Defunct Heritage Bank’s depositors with N5 million minimum balance have described as unacceptable the announcement by the Nigeria Deposit Insurance Corporation’s (NDIC) that they will receive only partial payment of the uninsured sums.

They stated this at the weekend while reacting to the statement by the NDIC on their initial outcry to the National Assembly to prevail on the Central Bank of Nigeria (CBN) to ensure their trapped funds were released without further delays.

The depositors, who had lamented the sufferings they and their loved ones were going through as a result of their inability to access their funds deposited in the defunct Heritage Bank, noted that the NDIC’s statement of March 30 that it would pay those in the category on pro-rata basis further confirmed their fears of lack of resources and underscored the urgency of the situation.

Speaking through their leader, Ibrahim Elisha, the aggrieved depositors emphasised that the NDIC’s pro-rata payment scheme was inadequate and exposed severe funding deficiencies that could threaten public confidence in Nigeria’s banking system.

“The dire financial predicament facing us demands swift, decisive intervention from the Presidency, National Assembly, and the CBN.

“The NDIC has demonstrated its inability to fully reimburse affected depositors, even after liquidating the bank’s assets. A recent press statement—clearly issued in response to mounting media scrutiny—has confirmed that depositors will receive only partial payments, an unacceptable outcome that underscores the urgency of the situation.

“The NDIC’s pro-rata payment scheme is inadequate, exposing severe funding deficiencies that threaten public confidence in Nigeria’s banking system. For nine months, depositors have endured broken promises, uncertainty, and financial hardship.

“In times of distress, the CBN has historically provided bailout funds to stabilise financial institutions and prevent systemic collapse. It has done so in notable cases, including a N460 billion allocation to First Bank for Heritage Bank prior to its liquidation; support for the merger between Providus Bank and Unity Bank to preserve financial stability; a N700 billion lifeline extended to Unity Bank with favorable repayment terms; and the acquisition of Keystone Bank’s shares to avert institutional failure.”

They argued that it was incomprehensible that the CBN would neglect urgent intervention in their matter.

“Its inaction jeopardizes the entire financial ecosystem, creating unnecessary hardship for depositors who entrusted their savings to a bank that was assured to be stable.

“Delays are unacceptable. The credibility of Nigeria’s financial sector is on the line. If immediate bailout funds are not provided, public trust in financial institutions will erode, investor confidence will falter, and global banking observers will question Nigeria’s commitment to economic stability,” they stressed.

The depositors urged President Bola Tinubu and the National Assembly to mandate the CBN to release the necessary funds to NDIC for full depositor reimbursement.

They insisted: “Time is of the essence. Prolonged hesitation will intensify the crisis and inflict irreversible reputational damage. The government must step in without delay to restore trust, and protect vulnerable depositors. The consequences of inaction are far too grave. Immediate action is non-negotiable.”

In a statement by its acting Head of Communications and Public Affairs, Hawwau Gambo, NDIC explained that the excess of the insured N5 million already reimbursed would be paid as liquidation dividends in accordance with statutory mandate.

The statement reads: “With the considerable progress recorded in the asset realisation, the corporation will declare the first tranche of liquidation dividends in April 2025 which will be paid to uninsured depositors on a pro-rata basis, in line with Section 72 of the NDIC Act 2023 on the priority of claims.

“For clarity, the referenced section states that: ‘Where an insured institution is unable to meet its obligations or suspends payment, or where its management and control have been taken over by the Central Bank of Nigeria following the revocation of its license, the assets of the insured institution shall be available to meet its deposit liabilities. Such deposit liabilities shall have priority over all other liabilities of the insured institution’.

“Consequently, other claimants of the failed bank, including creditors, and shareholders, will be considered for payment of liquidation dividends only after all depositors have been fully reimbursed.

“The NDIC wishes to reiterate its commitment to the safety of depositors’ funds in all licensed banks. Members of the public are enjoined to continue their banking activities without fear, as all other banks remain safe and sound.”

[TheNation]

As coalition talks to challenge President Bola Tinubu in the 2027 elections gain traction, northern stakeholders are pushing for southern aspirants to commit to a single-term agreement.

A source involved in the coalition negotiations, who requested anonymity due to lack of authorisation to speak on the issue, told The PUNCH that northern stakeholders are urging former Vice President Atiku Abubakar not to run.

The source added that most stakeholders believe that if all coalition leaders unite behind a southern candidate, President Tinubu can be defeated.

On March 20, the 2023 presidential candidate of  the Peoples Democratic Party, Atiku, Labour Party’s Peter Obi, and former Kaduna State Governor, Nasir El-Rufai, announced the formation of a coalition aimed at removing President Tinubu in 2027.

The debate about whether opposition parties should unite to challenge President Tinubu’s administration has been intensifying, with various political figures sharing different opinions.

Former Vice President Atiku has been a strong advocate for opposition unity, emphasising the importance of collaboration.

On March 8, he revealed his efforts to unite opposition groups and form a coalition to oust the APC.

Following El-Rufai’s switch from the APC to the Social Democratic Party on March 10, discussions among opposition leaders gained significant momentum.

Atiku and other opposition figures declared that the March 20 meeting marked the official launch of the coalition.

It was previously reported by Sunday PUNCH on March 23 that the negotiations among political leaders are being delayed due to former Vice President Atiku Abubakar’s ambitions and the zoning dispute.

The source mentioned that the stakeholders have multiple options to resolve all the concerns.

He stated, “There are numerous concerns among all stakeholders involved in the coalition negotiations, with the North-South issue being the primary concern.

“Most of us understand that if we field a competent and credible southern candidate, defeating President Tinubu would be much easier. Therefore, many stakeholders, especially those from the North, are urging Atiku to step down and allow the coalition to support a southern candidate who will serve a single term if elected.

“In fact, some of these stakeholders are insisting that any southern aspirant the coalition will support must agree to a single-term commitment.

These issues are emerging, but we are committed to addressing them as they arise and accommodating the many Nigerians who are fed up with the APC’s maladministration. Our goal is to ensure a fair process that represents the interests of the people and strengthens the unity of the coalition.”

When reached for comment, the National Secretary of the Coalition of United Political Parties, Peter Ahmeh, confirmed that the proposal for southern aspirants to sign a single-term agreement, along with other options, is under consideration by the stakeholders.

In an interview with our correspondent, Ahmeh stated that the opposition forces against President Tinubu are greater than those faced by former President Goodluck Jonathan in 2014.

He stated, “The signing of a single-term agreement by a southerner is part of what is on the table, but this has not been concluded yet. It has not reached a conclusion.

“Peter Obi and some other southern aspirants are involved. I believe that the decision will be reached in the next few weeks.

“There are many options on the table. People are bringing different permutations, but the fact still remains that you can’t put the cart before the horse. As soon as the agreement is reached, we will communicate it to the public.

“It is very obvious that more Nigerians have realised that this government is doing us more harm than good. So, quite a lot of Nigerians are joining the coalition. There are more opposition forces against this government than there were against former President Jonathan in 2014.

“So, I urge all coalition stakeholders and other opposition leaders to sustain this commitment so that we can come together to rescue this country from the failed APC.”

When reached for comment, former Vice President Atiku cautioned against speculation that could undermine the coalition negotiations.

In an exclusive interview with The PUNCH, Atiku, through his media aide, Paul Ibe, emphasised that any agreement made will be binding for all parties involved.

He stated, “The agreement must be between the stakeholders, and we cannot speculate about it because discussions are still ongoing. We don’t need to reach conclusions while discussions are still ongoing. Once an agreement is reached, it will be binding, but until then, we must refrain from drawing conclusions about the ongoing process.

“Yes, His Excellency, Atiku Abubakar is committed. What’s important for him is not to put the cart before the horse. His Excellency, like other leaders, believes that the only way to remove those who don’t mean well for our people and our country is by having a strong, united coalition.

“That coalition must be robust and strong enough to push forward. That is what they are working towards, and it is the most important goal, above all else.”

The National Chairman of the SDP, Shehu Gabam, corroborated that nationwide consultation is ongoing.

He stated, “I am not in a position to say anything now. I can’t tell you what we intend to do and how far we have gone, consultation is ongoing.

“We are doing more consultations. When we get to the bridge, we’ll cross it. But our consultations are ongoing nationwide. I am not going to disclose who is involved in the consultation and other details.”

However, the PDP National Youth Leader, Timothy Osadolor, criticised the push for a southerner to sign a single-term agreement, calling it premature.

In an interview with The PUNCH, Osadolor urged coalition stakeholders to keep the opportunity open for capable Nigerians.

He stated, “For me, I think it is premature to narrow this contest to the South. If we say a southerner must run, who are the southerners capable of running and dismantling this monstrosity called the APC government? There are just three people: former President Goodluck Jonathan, Obi, and I don’t think there is anyone as formidable as the Oyo State governor.

“I am not going to speak for all the other southerners who want to run, with all due respect to them. But I think we should allow Nigerians, irrespective of where they come from, to pursue their ambitions. That is the best way we can defeat the APC.

“And if among those who come forward, we unanimously agree to support one, regardless of the geopolitical region they hail from, it will be a collective democratic decision and no one will accuse the coalition of denying them their rights.”

Reacting to the scheming by the opposition, the APC Publicity Director, Bala Ibrahim, dismissed the coalition efforts, stating that the ruling party’s popularity among Nigerians is growing.

According to Ibrahim, the APC remains unfazed, and the party’s accomplishments will ultimately vindicate President Tinubu.

He stated, “Again, the ruling party, the APC is not bothered, because all the people involved (in the coalition) are people who have gone to the polls against the APC and lost.

 “The APC, from the period it beat them to defeat, has not lost its membership but has been increasing its membership, and its tentacles of leadership are increasingly growing.

 “The people will continue to realise the good dividends of democracy from the APC government, such that they will not regret voting for the party, nor will they think of giving up.

“So, the achievements of the ruling APC under President Tinubu will shame all opposition forces and their plans.”

Two Nigerian nationals and a Texan have been sentenced to federal prison for their involvement in a multi-million dollar tax refund fraud scheme that exploited stolen identities and laundered proceeds through both U.S. and foreign financial institutions.

Acting U.S. Attorney Abe McGlothin, Jr. announced the sentencing of Imafedia Adevokhai, 47, of Alpharetta, Georgia; Osazuwa Peter Okunoghae, 46, of Houston, Texas; and Michael Martin, 52, of Texarkana, Texas, following their guilty pleas in connection with the conspiracy.

Adevokhai, a Nigerian national, pleaded guilty to money laundering on February 15, 2023, and was sentenced on April 2, 2025, to 46 months in federal prison by U.S. District Judge Robert W. Schroeder, III. He was also ordered to pay $90,380.60 in restitution and $3,500 in forfeiture.

Okunoghae, another Nigerian national residing in Houston, received the harshest sentence of the trio — 78 months in federal prison — after pleading guilty to money laundering conspiracy in November 2019.

He was sentenced on January 13, 2022, and ordered to pay $451,117.63 in both restitution and forfeiture.

Martin, the only American among the convicted, pleaded guilty to conspiracy on February 14, 2023. He was sentenced to 18 months in prison on November 21, 2023, and ordered to pay $90,380.60 in restitution and $121,623.41 in forfeiture.

According to court records, the three men were involved in a sophisticated Stolen Identity Refund Fraud (SIRF) operation spanning multiple years. They used personal identifying information from dozens of victims to file fraudulent tax returns totaling nearly $5 million, causing a confirmed loss of over $390,000 to the U.S. Department of Treasury and Internal Revenue Service (IRS).

“The Eastern District of Texas is committed to prosecuting individuals who participate in schemes to steal personal information, prepare and file fraudulent tax returns, and launder the proceeds,” McGlothin said.

IRS Criminal Investigation (IRS-CI) agents uncovered the fraud after tracing a complex network of financial transactions involving multiple U.S. and foreign bank accounts.

Special Agent Christopher J. Altemus Jr., who leads the IRS-CI Dallas Field Office, praised the agency’s investigators, stating, “Their sentences should be a warning to anyone who would try to defraud the U.S. Government or prey on law-abiding taxpayers.”

The investigation revealed that Adevokhai primarily handled the preparation and submission of the fraudulent tax returns, while Okunoghae and Martin focused on laundering the proceeds — transferring funds through various accounts in a bid to obscure the source of the money.

The case dates back to a broader 2019 indictment that included individuals from three U.S. states and others based in Nigeria, pointing to a transnational fraud network.

The case was prosecuted by Assistant U.S. Attorneys Nathaniel C. Kummerfeld and Sean Taylor.

Federal authorities reiterated that prosecuting SIRF crimes remains a top priority, as such schemes threaten the integrity of the U.S. tax system and drain billions from public coffers.

Vanguard News

The federal government has ordered the management of federal higher institutions to publish their financial data and academic capacity before May 31, 2025.

Tunji Alausa, the minister of education, said all vice-chancellors, rectors, and provosts must provide their annual budgetary allocation, including “their personnel costs, overhead costs, and capital expenditure”.

The minister communicated this directive in a statement signed by Boriowo Folasade, the ministry’s spokesperson.

Alausa mandated school managements to also disclose data around their research grants “from foreign institutions, multilateral organisations, and development partners”.

The statement added that institutions must include the findings received from TETFund.

“The directive further mandates that institutions publish the total value of their endowment fund as recorded at the end of the previous year,” the statement reads in part.

“This figure, which reflects funds donated or invested for the institution’s long-term financial health, must be updated quarterly to ensure currency and transparency.

Alausa asked the institutions to reveal the current population of their undergraduate and postgraduate students to “determine their enrolment and institutional capacity”.

The ministry stated that the information must be presented in a clear, accessible, and user-friendly format before May 31.

“Websites should be structured in a way that allows the public, including parents, students, and stakeholders, to easily locate and understand these data points,” it added.

“All federal institutions are expected to comply fully with this directive and ensure that their websites are completely updated.

Alausa said the ministry will conduct periodic reviews of institutional websites and punish non-compliant institutions.

“This policy is part of a broader reform initiative aimed at strengthening public trust in the nation’s tertiary institutions, enhancing performance-based funding, and improving Nigeria’s global education indices,” he added.

[TheCable]