Business
FIRSTBANK EXPOSURE TO HERITAGE BANK HAS BEEN SETTLED
The Nigeria Deposit Insurance Corporation (NDIC) yesterday announced the
commencement of the liquidation of the defunct Heritage Bank Plc, following the
revocation of its operating licence by the Central Bank of Nigeria (CBN).
The corporation said the move was in accordance with Section 55 sub-section 1 and 2
of the NDIC Act 2023, adding that depositors of the defunct bank that have alternate
accounts within the industry would be paid up to the insured amount of N5 million per
depositor using their Bank Verification Number (BVN) to locate their alternate account.
In a statement, NDIC Director, Communication and Public Affairs, Bashir Nuhu, said that
the liquidation process was with immediate verification and payment of insured deposits
to the bank depositors.
He said depositors with funds more than N5 million would be paid liquidation dividend
upon realisation of the bank’s assets and recovery of debts owed to Heritage Bank.
The revocation is coming on the revelation that FirstBank’s total exposure to Heritage
bank amounted to about N500 billion.
The CBN under former Central Bank Governor, Godwin Emefiele, got FirstBank to
support Heritage Bank at the level of forbearance, clearing of their checks and
instruments. “This led to their massive indebtedness to FirstBank to the tune of N500
billion,” a source with knowledge of the matter revealed.
THISDAY reliably learned last night that before the announcement of the revocation of
Heritage Bank’s licence was made, CBN paid off First Bank’s exposure to Heritage.
Since its intervention was at the behest of the apex bank under Emefiele.
The NDIC further advised all depositors of the defunct bank without alternate bank
account in the industry to visit the nearest branch of the bank with proof of account
ownership, verifiable means of identification such as driver’s licence, permanent voter’s
card, national identity card, together with their alternate account and BVN for the
verification of their deposits and subsequent payment of insured sums.
Nuhu, also the bank’s creditors to visit the nearest branch of the bank to file their claims
or via the online platform, adding that the process of payment of creditors would
commence immediately after all depositors have been paid.
He also advised debtors that are yet to complete the repayment of loans to contact the
corporation’s Asset Management Department (AMD) or visit the NDIC website for more
details.
The NDIC however, assured the entire banking public of its commitment to the
continued safety of depositors’ funds in all licensed banks.
It therefore, urged depositors to continue their banking businesses without fear as
banks whose licenses have not been revoked remain safe and sound.
The CBN had earlier announced the revocation of the operating licence of the failed
bank with immediate effect.
In a statement issued by CBN acting Director, Corporate Communications, Mrs.
Hakama Sidi Ali, the apex bank said the move was in accordance with its mandate to
promote a sound financial system in Nigeria and in exercise of its powers under Section
12 (1l of the Banks and Other Financial Act (BOFIA) 2020.
The central bank pointed out that the Board and management of the bank had not been
able to improve the bank’s financial performance, a situation which constitutes a threat
to financial stability.
This followed a period during which the CBN engaged with the bank and prescribed
various supervisory steps intended to stem the decline.
Sidi Ali said, “Regrettably, the bank has continued to suffer and has no reasonable
prospects of recovery, thereby making the revocation of the license the next necessary
step.”
Specifically, the CBN said the action became necessary due to the bank’s breach of
Section 12 (1) of BOFIA, 2020.
The CBN acting director further explained that the central bank took the action to
strengthen public confidence in the banking system and ensure that the soundness of
the financial system was not impaired.
She said the NDIC had also been appointed as the liquidator of the distressed bank in
accordance with Section 12 (2) of BOFIA, 2020.
She explained, “We wish to assure the public that the Nigerian financial system remains
on a solid footing.
“The action we are taking today reflects our continued commitment to take all necessary
steps to ensure the safety and soundness of our financial system.”
However, reacting to the licence revocation by the CBN, Founder/Chief Executive
Officer of Proshare Nigeria Limited, Mr. Olufemi Awoyemi, argued that at least four other
banks “are in situations requiring swift CBN intervention; therefore, the #CBN and the
#NDIC will have to shift regulatory/intervention gear sticks to ensure that the banking
system works with minimal disruption.”
He pointed out that the revocation of Heritage Bank’s licence did not come as a
surprise.
“For a bank under forbearance, this was a long time coming (as we recall the number of
reports on same and challenges with similar entities under the same program), given
the numerous follow-ups done by Proshare.
“Neither the CBN nor NDIC took to Proshare’s recommendations; with the wheels now
turning full circle with the CBN’s recent decision to liquidate Heritage Bank, the crackling
of regulatory noise has been tuned up. Therefore, we remain unsurprised and ask why it
took so long for the regulators (CBN and NDIC) to see the merit in the
recommendations proffered,” he added.
According to him, almost five years after, and sequel to the multiple interventions by the
CBN, including its forbearance position, nothing changed.
“Eventually, it would appear that the CBN took the first option we proposed. The action
today compels the need to interrogate the institutional decision-making capacity and
capability in the face of the obvious financial system and organisation shortcomings,”
Awoyemi said.
Also, Head, Financial Institutions Ratings at Agusto & Co, Mr. Ayokunle Olubunmi said,
“Heritage Bank has been struggling for a while now. The bank’s capital has been
persistently below the CBN minimum threshold.
“I believe that the revocation is meant to send a message to the banks that the CBN will
not hesitate to revoke the licence of any bank in breach of the CBN regulations. It could
also sanitise the banking industry to an extent.”
He noted that the revocation could improve confidence in the financial system since the
banks know that their licences could be withdrawn and would have to comply with the
various regulations.
Olubunmi, further stressed that the recent increase in the NDIC coverage would provide
some comfort to depositors.
Also, a banker who pleaded anonymity said the distressed bank had not reported their
financials in five years, adding that he perceived two other banks have negative capital
and bad financials which may go the route of license revocation.
The source said, “Heritage Bank had not produced their financials for years and over
the years there had been various investors that had tried to acquire the bank but once
they did their due diligence they backed out. Things have been so bad that they don’t
have senior staff for certain pertinent positions such as Chief Risk Officer and Treasurer.
So, things have been bad in the bank for a while.”
Culled from ThisDay
Aare Adetola EmmanuelKing Felicitates Olofin of Ilisan Remo on 86th Birthday
The Borokinni of Ilishan Remo, Sir Aare Adetola EmmanuelKing KOF, has extended warm birthday felicitations to the Olofin of Ilisan Remo, His Royal Majesty, Oba (Dr.) Barr. Michael Olufemi Mojeed Sonuga Daniyan II, as the revered monarch celebrates his 86th birthday anniversary.
In a statement released to commemorate the royal father’s birthday, Aare Adetola EmmanuelKing described the monarch as a symbol of peace, wisdom, progress, and exemplary royal leadership, whose reign has continued to bring honor and development to Ilisan Remo.
According to him, since ascending the revered throne of his forefathers, the Olofin has consistently demonstrated purposeful leadership and unwavering commitment to the unity, growth, and cultural advancement of the kingdom, while fostering peace and harmony among the people.
He further noted that the monarch’s reign has inspired pride and confidence among indigenes of Ilisan Remo both at home and in the diaspora, adding that Kabiyesi’s dedication to community development and preservation of tradition remains highly commendable.
The Borokinni prayed for continued divine grace, sound health, long life, and greater wisdom for the royal father as he continues his impactful reign on the throne of his ancestors.
“On behalf of my family, associates, and well-wishers, I heartily congratulate His Royal Majesty, Oba (Dr.) Barr. Michael Olufemi Mojeed Sonuga Daniyan II, the Olofin of Ilisan Remo, on the joyous occasion of his 86th birthday. May Almighty God continue to strengthen Kabiyesi with peace, sound health, and many more years of fruitful reign,” he stated.
Aliko Dangote Foundation, WEF Unveil 2026 YGL Aliko Dangote Fellows
…Spotlighting Africa’s Next Generation of Change Leaders
World Economic Forum (WEF) in partnership with the Aliko Dangote Foundation (ADF) has announced the 2026 cohort of the Young Global Leaders (YGL) Aliko Dangote Fellows, highlighting a new generation of African leaders committed to expanding opportunity and strengthening institutions across the African continent.
The Fellowship serves as a critical bridge between Africa’s emerging changemakers and the global Young Global Leaders network, fostering collaboration, knowledge exchange, and sustainable development. The YGL Aliko Dangote Fellowship supports high-impact African leaders by enabling their full participation in the Forum of Young Global Leaders (YGL) programme and broader WEF activities.
WEF said the 2026 YGL Aliko Dangote Fellows represent diverse professional backgrounds spanning healthcare, technology, entrepreneurship, and advocacy across sub-Saharan Africa. The newly selected fellows are Dr. Esperance Luvindao; Charlot Magayi, Founder of Mukuru Clean Stoves; Rewa Udoji, Founder of Cranstoun; Dr. Stephen Modise; Dr. Musa Kika; Hatim Eltayeb; Kemi Lala Akindoju; and Vimbai Masiyiwa.
With a strong emphasis on empowering women leaders, the Fellowship is designed to support Africans shaping solutions to pressing social and economic challenges while strengthening leadership capacity across key sectors.
Over the past 14 years, the Aliko Dangote Foundation–powered Fellowship has supported more than 130 young African leaders, providing access to Davos meetings, executive education opportunities, and influential peer networks that amplify African voices on the global stage.
Commenting on the announcement, Fatima Aliko Dangote, Trustee of the Aliko Dangote Foundation and Group Executive Director, Oil & Gas, Dangote Industries Limited, described the 2026 fellows as “leaders who will expand opportunity and strengthen institutions, advancing Africa on its own terms.”
She added: “Africa’s future will be defined by the strength of its people. When the right leaders—especially women—are empowered and given a global voice, they do not just lead; they reshape what is possible. That is why we invest in people: because it is the surest path to lasting global prosperity, stability, and self-determination. The 2026 cohort embodies this vision.”
According to her: the 2026 YGL Aliko Dangote Fellows represent that future leaders who will expand opportunity and strengthen institutions, advancing Africa on its own terms while helping define a world whose future will be shaped by the continent.
She explained that the idea behind the YGL Aliko Dangote Fellowship is to cultivate, empower, and support exceptional African leaders under 40, ensuring they have the resources to participate in the World Economic Forum (WEF)’s Young Global Leaders (YGL) community. It specifically aims to accelerate their impact on the continent and globally.
Details of the new fellows in the announcement indicated that; Hatim Eltayeb, is the Chief Executive Officer of African Leadership Academy, strengthening one of the continent’s most important leadership institutions; Dr Esperance Luvindao, Namibia’s Minister of Health and Social Services, combining clinical experience with digital health and grassroots innovation; Charlot Magayi, the Kenyan founder of Mukuru Clean Stoves, linking clean energy, public health and livelihoods; Dr Stephen Modise, Botswana’s Minister of Health, bringing a data-driven approach to public health reform.
Dr Musa Kika, Executive Director of the Institute for Human Rights and Development in Africa, using law to defend constitutionalism and civic space; Rewa Udoji, the Nigerian artist and finance professional whose work bridges culture, capital and women’s economic literacy; Kemi Lala Akindoju, the Nigerian producer and actor helping reshape the creative economy through talent development, financing and more grounded storytelling; and Ms Vimbai Masiyiwa, co-founder and Chief Executive Officer of Batoka Africa, building a model of tourism rooted in sustainability, community ownership and women’s empowerment. Together, they reflect the range of leadership the fellowship is designed to support public leaders, entrepreneurs, institution-builders and cultural actors already shaping systems in very different ways.
It would be recalled that Aliko Dangote YGL Fellowship has supported more than 90 Fellows from over 25 African countries, thus enabling full participation in the World Economic Forum’s Young Global Leaders programme through access to convenings, executive education, peer networks and global platforms.
Over that period, Fellows have taken part in more than 400 engagements across Annual Meetings, regional summits and learning modules, contributing to debates on finance, climate, health, technology and governance.
Norwegian Sovereign Wealth Fund Eyes Partnership with Dangote Group on Africa Investments
The President/Chief Executive of Dangote Group, Aliko Dangote has held a high-level meeting with Nicolai Tangen, the Chief Executive Officer of Norges Bank Investment Management, the world’s largest sovereign wealth fund manager, overseeing assets valued at approximately $1.9 trillion.
At the meeting, the Norwegian investment institution expressed strong interest in partnering with Dangote Group to expand its footprint across the African continent, with a focus on strategic sectors including power, energy, renewables, agriculture, fertiliser and cement.
Also present at the meeting were Svein Tore Holsether, Chief Executive Officer of Yara International, one of the world’s leading fertiliser and agricultural companies, and Terje Pilskog, Chief Executive Officer of Scatec, a global renewable energy company.
The engagement shows growing global investor confidence in Africa’s industrial and infrastructure potential, as well as the increasing role of indigenous conglomerates such as Dangote Group in driving large-scale economic transformation.
For Dangote Group, the potential partnership represents a significant opportunity to deepen its investments across key sectors critical to Africa’s development, particularly in energy transition, food security and industrial capacity expansion.
The Norwegian sovereign wealth fund, widely regarded as a benchmark for global institutional investment, has in recent years shown increased interest in emerging markets, with Africa seen as a frontier for long-term value creation.
The collaboration between the fund and Dangote Group could unlock substantial capital flows into critical infrastructure and industrial projects, further accelerating economic growth and regional integration across the continent.
- Africa’s next energy boom will be won through infrastructure, not exploration alone May 11, 2026
- President El-Sisi Heads to Kenya to Participate in the Africa–France Summit May 11, 2026
- Telecoming Strengthens Its Presence in Africa with the Launch of DCB Software South Africa May 11, 2026
- From Megawatt (MW) to Gigawatt (GW): Why Africa Must Think in Grid-Scale Power to Compete in the Artificial Intelligence (AI) Economy May 11, 2026
- Enlit Africa 2026 makes 20 May the Commercial and Industrial (C&I) delivery day across power, water and clean energy hubs May 11, 2026
- Africa Centres for Disease Control and Prevention (Africa CDC) and Ethiopia Officially Launch Conference on Public Health in Africa (CPHIA) 2026 to Advance Africa’s Health Security and Sovereignty Agenda May 10, 2026
- How a Mother Broke Tradition to Fight for her Son’s Life May 10, 2026
- Seychelles - Minister of Foreign Affairs and the Diaspora, Ambassador Barry Faure conducts bilateral meetings in the margins of Seychelles Universal Periodic Review in Geneva, Switzerland May 9, 2026
- Egypt - President El-Sisi, French President Macron Attend Opening of Senghor University New Headquarters May 9, 2026
- Rhino Resources Joins African Energy Week (AEW) as Gold Sponsor as Southern African Exploration Expands May 8, 2026
- Africa’s next energy boom will be won through infrastructure, not exploration alone May 11, 2026
- President El-Sisi Heads to Kenya to Participate in the Africa–France Summit May 11, 2026
- Telecoming Strengthens Its Presence in Africa with the Launch of DCB Software South Africa May 11, 2026
- From Megawatt (MW) to Gigawatt (GW): Why Africa Must Think in Grid-Scale Power to Compete in the Artificial Intelligence (AI) Economy May 11, 2026
- Enlit Africa 2026 makes 20 May the Commercial and Industrial (C&I) delivery day across power, water and clean energy hubs May 11, 2026
- Africa Centres for Disease Control and Prevention (Africa CDC) and Ethiopia Officially Launch Conference on Public Health in Africa (CPHIA) 2026 to Advance Africa’s Health Security and Sovereignty Agenda May 10, 2026
- How a Mother Broke Tradition to Fight for her Son’s Life May 10, 2026
-
news5 months agoWHO REALLY OWNS MONIEPOINT? The $290 Million Deal That Sold Nigeria’s Top Fintech to Foreign Interests
-
society1 week agoSOCIAL MEDIA IS NOT A BATTLEFIELD COMMAND – WHY THE NIGERIAN ARMY’S ACTION AGAINST JUSTICE CRACK IS A NATIONAL SECURITY IMPERATIVE
-
celebrity radar - gossips4 months agoDr. Chris Okafor Returns with Power and Fire of the Spirit -Mounts Grace Nation Altar with Fresh Anointing and Restoration Grace on February 1, 2026
-
celebrity radar - gossips5 months agoProphet Kingsley Aitafo Releases 2026 Prophecy: ‘Nigeria Will Rise, but the World Must Prepare for Turbulence’