Connect with us

Business

NDIC to begin sale of Heritage Bank assets December 4

Published

on

The Nigeria Deposit Insurance Corporation (NDIC) says the sale of Heritage Bank assets will begin on December 4, 2024.

In a statement on Sunday, Bashir Nuhu, NDIC’s director of communication and public affairs, said the commission has started the process to sell off landed properties belonging to the defunct bank.

Nuhu said the exercise conforms to the corporation’s statutory powers as the liquidator of failed banks in the country.

He said interested bidders should submit bids at designated NDIC offices in Abuja, Lagos, Bauchi, Kano, Enugu, and Port Harcourt.

“In a bid to ensure timely declaration of liquidation dividends to uninsured depositors of the failed Heritage Bank, the Nigeria Deposit Insurance Corporation (NDIC) has commenced process for the sale of landed properties of the defunct bank,” the statement reads.

“The exercise is pursuant to the Corporation’s statutory powers as liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023.

“The sale of assets is by competitive bidding and will take place at the 36 affected locations of the bank across the country, from Wednesday 4th December, 2024.

“Buyers who wish to participate in the auction are expected to follow laid down guidelines aimed at ensuring transparency, fair competition, equity and accountability to enable recovery of commensurate values from the exercise. This is vital for the payment of liquidation dividends to eligible claimants.

“In order to allow the continuation of provision of financial services to the Nigerian public at the locations of the closed bank towards bolstering financial inclusion, preference shall be given to financial institutions who are willing to buy any of the properties at the highest auctioned prices along with all the physical assets at wholesale value.”

‘CORPORATE BODIES, PRIVATE INDIVIDUALS ELIGIBLE TO BID’

Nuhu said corporate bodies and private individuals interested in the bidding are eligible to participate without prejudice, assuring that the auction will be open and competitive to all bidders.

He added that bidders will be allowed to inspect the properties and chattels across all locations prior to disposal.

“For full details check our website, social media platforms and Newspapers,” Nuhu said.

On June 3, the Central Bank of Nigeria (CBN) revoked the licence of Heritage Bank Plc with immediate effect.

The regulator, in a statement, said the revocation was necessary due to the bank’s inability to improve its financial performance, a situation which constitutes a threat to financial stability.

Following the revocation, the NDIC announced the commencement of verification and payment to depositors.

At a media briefing on June 5, Bello Hassan, NDIC’s managing director, promised to settle insured customers within one week, adding that the total bank deposits at Heritage Bank stood at N650 billion while its loan portfolio was above N700 billion.

Hassan said the bank’s total depositors are 2.3 million, with 99 percent of them having total balances of less than N5 million.

On June 13, the NDIC announced the national listing of the bank’s assets for sale, including 48 properties and various chattels such as vehicles, office equipment, plant and machinery located in 62 locations nationwide.

Business

FCCPC warns of substandard sugar brands circulating in Nigerian markets

Published

on

By

The Federal Competition and Consumer Protection Commission (FCCPC) says it has uncovered the availability of substandard and unregistered sugar products in Nigerian markets.

The FCCPC said the products include smuggled brands from Brazil such as Grupo Moreno, Terous, USI S. Joao, Alvean, and Arapora Bionergia.

In a statement on Wednesday, Ondaje Ijagwu, director of corporate affairs at FCCPC, said the products, which failed to meet mandatory Vitamin A fortification requirements, pose serious health risks to consumers.

Ijagwu said the substandard products undermine the integrity of the local sugar industry and contribute to price manipulation that harms the market.

“Acting on a tip-off, FCCPC operatives conducted discreet investigations across the country, particularly in the South-West and the North-East,” the statement reads.

“The investigations revealed that many of the identified sugar products lacked normal labeling, including production and expiry dates, batch numbers, and the mandatory National Agency for Food and Drug Administration and Control (NAFDAC) registration.

“Even more concerning, most of the products were not fortified with Vitamin A, a critical nutrient essential for good vision, immune health, and overall well-being.

“The absence of this fortification exposes Nigerian consumers to serious health risks, including blindness and increased susceptibility to infections, particularly among vulnerable groups such as children and pregnant women.

“The FCCPC is also deeply concerned about the economic impact of these products.”

According to Ijagwu, the influx of smuggled sugar undermines fair competition, placing undue pressure on compliant local producers who adhere to regulatory standards.

He said importers of the substandard products engage in price manipulation to the detriment of genuine producers and consumers while pretending that the products are genuine.

The director said this jeopardises the sustainability of the Nigerian sugar industry and also erodes consumer trust in the market.

“Smuggling, facilitated through porous borders, particularly from neighboring countries such as Cameroun and Benin Republic, further complicates enforcement efforts and hampers traceability,” Ijagwu said.

“FCCPC wishes to reassure the general public that, consistent with the provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018, it is taking decisive steps to address this issue.

“The Commission is committed to educating consumers about the dangers of non-fortified and substandard sugar products through nationwide awareness campaigns.”

He urged Nigerian consumers to verify the authenticity of sugar products by ascertaining they carry proper labelling, including NAFDAC registration and evidence of Vitamin A fortification.

‘FCCPC COLLABORATING WITH NAFDAC, NCS TO TACKLE SMUGGLED SUGAR PRODUCTS’

Ijagwu also added that the FCCPC is intensifying enforcement and surveillance in collaboration with NAFDAC, the Nigeria Customs Service (NCS), and other relevant agencies.

He said part of the commission’s efforts include enhanced surveillance and follow-up market inspections to disrupt the supply chain of smuggled sugar products.

The director said the FCCPC is also engaging with industry stakeholders to promote compliance with quality standards, protect local producers, and foster fair competition within the sugar market.

He advised customers to remain vigilant and report any suspected substandard or unregistered sugar products to the commission.

Ijagwu said reports can be made through the commission’s email: contact@fccpc.gov.ng, or its official social media channels.

Continue Reading

Business

CBN warns bank customers against use of fake Swift messages for FX transfers

Published

on

By

The Central Bank of Nigeria (CBN) has advised bank customers to be cautious about the use of fake SWIFT messages during foreign exchange (FX) remittances.

SWIFT messages are sent through the Society for Worldwide Interbank Financial Telecommunication network to facilitate financial transactions between banks and financial institutions.

The CBN gave the warning in a statement signed by Hakama Sidi-Ali, its acting director of corporate communications department, on Tuesday in Abuja.

The apex bank said it had been inundated with claims by some stakeholders about the conclusion of foreign currency transfer to their Nigeria bank accounts.

According to Sidi Ali, stakeholders like private entities, individuals, law firms, and government agencies complained that foreign currency funds allegedly transferred to them by foreign entities have yet to be credited to their accounts with Nigerian banks.

“In some instances, the claimants alleged that the funds were withheld by either the beneficiary bank in Nigeria or the CBN and requested assistance towards releasing the funds to them,” She said.

“The requests are usually supported with fake documents such as SWIFT MT103, SWIFT Ack copy, etc.

“It has become imperative to state that the SWIFT ack copy and SWIFT MT103 that these claimants usually attach as evidence of remittance to beneficiary banks in Nigeria are not reliable.”

Sidi Ali added that the SWIFT messages are always not traceable on the SWIFT platform and the funds are not received to enable their application to the beneficiary’s account.

“In a situation where a fund transfer beneficiary receiving bank claims non-receipt of funds remitted by the foreign entity, the standard practice is for the sending customer to contact the sending bank.

“The purpose for the sending bank to send a tracer to trace where the fund is hanging and recall it.

“For the avoidance of doubt, we wish to state emphatically that the CBN neither provides correspondent banking services for Nigerian banks in foreign payments nor maintains accounts for private business entities.

“Consequently, petitioners’ claim that the alleged expected inflows for onward credit into the accounts of private business entities are trapped in the CBN is not only spurious but deceitful.”

The CBN spokesperson urged the general public to be careful with such unauthentic SWIFT messages and documents containing spurious claims of non-application of substantial foreign currency funds allegedly transferred into the beneficiary’s account.

She also warned that the CBN would not hesitate to report any bank customer making unsubstantiated and illegitimate claims to law enforcement agencies for investigation and prosecution.

Continue Reading

Business

Yuletide: There’ll be less delays and cancellations of flights, says NCAA

Published

on

By

Nigerian Civil Aviation Authority, NCAA, has assured air travellers that there will be minimal flight delays and cancellations during the festive season, saying cases of flight disruptions will also be better managed than previous years.

The regulatory agency said with the signing of the Irrevocable Deregistration and Export Request Authorisation, IDERA, operators were expanding their fleet to meet rising demand.

In October, Director General of the NCAA, Captain Chris Najomo, signed the IDERA to enable Nigerian airlines have access to dry lease aircraft to boost operational capacity.

Since then, United Nigeria Airlines has boosted its fleet with five Embraer aircraft (E190s) with the first of the planes arriving early this month.

Also, Ibom Air expanded its fleet with the addition of two Bombardier CRJ 900 next-generation aircraft.

Addressing newsmen after the NCAA Consumer Protection National Stakeholder Summit themed: ‘Achieving Increased Adoption of Digital Technology in Air Travel Customer Complaints Management: The Regulatory Perspective’ held in Lagos, Director of Public Affairs and Consumer Protection, Michael Achimugu, urged travellers to report issues of delays and cancellations to the agency.

Achimugu said: “This is the high season, there will be flight disruptions, however, it should be better than the previous years because with the signing of IDERA, more aircraft are coming to Nigeria. One of the domestic airlines recently said they brought in 10 new aircraft.

“This would not have been possible before. So we are monitoring. We have our consumer protection officers at every airport. If there is a disruption, please report to us. We can always mitigate some of those concerns. We are on ground to help deal with some of these situations as they arise.”

On the reason for the summit, he said: “The task before us is huge. We will step on toes to get the right thing done. We will make decisions and adjustments that will not compromise safety and security, but will uplift the travel experience of the people for whose sake the industry exists.

“I also invite all passengers to remember that airlines are in business and must make certain decisions based on the same principles that passengers also apply to their personal businesses as well. We must, therefore, strike a balance in the best interest of all parties. So, as you insist on having your rights protected, also do well to remember to honour your responsibilities as clearly stated in Part 19 of the NCAA Regulations 2023.”

Continue Reading

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

Most Read...