Banking
NDIC Pays Fresh N24.3bn to Defunct Heritage Bank Depositors
By Adedapo Adesanya
The Nigeria Deposit Insurance Corporation (NDIC) has declared the second liquidation dividend payment of N24.3 billion for depositors of the defunct Heritage Bank Limited.
The payment will be made to customers whose account balances exceeded the statutory insured limit of N5 million at the time the bank was closed on June 3, 2024.
This was disclosed in a statement signed by the Head of Communication and Public Affairs Department, Mrs Hawwau Gambo, noting that the new payment, eligible for uninsured depositors, will receive 5.2 Kobo per N1 on their outstanding balances, bringing the cumulative liquidation dividend to 14.4 Kobo per N1 when combined with the first tranche paid earlier.
According to the corporation, it first paid insured deposits of up to N5 million per depositor from its Deposit Insurance Fund, ensuring that small depositors had prompt access to their funds despite the bank’s failure.
NDIC said that in April 2025, it declared and paid a first liquidation dividend of N46.6 billion, equivalent to 9.2 kobo per N1, to depositors with balances above the insured limit, setting the stage for further recoveries as assets were realised.
This latest payout follows the revocation of Heritage Bank’s operating license by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed as liquidator in line with the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.
According to the NDIC, the second liquidation dividend of N24.3 billion was made possible through sustained recovery of debts owed to the defunct bank, disposal of physical assets, and realisation of investments.
The corporation said the payment was effected in line with Section 72 of the NDIC Act 2023, which governs the distribution of liquidation proceeds.
The NDIC noted that these recoveries reflect ongoing efforts to maximise value from Heritage Bank’s assets, assuring depositors that the liquidation process remains active and focused on full reimbursement where possible.
The corporation disclosed that payments will be credited automatically to eligible depositors’ alternative bank accounts already captured in NDIC records using their Bank Verification Numbers (BVN).
Depositors who have received their insured deposits and the first liquidation dividend have been advised to check their accounts for confirmation of the latest payment, while those yet to receive any payout are encouraged to regularise their status.
For depositors without alternative bank accounts or BVNs, or those who have not claimed their insured deposits or first liquidation dividend, the NDIC advised them to visit the nearest NDIC office nationwide or submit an e-claim via the Corporation’s website for prompt processing.
It added that further liquidation dividends will be paid as more assets are realised and outstanding debts recovered.
By Modupe Gbadeyanka
In recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises (SMEs), Union Bank of Nigeria Plc has been honoured by the Association of Small Business Owners of Nigeria (ASBON).
The lender was rewarded by the group for its suite of solutions designed to enable business expansion and long-term value creation.
At the Nigeria National SME Business Awards, held recently in Lagos, Union Bank was given the Best SME Growth Banking Initiatives Award for 2025.
The ceremony was organised by ASBON in partnership with the Lagos State government through the Ministry of Commerce, Cooperatives, Trade and Investment.
The event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.
Receiving the award on behalf of the bank, its Head of SME Segment, Mr Ayokunnumi Abraham, described the recognition as a strong endorsement of the organisation’s commitment to supporting small and medium-sized businesses.
“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible.
“Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting.
“These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive,” he stated.
By Modupe Gbadeyanka
The stellar contributions of Polaris Bank Limited to youth employment, talent development, and workforce empowerment across Nigeria have not gone unnoticed, as the company was recently recognised at an event in Lagos.
At the 2026 Jobberman Partners’ Convening, the financial institution was bestowed with the Private Sector Champion Award.
The award recognises private sector organisations that have demonstrated exceptional commitment and leadership in advancing youth employability through impactful recruitment initiatives, graduate trainee programmes, executive hiring support, candidate assessment programmes, and strategic partnerships that create sustainable career opportunities for young Nigerians.
Themed From Impact to Action: Collectively Designing the Future of Youth Employment in Nigeria, the convening focused on fostering collaboration between the private sector and other stakeholders to expand access to meaningful employment opportunities and equip young Nigerians with the skills and opportunities required to succeed in an evolving economy.
On the recognition, Jobberman commended Polaris Bank for consistently going beyond transactional partnerships to deliver measurable impact within Nigeria’s employment ecosystem. The renowned recruitment firm described Polaris Bank as a credible and purpose-driven institution committed to advancing youth employability and supporting the future of work in Nigeria.
The Head of Talent Management at Polaris Bank, Ms Cynthia Sanyaolu, reaffirmed the lender’s commitment to empowering young Nigerians and strengthening the nation’s workforce through strategic people-focused initiatives designed to create long-term economic and social impact.
“This recognition reflects Polaris Bank’s unwavering belief in the potential of the Nigerian youths and our commitment to building platforms that enable them to thrive professionally and economically.
“At Polaris Bank, we see talent development and youth empowerment as critical drivers of national growth and sustainable development,” she stated.
Over the years, Polaris Bank has continued to invest in initiatives that promote learning, career growth, workforce inclusion, and economic empowerment.
Through strategic Graduate Trainee recruitment programmes via its flagship Polaris Graduate Intensive Training (PGIT) and Polaris Tech Ignite Training (TechIGNITE), among other talent development initiatives, and collaborative partnerships, the bank remains committed to supporting the next generation of Nigerian professionals while contributing to national development.
By Aduragbemi Omiyale
Plans are underway by Ecobank Transnational Incorporated (ETI) to approach the international debt market for a capital raise.
The parent company of the Ecobank Group intends to use proceeds from the proposed exercise to refinance “the concurrent any-and-all tender offer of the ETI $350 million 8.750 per cent tier 2 notes due June 2031.”
However, the issuance of the notes is subject to prevailing market conditions and the conclusion of the necessary transaction documentation, a statement signed by the organisation’s chief financial officer, Mr Ayo Adepoju, stressed.
After issuance, the debt instrument may be listed on the London Stock Exchange, with the expectation that the bonds will be traded on its regulated market.
Ecobank noted that it would allocate an amount equivalent to the full net proceeds of the issue of the notes to finance or refinance, in part or in full, new and/or existing eligible assets as described in its Green Bond Framework (Ecobank-Sustainability), as amended and supplemented from time to time.
Ecobank, which has banking operations in 34 countries in Africa, is listed on the Nigerian Exchange (NGX) Limited, the Ghana Stock Exchange and the Bourse Régionale des Valeurs Mobilières (Stock Exchanges).
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