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…Defends Banana Island transactions WEMA Bank Plc has rejected what it described as ‘false, misleading and unsubstantiated’ media reports alleging wrongdoing in the recovery and disposal of assets linked to the defunct Gulf Bank Plc, insisting that the transactions followed lawful recovery processes and regulatory engagement. The bank said the publications misrepresented the facts surrounding […]
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THE Nigeria Deposit Insurance Corporation (NDIC) has approved a second liquidation dividend of N24.3 billion for depositors of the defunct Heritage Bank Limited whose account balances exceeded the N5 million statutory insurance limit. In a statement issued by Head of the Communication and Public Affairs Department, Mr Hawwau Gambo, the NDIC said the funds were […]
THE Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have asked the Federal High Court in Abuja to step aside from hearing a suit filed by Aso Savings & Loans Plc and Union Homes Savings & Loans Plc over the withdrawal of their operating licences. The matter came up on Monday […]
Assurance Bank Nigeria Limited, once a thriving bank with 23 branches across the country, officially closed its doors in January 2006 following a series of mismanagement and fraudulent activities that left depositors and regulators reeling. The bank, originally established as Nigeria-Arab Bank (NAB) in 1962, became majority-owned by the Nigerian government under the country’s Indigenization […]
THE Central Bank of Nigeria has penalised Fidelity Bank for various contraventions ranging from violations of rules guiding report filings to cybersecurity assessments’ breaches. According to the second quarter (Q2) financial statement of Fidelity Bank seen by Economy Post, the bank was fined for N309.9 million over a six-month period to June 30 2025 for […]