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NDIC to Begin Uninsured Depositors’ Payment for Heritage Bank Customers in April
The Nigeria Deposit Insurance Corporation (NDIC) has announced that it will begin payments to uninsured depositors of the defunct Heritage Bank from April 2025. This follows significant progress in the liquidation process after the Central Bank of Nigeria (CBN) revoked the bank’s license on June 3, 2024.....KINDLY READ THE FULL STORY HERE▶
According to Hawwau Gambo, the acting director of Communications and Public Affairs at the NDIC, depositors with balances exceeding the insured limit of ₦5 million will receive their payments in liquidation dividends. These payments will be made on a pro-rata basis, in line with the NDIC’s statutory obligations.
The NDIC had already begun the liquidation of Heritage Bank, including verifying insured deposits and disposing of the bank’s assets to enable payment to uninsured depositors, creditors, and shareholders. Despite the initial insured amount of ₦5 million having been paid out, the remaining balance above this limit will now be disbursed as liquidation dividends.
NDIC has made substantial progress in asset disposal and debt recovery to ensure that depositors are compensated. The first tranche of liquidation dividends will be distributed in April 2025, following the disposal of physical assets and successful debt recovery. The corporation’s efforts to ensure transparency have been evident through widespread advertising and announcements about the asset sale process.
The NDIC emphasizes that insured depositors are being paid promptly, while creditors and shareholders will receive their liquidation dividends only after all depositors have been fully reimbursed, in accordance with the NDIC Act of 2023.
Security agencies have stepped up surveillance and tightened protection around key facilities in the Federal Capital Territory (FCT) following intelligence indicating a possible insurgent attack on critical infrastructure.....KINDLY READ THE FULL STORY HERE▶
What is the current Dollar to Naira exchange rate at the black market, also known as the parallel market (Aboki FX)?....KINDLY READ THE FULL STORY HERE▶
Here is the Dollar to Naira rate for April 16. These are the prevailing rates at which dollars are exchanged for naira in the parallel market.
How much is a dollar to naira today in the black market?
At the Lagos parallel market, traders sell one dollar for ₦1400 and buy at ₦1390 as of Thursday, April 16, 2026, according to Bureau De Change (BDC) sources.
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market and has advised individuals to carry out foreign exchange transactions through authorized banks.
Dollar to Naira Black Market Rate (Today)
- Selling Rate: ₦1400
- Buying Rate: ₦1390
Dollar to Naira CBN Rate (Today)
- Highest Rate: ₦1344
- Lowest Rate: ₦1340
Keep in mind that actual buying and selling rates may differ slightly due to market fluctuations.
The 2026 Unified Tertiary Matriculation Examination (UTME) began nationwide on Thursday, with over 2.2 million candidates expected to participate across accredited centres.....KINDLY READ THE FULL STORY HERE▶
The exam, conducted by the Joint Admissions and Matriculation Board (JAMB), will run from April 16 to April 22 in multiple daily sessions.
JAMB Registrar, Prof. Is-haq Oloyede, urged examination officials to remain highly committed and professional, noting that the success of the exercise depends largely on their dedication.
He gave the charge during a virtual final briefing for technical officers ahead of the examination, where he also praised staff, ad hoc personnel, service providers, and technical advisers for their roles in the successful conduct of the mock exam.
Oloyede said many of the issues recorded during the mock exercise were due to poor assessment of centres by some technical officials.
He further stated that incentive packages would be awarded to teams that perform exceptionally, particularly in handling exam materials and submitting timely reports.
Reiterating JAMB’s zero-tolerance stance on malpractice, he warned candidates against bringing prohibited items into examination halls.
He also disclosed that biometric verification and real-time monitoring systems have been deployed to protect the integrity of the exercise.
Candidates whose biometrics cannot be verified, he added, will be rescheduled to write the exam at approved centres.
Meanwhile, a NAN correspondent monitoring proceedings at Aduvie International School, Jahi, reported that the first session scheduled for 8:30 a.m. began slightly behind schedule at about 8:40 a.m.
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