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Tag: assets

  • NDIC puts defunct Heritage Bank assets for sale

    NDIC puts defunct Heritage Bank assets for sale

    The Nigeria Deposit Insurance Corporation, NDIC has listed the head office in Lagos and branches of failed Heritage Bank across the country for sale in its role as liquidator of the bank.

    NDIC announced the sale of the bank properties numbering 48 and its chattel including vehicles, office equipment, plant, and machinery in another 62 locations across the country in an advertorial published in The PUNCH on Thursday.

    “The Nigeria Deposit Insurance Corporation in the exercise of its right as Liquidator of failed Deposit Money Banks hereby invites interested members of the general public to buy the assets (landed property and chattels) of defunct Heritage Banks through public competitive bidding,” part of the advertorial read.

    The head office of the bank and its annex located at 143 Ahmadu Bello Way and 130 Ahmadu Bello Way, Victoria Island, Lagos was listed for sale (buildings, chattels, generator, and motor vehicle). Also listed for sale were six other branches in Lagos, four branches in Abuja, four in Rivers States, and the others spread across the country.

    Interested parties are invited to come for an inspection and subsequently put in bids on the assets to be submitted to the NDIC office in Lagos.

    Bids are expected to come in with 10 per cent of the bid amount in Certified Bank Draft. Successful bidders will be required to pay the balance of the bid price within two weeks of notification.

    Earlier, the corporation announced the commencement of the verification and payment of the depositors of the bank with N5m or less in their accounts. This category of customers makes up about 99 per cent of the bank customers.

    The Managing Director of the NDIC, Bello Hassan, at a media briefing on the liquidation of Heritage Bank in Abuja last Wednesday, put the total depositors at Heritage Bank at 2.3 million.

    Hassan noted that the total bank deposits at Heritage Bank stood at N650bn  while its loan portfolio was about N700bn

    In announcing the revocation of the licence of Heritage Bank, the apex bank in a statement signed by the Acting Director of Corporate Communication, Sidi Ali, said, “This action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020. The board and management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.

    “This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline. Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby, making the revocation of the licence the next necessary step.”

  • CCB begins verification of political office holders’ assets

    CCB begins verification of political office holders’ assets

    The Code of Conduct Bureau (CCB) has begun verification of political office holders and top government officials’ assets as part of renewed anti-corruption crusade in the country.

    The acting Chairman of the Bureau, Mr Murtala Aliyu-Kankia, stated this while monitoring the ongoing verification exercise on Monday in Katsina.

    He said the exercise would cover senior public officers and civil servants including permanent secretaries, director-generals, directors and other top officials of government’s establishments.

    “I briefed the governor on why we are in Katsina. He is also keen in fighting corruption,” he said

    According to him, the exercise is aimed at finding out the genuineness of assets declared by political office holders and other senior civil servants on assumption of office.

    This, he said, would add value to the fight against corruption by President Bola Tinubu’s administration, adding that after the exercise its personnel would go to the field to authenticate the assets declared by the officers.

    “You know, some people have a tendency of under-declaration, anticipatory declaration and even non declaration of their assets.

    “To detect these three aspects, we go to the field to find out where someone under-declared, or in anticipation of getting something declared he has a property.

    “All these are offences.  The person found wanting would be referred to the CCB tribunal for prosecution accordingly.

    “The punishment is either for him to forfeit the property, banned from holding public office for 10 years or be asked to vacate the office he is occupying.

    “We are on course, we are doing it for the good of the country and the people,” he said.

    According to Aliyu-Kankia, the bureau is working with sister agencies like EFCC, ICPC to continue fighting against corruption in the country.

    He urged stakeholders to support the exercise to enhance the fight against corruption for sustainable  social and economic development of the country.

  • No amount of propaganda can stop recovery of Benue assets – Alia

    No amount of propaganda can stop recovery of Benue assets – Alia

    Gov. Hyacinth Alia of Benue State, on Thursday said no amount of propaganda will stop the ongoing recovery of all looted state assets by the Assets Recovery Committee.

    This was contained in a press statement signed by his Chief Press Secretary (CPS), Mr Tersoo Kula and made available to newsmen in Makurdi.

    He said his administration will use every lawful means to recover all looted assets of the state.

    “But what Ortom and his media men must know is that Gov. Alia and his government cannot be stampede. It remains focused and determined to use every lawful means in recovering all stolen assets that belong to the state.

    “Benue people who have been victims of the many years of the PDP maladministration are solidly behind the government and its mission to recover all stolen assets.

    “What those who are crowning themselves “witches’’ should know that the Assets Recovery Committee is on course and no amount of media facts-twisting and lie-peddling will stop them from carrying out their mandate based on their terms of reference,” he said.

    Kula said following information on vehicles illegally acquired and diverted by former governor and officials of his government by the Assets Recovery Committee, the PDP and Ortom’s media team had gone into a media overdrive.

    He said the enemies of the state have been issuing streams of statements, mostly contradictory, in a bid to muddy the waters and curry undue public sympathy since the recovery of exotic cars by the committee.

    “Governor Alia entered into a covenant with Benue people to deliver good governance and pull the state back from the precipice that he is committed to doing to the latter.

    “Alia is focused. He knows where he is heading to. Everything has a foundation and so is good governance.

    “If Alia succeeds only in entrenching discipline, bringing sanity to the management of state resources, prudent management of resources, accountability, transparency,  equity and inclusiveness, then other things will certainly fall in place,’’ he said.

    He said the PDP, its Publicity Secretary, and the former governor’s media should not think that media frenzy would twist the narrative and flip the issues in their favour.

    “Most of the youth penning down commentaries to support the greatest heist in the history of the state are graduates who are still riding motorcycles without jobs.

    “Alia led government is focused and its sights are set on delivering good governance to the people,’’ he said

    The State Assets Recovery Committee on Tuesday raided a private automobile workshop company in Makurdi and recovered over 20 exotic cars from it.

  • Buhari receives assets Declaration Form, direct all outgoing officials to do same

    Buhari receives assets Declaration Form, direct all outgoing officials to do same

    President Muhammadu Buhari says his strict adherence to the constitutional requirement of assets declaration before and after taking office is aimed at strengthening best practices and raising moral standards in Public Service.

    Malam Garba Shehu, the President’s spokesman in a statement on Friday in Abuja, said this action would also help to build integrity and combating corruption.

    The president, therefore, directed that all out-going officials, elected and appointed from the Vice President downwards must collect the assets declaration form, fill and return it as he has done.

    Speaking upon collecting his form from Prof. Isah Mohammed, the Chairman of the Code of Conduct Bureau, in Abuja on Friday, Buhari said ”no one is excluded from the Constitutional duty of assets declaration.

    “I signed, collected and acknowledged receiving my form.  From here, I will ask my bank Manager in Kaduna to show me what has gone in and out of my account.

    ”Nobody is excluded from declaring their assets.  I expected everyone from the Vice President downwards to follow the system.”

    Mohammed said compliance by the President in the last eight years and the support he had given to the Bureau had enabled it to achieve 99 per cent compliance by elected and appointed officials.

    He also acknowledged the support of the president in the achievement of the digitization of its services and operations thereby helping the organisation to open investigation of cases with greater efficiency.

  • Kano Governor-elect declares assets ahead of inauguration

    Kano Governor-elect declares assets ahead of inauguration

    Kano state Governor-elect, Malam Abba Yusuf, has declared his assets and liabilities in a completed form submitted on Friday to the Code of Conduct Bureau, CCB, Kano office.

    This is contained in a statement issued on Friday in Kano by the Chief Press Secretary to the Governor-elect, Sanusi Bature Dawakin-Tofa.

    The Governor-elect, who was received by the CCB State Director, Hajia Hadiza Larai Ibrahim, said his earnest declaration of assets is a demonstration of transparency and accountability that will form the bedrock of the incoming administration in Kano State.

    He said: ”Today, I have fulfilled the constitutional obligation of declaring my assets before assuming office on May 29.”

    The Governor-elect, told his host that public service is a calling: “It is a service to humanity and I am always ready to serve, having won the confidence of the good people of Kano State.”

    He declared that the coast is now clear for the journey of restoration of sustainable development in all sectors, where every kobo of the public fund spent will not only be justifiable but accountable in Kano State under his watch.

    He assured that all the public officials, including political appointees that will serve in his administration, will be mandated to also declare their assets as required by the Law.

  • Buhari-led FG wants to sell our five power plants – Shehu Sani

    Buhari-led FG wants to sell our five power plants – Shehu Sani

    Former Kaduna Central Senator, Shehu Sani has claimed President Muhammadu Buhari wants to sell five power plants to raise N260 billion to fund the 2023 budget.

    Sani disclosed this on Wednesday in a post via his verified Twitter handle.

    He also alleged that the administration wants to sell public assets to itself.

    He wrote, “After piling up N44 trillion debt; With less than six months to go, the Buhari-led FG wants to sell our five power plants to raise N260 billion in the name of funding the 2023 budget.

    “When they want to sell public assets to themselves, they will hide themselves & send their business friends to ‘bid’. After buying the assets, they will appoint their children, Brothers or inlaws to chair the Board. After 5 years or more, the identity of the real buyer will be known.”

  • Britain says it has frozen 18bn pounds worth of Russian assets

    Britain says it has frozen 18bn pounds worth of Russian assets

    The British government said on Thursday that it had frozen assets together worth 18 billion pounds ($20.5 billion) held by Russian oligarchs, other individuals, and entities sanctioned for Moscow’s invasion of Ukraine.

    Russia has passed Libya and Iran to become Britain’s most-sanctioned nation, according to the Office of Financial Sanctions Implementation, part of the finance ministry.

    The frozen Russian assets were 6 billion pounds more than the amount reported across all other British sanctions regimes.

    “We have imposed the most severe sanctions ever on Russia and it is crippling their war machine.

    “Our message is clear: we will not allow Putin to succeed in this brutal war,” said Andrew Griffith, a junior government minister in the Treasury.

    Britain has so far sanctioned more than 1,200 individuals and more than 120 entities in Russia, including targeting high-profile businessmen and companies to prominent politicians.

    The government began imposing travel bans, asset freezes, and other sanctions on Feb. 24, the day Moscow sent troops into Ukraine.

  • It is beyond your legal power to sell or dispose assets – COURT TELLS AGF

    It is beyond your legal power to sell or dispose assets – COURT TELLS AGF

    A Federal High Court sitting in Lagos has nullified all sales and disposals of assets made by the Attorney-General of the Federation, Abubakar Malami, under the Asset Tracing, Recovery and Management Regulations, 2019.

    The judge, Justice Lewis-Allagoa, held that the Asset Tracing, Recovery and Management Regulations, 2019, is “an invalid statutory instrument.”

     

    It held that the regulations were “ultra vires the office and powers” of the AGF.

     

    The order was made by Justice Ambrose Lewis-Allagoa following a suit FHC/L/CS/40/2021 filed by the plaintiff, Incorporated Trustees of HEDA Resource Centre.

     

    Malami had in November 2020 set up an inter-ministerial committee for the disposal of forfeited assets, following a directive by the President, Major General Muhammadu Buhari (retd.) in October 2018.

     

    The AGF’s power to set up the committee was challenged by HEDA, through its counsel, Omotayo Olatubosun, who argued that the regulations conflicted with the Economic and Financial Crimes Commission Act, Trafficking in Persons (Prohibition) Enforcement and Administrative Act, 2015, National Drug Law Enforcement Agency Act, 2004 and Independent Corrupt Practices Commission Act, 2000, among others, on the matter of disposal of final forfeited assets.

     

    The AGF’s preliminary objection argued by its counsel, Tolu Mokunolu, was dismissed by the Court which granted the nine reliefs sought by the plaintiff.

     

    Justice Lewis-Allagoa held, “I am entirely in agreement with the submission of counsels to the plaintiff that the Asset Tracing, Recovery and Management Regulations, 2019 are contrary to the statutory provisions of the Economic and Financial Crimes Commission EFCC Act, Trafficking in Persons Cohabitation Enforcement and Administration Act, NDLEA Act and Immigration Act.

     

    The plaintiff’s reliefs granted by the judge include a declaration that by the ICPC Act, the Asset Tracing, Recovery and Management Regulations, 2019 “is an invalid statutory instrument the former having conferred no power arrogated by the Defendant to himself in the latter Regulations;

     

    “An Order nullifying the Asset Tracing, Recovery and Management Regulations, 2019 as an invalid statutory instrument same being in excess of the provisions of the Independent Corrupt Practices Commission Act, 2000;

     

    “An Order nullifying all sales and disposals of assets made by the Defendant pursuant to the said Asset Tracing, Recovery, and Management Regulations, 2019 same being ultra vires the office and powers of the Defendant.”

  • Wema Bank announces 108.3% growth in Profit Before Tax

    Wema Bank announces 108.3% growth in Profit Before Tax

    Wema Bank Plc’s resilience was on display as the digitally driven financial institution announced its financial results for the year ended December 31, 2021. The performance which capped a remarkable year showed strong growth in key financial indices especially as the bank crossed the ₦1trillion mark in total assets.

    In a statement made to the public by the bank, the Managing Director. Mr. Ademola Adebise said, “I am delighted to announce our performance for the year ended 31st December 2021. The Bank’s FY 2021 results shows robust growth in all key financial metrics despite the challenging macro-economic environment.

    “Our year end numbers highlight the strong growth trajectory of the financial institution. We comfortably crossed the ₦1trillion mark in total assets, with a share of approximately 3% of industry deposits.”

    Wema Bank recorded an increase of 108.3% in profit before tax (PBT) to close the year at N12.38 billion. This was driven by a Year-on-Year growth of 15.35% in gross earnings to ₦92.14billion in FY 2021 from ₦79.88billion in FY 2020.

    The Chief Finance Officer of the Bank, Mr. Tunde Mabawonku noted that “a key measure of success for us is a consistent growth in our balance sheet and customer base – and we are glad that we are reporting healthy growth in all these areas.”

    Deposit Liabilities grew by 15.23% to ₦927.47billion in FY 2021 from ₦804.87billion in FY 2020 while Total Asset increased by 20.23% to ₦1.164.52billion in FY 2021 from ₦968.58billion in FY 2020.

    Mr Mabawonku also added that, ” Looking forward, we expect that the strong growth will be sustained despite the tough business climate as we execute our customer experience improvement initiatives built around a digital first banking strategy and become first in class in that sphere. The bank will also continue to focus on our digital business, which is a key boost for customer acquisition, consumer lending and transaction volumes while not neglecting our corporate and commercial play.

    ” On our commercial business, we will continue our aggressive strategy to improve our lending business alongside trade and other revenue lines. We have also unveiled our new Mission and Vision statements which underpins our corporate strategy. We want to be the dominant digital platform in Africa delivering seamless financial service’.

    Gross earnings increased by 15.35% (Y-o-Y) to ₦92.14billion in FY 2021 from ₦79.88billion in FY 2020.Profit Before Tax (PBT) of ₦12.3billion in FY’21, an increase of 108.26% YoY from N5.95billion in FY’20 while. Profit After Tax (PAT) of ₦8.93billion in FY’21, representing an increase of 94.53% YoY from N4.59billion in FY’2020.

    Net-Interest Income grew to ₦39.87billion in FY 2021from ₦30.86billion in FY 2020; growth of 29.22%.Non-Interest Income also increased from ₦16.83billion in FY 2021 to ₦18.83billion; a growth of 11.91%.

    Deposit Liabilities up by 15.23% to ₦927.47billion in FY 2021 from ₦804.87billion in FY 2020. Loans and Advances to Customers rose by 16.33% to ₦418.86billion in FY 2021 from ₦360.08billion in FY 2020.

    Similarly, Total Asset increased by 20.23% to ₦1.164.52billion in FY 2021 from ₦968.58billion in FY 2020.Key RatiosReturn on average equity of 17.26% in FY 2021 (FY 2020)

  • Reps order committee to produce reports of assets seized from Ex-Nigerian leaders

    Reps order committee to produce reports of assets seized from Ex-Nigerian leaders

    The House of Representatives on Monday ordered the Presidential Implementation Committee (PIC) on Landed Properties to produce reports of all assets seized from former Nigerian leaders.

    Members were more particular about late Gen. Sanni Abacha whose properties and money were recovered by the Federal Government.

    Rep. Ademorin Kuye, Chairman ad-hoc committee on abandoned properties said the House wanted a report on all assets seized from Nigerian leaders in and out of Nigeria, particularly Gen. Abacha.

    He said this when the Executive Secretary of PIC appeared the committee in Abuja.

    “We need to know the state of those properties and to also know if the properties have titles of deed,’’ Kuye said.

    The committee also queried the sale of Federal Government’s assets held in trust by the PIC.

    Rep. Kuye said the committee discovered that some of the properties the PIC claimed to have sold were either not sold or were not paid for contrary to claims made by PIC.

    He added that some of the seized houses which the PIC claimed were vacant were still being occupied.

    He directed the PIC to furnish the House of Representative committee with up-to-date reports of Federal Government’s assets sold, amount realised from the sales, those yet to be sold and those under litigation.

    Kuye also asked that the PIC must state the amount of money remitted to the Federal Government from the sales with evidence of remittance, adding that all assets pointed out to the committee but not included in its first report should be forwarded the House of Representatives committee.

    Responding to Rep. Kuye’s submissions, Mr Bala Samid, Executive Secretary, PIC, stated that some of the people occupying government quarters had refused to vacate them.

    He added that as soon as the occupants were approached for payment or to vacate the houses they went to court to obtain injunctions restraining the PIC.

    “We approached the Federal Government to report them and the Federal Government said that we should give them time.

    “We want to generate money for the Federal Government but in the process, we are losing money; somebody is occupying government quarters illegally and he runs to court to get injunctions,’’ Samid lamented.

    He said that PIC was happy when the House of Representatives ad-hoc committee came on board, stressing that with its support, it hoped to get debtors to pay.