s request.
‘RESTRAINING ORDER TO LAST FOR SEVEN DAYS’
The judge noted that the restraining orders would remain in effect for seven days.
He further directed the applicants to serve the respondents with the motion on notice and all accompanying processes in the suit within seven days from the date of the order.
The judge also noted that the court’s authority to sit during the ongoing vacation would expire on September 23.
Consequently, he ordered that the case file be forwarded to the president of the National Industrial Court of Nigeria for reassignment to another judge, who will hear and determine the motion on notice as well as the substantive case on its merits.
On September 11, NUPENG placed its members on red alert for the resumption of its nationwide industrial action — two days after it suspended its strike action, in protest against Dangote refinery’s “anti-union practices”.
The union said it made the decision after Sayyu Dantata, the owner of Mrs Oil, allegedly instructed his truck drivers, who had been NUPENG-Petroleum Tanker Drivers (PTD) members for several years, to remove union stickers from their trucks.
NUPENG said the action led to an altercation between the truck drivers and its officials.
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