Author: Festus Adeloye

Payment to depositors with liquidated Heritage Bank having N5 million and below will begin on Monday, the Nigeria Deposit Insurance Corporation (NDIC) said yesterday. Depositors with more than N5 million will wait for their balance until assets of the liquidated bank are disposed off and money generated, before they are paid. The Central Bank of  Nigeria (CBN) yesterday revoked the operating licence of Heritage Bank. According to the apex bank, Heritage failed in its obligations. A statement by CBN spokesperson Hakama Sidi-Ali said: “The bank’s Board and Management failed to improve its financial performance, posing a risk to the financial…

The federal government has appealed to the Organised Labour to stealth their sword and return to the negotiating table. The minister of information and national orientation, Mohammed Idris, made the passionate appeal on Monday, June 3, in Abuja. Idris reminded the Labour Union that the minimum wage negotiation is not only for public workers alone as it also affects the private sector. He therefore appealed to the Labour Union to return to the negotiating table to fashion out a realistic and sustainable wage. The minister said that the government is equally bothered about the shutdown of critical infrastructure by the…

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation of Heritage Bank, assuring it will pay depositors of the failed bank N5 million insured deposits. Director of Communication & Public Affairs, Bashir  Nuhu, disclosed this in a statement. He said: “Following the revocation of the banking license of Heritage Bank Plc by the Central Bank of Nigeria (CBN) today, June 3, 2024 and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator, pursuant to Section 12(2) of BOFIA, 2020, the Corporation wishes to announce to depositors of the bank in particular and the banking public in…

Nigerian singer, Patrick Okorie, popularly known as Patoranking has graduated from Harvard Business School. Patoranking shared the news on Instagram on Sunday, posting a photo in front of the institution. Accompanied by Professor Anita Elberse, Patoranking proudly held up his certificate in a second slide. Patoranking captioned the post, “Welcome the new #harvardhbs Alumnus God runs this Show…Thank You #anitaelberse”

The Sultan of Sokoto and President General of the Nigeria Supreme Council for Islamic Affairs (NSCIA), Alhaji Muhammad Sa’ad Abubakar, has urged the organised labour in Nigeria to shelve its strike action, which commenced on Monday across the country, saying that they should not be tired of negotiating with the government in the interest of the country. Sultan Sa’ad Abubakar made the call in a statement by his media team, a copy of which was made available to newsmen, saying that the Labour leaders should consider the overbearing effects of the strike action they planned to embark upon in the…

The Parliamentary Staff Union of Nigeria (PASAN) on Monday shut down the National Assembly in compliance with the indefinite strike action declared by Organised Labour to press home demand for living wage for Nigerian workers. The two gates of the Assembly complex were shut by the union with workers and other visitors unable to gain access. The Nation gathered that electricity and water supply to the two buildings housing the Senate and the House of Representatives as well as other facilities in the complex have been shut down by the union. Committee activities scheduled for Monday such as revenue monitoring…

The organised labour has shut down all entry points of aviation agencies at the Murtala Muhammed International Airport, Ikeja, Lagos and the Nnamdi Azikiwe International Airport in Abuja to press home their demands for the implementation of a new National Minimum Wage. This action has, however, affected flight operations at the nation’s busiest airport as airlines as passengers were left stranded at the airport entrances. This is coming barely 24 hours after the Aviation unions directed its members to withdraw services across airports in Nigeria. The unions decided after an emergency meeting held on Sunday. On Friday, organised labour members…

The Central Bank of Nigeria has revoked the banking licence of Heritage Bank Plc, effective immediately. This decision was made due to the bank’s failure to improve its financial performance, posing a threat to financial stability. The apex bank’s Acting Director of Corporate Communication Department, Sidi Ali, disclosed this in a statement on Monday. According to the CBN, the bank’s management has been unable to stem the decline despite various supervisory steps taken by the regulator. With no reasonable prospects of recovery, the CBN has taken this action to protect the financial system and maintain public confidence. “The Nigerian financial…

The Joint Admissions and Matriculation Board on Sunday announced the release of 3,921 outstanding 2024 Unified Tertiary Matriculation Examination results. In a statement by its spokesperson, Fabian Benjamin, the board also announced a rescheduled examination for 24,535 candidates after it analysed the process and conduct of the previous examination in some centres where there were proofs of substantial non-compliance with its standards. “The rescheduled candidates are to print their supplementary Examination Notification Slip from Tuesday, 4th June 2024, to ascertain their designated examination centres. “This release brings the total results released to 1,883,350. The rescheduled examination, which is taking place…

Super Eagles defender to the 2019 Africa Cup of Nations(AFCON) in Egypt, Leon Balogun, has said  the desire to win more trophies was behind signing a new  deal with Glasgow Rangers, adding he it’s a privilege  to turn out for the Gers. “I am very, very happy and privileged to be able to extend my contract at a club like Rangers,”  the 35-year-old AFCON Bronze medal winner reportedly said as per Scottish Sun.  “I have said in the past I wish I could’ve been here sooner in my career because it fuels the fire to succeed all the time. I want to win more trophies…