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Consolidation: N72.692bn trapped in 10 failed banks
By Omoh Gabriel, Business Editor
A total of N72.692billion was the deposit trapped in 10 of the 14 banks that could not meet the minimum N25billion during consolidation. This amount would have been lost if the banks had been allowed to fail ordinarily but with the intervention of government private sector depositors in these banks were able to recover their deposit. The failed banks in liquidation which liquidation have been concluded are Allstate Trust, Trade Bank, Lead Bank, Assurance and Metropolitan. Others are City Express, Hallmark, African Express, Eagle and Gulf. Three of the four failed banks still have cases pending in court while SGBN has won its case in is preparing to return.
Analysis of the available data for 10 of the 14 banks showed that the assumed private sector deposit trapped in these banks was N72.692billion, value of assets cherry picked by four banks amounted to N20.513billion, premium paid by NDIC on the insured deposits in the 10 banks was N2.688billion, promissory notes issued by CBN amounted to N25.764billion thus giving a total of N47.856billion of total deposits equivalent accessed by depositors in these 10 banks.
A break down of the amount by the monetary authorities titled the resolution of private sector deposit in the failed banks show that in Allstate Bank the assumed private sector deposit was N22.265billion while the value of the assets cherry picked by Ecobank was N2.699billion. According to data released by the authorities the Nigerian Deposit Insurance Corporation paid a premium of N1.65billion on deposit in the bank while the CBN gave a promissory note of N11.376billion thus giving the total deposits equivalent assessed by Ecobank in Allstate to N15.725billion.
According to available figures Trade bank which was acquired by UBA had N7.327billion private sector deposit with assets that were picked by UBA worth N1.644billion and NDIC premium on the deposit amounting to N250million . The CBN released a promissory note valued N3.910billion thus giving a total deposit equivalent accessed by depositors N5.805billion.
Lead Bank which was acquired by Afribank the report said had a total private sector deposit of N7.336billion, N1.016billion worth of assets picked, NDIC paid premium of N270million with the CBN backing up depositor with a promissory note of N5.805billion. Assurance Bank that was also taken over by Afribank had private sector deposit of N5.091billion N1.754billion picked assets, N370million paid premium by NDIC and N1.872billion released by CBN thus giving depositors in Assurance Bank access to N3.996billion through Afribank.
In the same vein Metropolitan Bank which was cherry picked by UBA had private sector deposit of N1.048billion , assets valued at N250.391million. N46.185million paid premium by NDIC and N162.0066million aid from CBN in the form of promissory note thus giving private sector depositors unlimited access to their deposit in Metropolitan Bank up to N458.643million. In the case of City Express Bank acquired by UBA, the total private sector deposit was N7.808billion, assets cherry picked amounted to N680.032million, NDIC premium paid on insured private sector deposit amounted to N102million while CBN promissory note released to UBA amounted to N1.7billion thus giving private sector depositors of City express Bank access to a total of N2.482billion.
Monetary authorities data further showed that the failed Hallmark bank had a total of N12.045billion verified private sector deposit that were in danger of being lost, assets worth N10.758billion without any insurance premium and a CBN promissory note of N107million thus giving the failed bank’s depositors access to their deposit through Ecobank to the tune of N10.865billion.
African Express Bank on the other hand had a total private sector deposit of N997.848million, assets valued at N150million and CBN assistance of N185million resulting in total deposit equivalent accessed by depositors of the failed bank to the tune of N335million through UBA which acquired the private sector deposit in the bank.
Eagle Bank which was acquired by Zenith had assumed private sector deposit of N890.807million with assets valued at N1.110billion. The acquired assets were more in value than the deposit liabilities and as a result their was no need for assistance in the form of promissory note from the CBN or premium on the deposit from the NDIC. Depositors in the bank thus had access to their deposit through Zenith Bank. In the case of the failed Gulf Bank the total private sector deposit in the bank was N7.880billion, assets valued at N450million and CBN assistance N1.773billion giving private sector depositors access to N2.223billion through UBA.
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Customs seizes multi million-naira petroleum products in Adamawa
The Nigeria Customs Service under ‘Operation Whirlwind’ has seized petroleum products worth N181.6 million in eight weeks between the Nigeria and Cameroon borders.
ACG Kolapo Oladeji, national coordinator of Operation Whirlwind, disclosed this at a news conference on Thursday in Yola. Mr Oladeji said the seizures were made across various smuggling flashpoints in Adamawa in 55 separate operations.
“This operation is geared towards energy and food security to foster economic growth in line with the core mandates of the President of the Federal Republic of Nigeria, Bola Tinubu. In line with these mandates, the Operation Whirlwind Zone ‘D’ had repositioned all its machinery across the area of its responsibilities and ensured that the border became airtight,” he said.
He warned the smugglers to stop such acts and solicited the continued support and cooperation of all stakeholders in the state’s socioeconomic development. “We will ensure that the supply chains of these economic wreckers are truncated in accordance with enabling laws. This fight has no doubt helped in transforming the nation’s economy and strengthening the security of our borders,” he said.
He further said that the seized petroleum products would be auctioned to the public. Abidemi Adewumi-Aluko, assistant legal adviser of the attorney general of the federation, described the auction as a symbol of reclaiming resources to ensure that the benefit of petroleum remained in Nigeria. She said that such offences attracted life imprisonment because they threatened national security. NAN
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Chevron to join Nigeria oil licence auction, plans rig deployment in 2026
Chevron said on Friday it will participate in Nigeria’s next oil licensing round and plans to deploy a drilling rig in late 2026 as it seeks to expand operations in Africa’s top energy producer.
Jim Swartz, chairman and managing director of Chevron Nigeria/Mid-Africa Business Unit, said the company aims to grow its footprint in Nigeria, citing improved regulatory clarity under the Petroleum Industry Act, PIA.
“We will participate in the next licensing round. Our intention is to continue to grow in Nigeria,” Swartz told reporters after meeting the upstream regulator. Nigeria’s licensing rounds are part of efforts to attract investment and boost output after years of underinvestment. The 2025 round will offer 50 fields through a digital platform, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said. TotalEnergies has also expressed interest in joining an auction.
Chevron recently agreed to acquire a 40% stake in two offshore exploration licences, PPL 2000 and PPL 2001, from TotalEnergies and is seeking regulatory approval to accelerate development.
Swartz said it plans to bring in a rig in late 2026 to drill a newly discovered resource near Agbami and extend leases on existing assets. Swartz added that Chevron had recorded no oil theft or sabotage in the past year, the longest period without disruptions in its Nigerian operations, a sign of improved security in the sector. Reuters
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Don’t patronise touts, immigration personnel available 24/7—CGIS
Comptroller General of the Nigeria Immigration Service NIS, Kemi Nandap, on Friday urged Nigerians to shun touts and middlemen when applying for passports or other immigration services, insisting that the Service operates round-the-clock channels to assist citizens directly and transparently.
Nandap made the call in Abuja while delivering the keynote address at the fourth-quarter Nationwide Sensitization Campaign against corruption and for improved service delivery.
The campaign, themed “Innovating for Transparency and Efficiency: Strengthening Service Delivery and Combating Corruption Through Reforms,” highlights the NIS’ ongoing efforts to modernize its operations and eliminate corrupt practices.
Addressing participants, the Immigration chief said the era of relying on agents or informal handlers should be over, as the Service has put in place fully digital, citizen-focused systems that allow applicants initiate and track their processes from the comfort of their homes.
She stressed that the NIS has functional 24-hour call lines, an active call centre, constantly monitored emails and social-media channels, all designed to ensure citizens are attended to promptly and without intermediaries.
“You don’t have to go to a tout, you don’t have to go to an agent. You can sit in the comfort of your home and apply for most of our facilities. Once you avoid putting yourself at the mercy of someone, you stay in control of your application and can always reach us at any time”, she stated.
Nandap noted that recent reforms, including automated passport application processes, biometric-based verification, expanded digital architecture and streamlined service-centre operations, have significantly reduced delays, improved transparency and minimised opportunities for extortion.
She explained that passport processing timelines have improved across multiple commands following the rollout of automated scheduling and digital communication platforms.
The Comptroller General also emphasized that transparency remains the foundation of effective immigration management.
She highlighted enhanced internal audits, stricter enforcement of ethical codes and redesigned workflows as key elements of the NIS’ anti-corruption strategy.
With digital payments and automated checkpoints reducing cash interactions, she said the Service is committed to stamping out malpractice at all levels.
Nandap further disclosed that the NIS has deepened collaboration with sister agencies, civil-society groups, international partners and the diplomatic community to align operations with global border-management standards.
These partnerships, she said, are helping to harmonise processes, promote accountability and support ongoing reforms.
She appealed to citizens to familiarise themselves with official procedures, follow approved channels and use the Service’s feedback platforms—including suggestion boxes, hotlines and online desks—to report challenges or offer recommendations. “We are here for Nigerians. Tell us how to serve you better,” she said.
The Immigration CG also paid tribute to officers who lost their lives in the line of duty in Mogolu, Tuga, Tula and Niger State, calling their deaths a painful reminder of the risks faced daily by immigration personnel.
She urged Nigerians and officers alike to embrace positive change, adding that sustainable reform depends on individual commitment and collective responsibility. “The change we want starts with each and every one of us,” she said.
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