Heritage Bank: NDIC Declares N24.3 BN for 2nd Liquidation of Dividend

Heritage Bank: NDIC Declares N24.3 BN for 2nd Liquidation of Dividend

Bisi Akingbade 

The Nigeria Deposit Insurance Corporation, NDIC, has announced a second liquidation dividend of ₦24.3 billion for depositors of Heritage Bank who had balances exceeding the ₦5 million insured limit when the bank's license was revoked in June 2024. This payment represents 5.2 kobo per ₦1.00 on outstanding uninsured balances, bringing the total liquidation dividend declared so far to 14.4 kobo per ₦1.00.

Upon its appointment, the Corporation commenced the processing of claims and payment of insured deposits up to the statutory limit of N5 million from its Deposit Insurance Fund. The Corporation also immediately commenced the disposal of physical assets, recovery of debts, and realization of investments of the defunct bank.

As a result of these efforts, the NDIC declared a first liquidation dividend of ₦46.6 billion in April 2025, at a rate of 9.2 kobo per ₦1.00. This amount was paid on a pro-rata basis to depositors whose account balances exceeded the statutory insured limit of ₦5 million at the date of closure. Subsequently, the Corporation continued to pursue the recovery of assets to enable further reimbursement to eligible depositors.

It is in continuation thereof, that the NDIC has now declared a second liquidation dividend of ₦24.3 billion. This amount, derived from debt recovery, sale of physical assets, and realisation of investments, will be applied to the payment of uninsured balances for depositors with funds exceeding the ₦5 million insured limit. The second liquidation dividend is payable at a rate of 5.2 kobo per ₦1.00 on outstanding balances, in accordance with Section 72 of the NDIC Act 2023. This brings the cumulative liquidation dividend declared to date to 14.4 kobo per ₦1.00. 

The Head, Communication & Public Affairs Department, Hawwau Gambo stated in a press release that payments will be effected using depositors’ details already in the NDIC records. Eligible depositors, who previously received the insured sum and the first tranche of liquidation dividends, will have their alternative bank accounts automatically credited using their Bank Verification Numbers (BVN). Depositors are advised to check their accounts for confirmation.

Depositors without alternative bank accounts, BVNs, or who have not claimed their insured sum of up to ₦5 million or the first liquidation dividend, should visit the nearest NDIC office or complete the e-claim form available at https://ndic.gov.ng/claims-verification-forms for prompt processing.

For clarity, a liquidation dividend is the amount paid by the NDIC to depositors of a closed bank whose balances exceed the statutory insured limit, from proceeds of asset sales, investment realization, and debt recovery. Only after all depositors have been fully reimbursed will payments be made to other creditors, and subsequently to shareholders, subject to the availability of funds.

The NDIC assures the public that this payment represents only the second liquidation dividend. Additional payments shall be made subject to the realisation of assets and collection of outstanding debts. The Corporation remains committed to the timely recovery of all outstanding obligations and the prompt reimbursement of depositors.

For further enquiries, please contact:

Address: Director, Claims Resolution Department, 15 Marina Street, Lagos Island, Lagos (or any NDIC Office Nationwide)

Email: claimscomplaints@ndic.gov.ng

Phone: 0810 422 0807 | 0810 931 3326 | 0903 819 7064 | 0906 465 7140 | 0903 727 3810 (Weekdays, 9:00 a.m. – 5:00 p.m.)

Read More

Nigeria Customs Begins Implementation of Standard Operating Procedure for Courier Companies Under Delivered Duty Paid

Nigeria Customs Begins Implementation of Standard Operating Procedure for Courier Companies Under Delivered Duty Paid

Bisi Akingbade 

Nigeria Customs Service, NCS, has  announced the commencement of a new Standard Operating Procedure SOP, for regulating courier companies operating under the Delivered Duty Paid, DDP, Incoterm which will provide a unified framework for registration, manifest submission, declaration, valuation, clearance, delivery and compliance monitoring, in line with global best practices. 

According to the press release issued by the Deputy Comptroller of Customs,

National Public Relations Officer, Abdullahi Maiwada indicated that the  Delivered Duty Paid initiative derives its legal foundation from International Chamber of Commerce (ICC) Incoterms 2020, relevant sections of the Nigeria Customs Service Act 2023, WCO SAFE Framework of Standards, Revised Kyoto Convention, WTO Trade Facilitation Agreement, NCS Courier Clearance Guidelines, and the Nigeria Postal Service Act 2023.

Under the newly commenced procedure, courier companies intending to operate the DDP regime are requested to obtain a license from the NCS Headquarters License and Permit Unit under the Tariff and Trade Department. They are expected to submit all mandatory documents, including CAC registration papers, valid courier licenses, compliance bonds and a formal application to operate under DDP. 

It is pertinent to note that all licensed operators are required to submit an Advance Electronic Manifest (AEM) 24 hours before shipment arrival, clearly indicating DDP as the Incoterm and providing complete details such as HS codes, item descriptions, values, origins and consignees, in line with the WCO safe framework of standards.

The SOP further mandates courier companies to act as declarants by filing Single Goods Declarations (SGDs) via the B'Odogwú platform. Declarations should include the declared FOB values, supported by invoices, airway bills, and packing lists. Also, full payment of customs duties, VAT, and other statutory levies must be completed through authorised NCS payment channels before clearance. Additionally, risk-based cargo profiling will guide inspections, with physical examinations conducted when discrepancies or high-risk indicators are identified. Delivery to the consignee is permitted only after full clearance, and Proof of Delivery (POD) must be provided upon request.

To ensure strict adherence, the NCS has instituted a robust monitoring and enforcement mechanism through periodic Post-Clearance Audits (PCA). These audits will verify the accuracy of DDP declarations, prevent revenue leakages, and confirm compliance with classification and valuation standards. Violations, including false declarations, non-payment of duties, or operational misconduct, will attract sanctions such as suspension or revocation of clearance licences, seizure of goods, penalties with interest, and prosecution under the NCS Act, 2023. 

Courier operators are also required to submit monthly reports of all DDP shipments, including duty payments, classification details and delivery records, to the relevant Area Commands.

With this commencement, the NCS reaffirms its commitment to strengthening the integrity of the clearance process, enhancing revenue assurance, facilitating legitimate trade and ensuring that courier operations under the DDP regime meet the highest global compliance standards.

Read More

NCS Commences Implementation of Safe Passage for Personal Vehicles Under Temporary Admission

NCS Commences Implementation of Safe Passage for Personal Vehicles Under Temporary Admission 

CGC, BASHIR ADEWALE ADENIYI 

Bisi Akingbade 

The Nigeria Customs Service, NCS has  announced the commencement of procedures for granting safe passage to personal vehicles temporarily imported or transiting through Nigeria by international travellers. 

The initiative is anchored on the Nigeria Customs Service Act, 2023, and relevant international conventions on temporary admission and transit of vehicles.

The Deputy Comptroller of Customs,

National Public Relations Officer, Abdullahi Maiwada, PhD, mnipr, mniia, highlighted in a press release that the new framework covers all personal, non-commercial vehicles belonging to international travellers visiting Nigeria for tourism, diplomatic, business, or personal purposes. It seeks to ease cross-border movement, strengthen Nigeria's compliance with international obligations, and reinforce the nation's commitment to trade facilitation and regional integration.

It is pertinent to note that this implementation draws legal backing from Sections 142, 143, 144, and 245 of the NCS Act, 2023, as well as the Revised Kyoto Convention (RKC), UN TIR Convention (1975), Istanbul Convention (1990), and the ECOWAS Protocol on Free Movement of Persons, Residence, and Establishment. It also aligns with WCO Guidelines on Temporary Admission and the Carnet de Passages en Douane (CPD) regulations.

International travellers are required to present valid documents such as international passport, international driver's license, vehicle registration, insurance, and CPD at the point of entry. Upon satisfactory inspection and verification, a Temporary Vehicle Admission Permit valid for up to 90 days will be issued and electronically recorded. Travellers may apply for an extension of up to 30 days, subject to approval by the relevant Customs Area Controller.

Vehicles admitted under this regime are free to move within Nigeria but cannot be sold, leased, transferred, modified, or used for commercial purposes. At the point of exit, travellers should present the vehicle and the approved customs Temporary Admission Declaration. In the event of an accident, theft, or breakdown, the nearest Customs office should be notified immediately for documentation and guidance.

The NCS, therefore, reaffirms its commitment to transparency and accountability while facilitating legitimate travel. This initiative strengthens Nigeria's role in cross-border cooperation and ensures compliance with existing regulations to enhance security and efficiency.

Read More

Seme Area Command Generates Historic N15,598BN Revenue in 2025, Reduces Checkpoint's to 2 Locations

Seme Area Command Generates Historic N15,598BN Revenue in 2025, Reduces Checkpoint's to 2 Locations 

Bisi Akingbade 

The Nigeria Customs Service, Seme Area Command has recorded unprecedented revenue milestones in 2025, achieving its highest-ever monthly and annual collections since inception.

In December 2025, the Command generated a historic Three Billion, Six Hundred and Twenty-Eight Million, Four Hundred and Eighty-Five Thousand, Five Hundred and Ninety Naira (₦3,628,485,590.00); the highest monthly revenue on record. This record is attributed to the effective rollout of the One-Stop Shop (OSS) initiative by the Comptroller-General of Customs, which improves the Command's coordination and trade facilitation for stakeholders. 

 From January to December 2025, the Command generated the  total  of Fifteen Billion, Five Hundred and Ninety-Eight Million, Nine Hundred and Forty-Five Thousand, Seven Hundred and Ninety-Four Naira (₦15,598,945,794.00k) only, marking a remarkable 117% increase over the ₦7,166,576,397.49 recorded in 2024.

On 11 November 2025, the Command hosted the launch of the Green Border Initiative by the National President of the Customs Officers Wives Association, COWA, Mrs. Kikelomo Adeniyi, featuring an empowerment programme that distributed industrial sewing machines, grinding machines, gas burners with cylinders and start-up grants to members of the COWA Seme Chapter. On the same day, the Comptroller-General of Customs, Bashir Adewale Adeniyi, MFR PhD launched a free medical outreach under the Customs Cares Initiative, delivering essential healthcare to over 1,000 beneficiaries, alongside a tree-planting exercise for environmental sustainability.

In a press release issued by the Superintendent of Customs, Public Relations Officer, Seme Area Command, Tunde Ayagbalo, the Customs Area Controller, Comptroller Adewale Adenuga stated that in alignment with the Comptroller-General’s directive,  the command has successfully reduced checkpoints along the Lagos-Abidjan corridor to the Two (2) locations approved by the Federal Government, significantly easing legitimate trade, minimising delays and contributing to the Command’s outstanding revenue performance.

The Command also maintained robust anti-smuggling operations, seizing in December 2025;  685 parcels of Cannabis sativa (Marijuana), 495 packs of Tramadol, and 2,000 packs of Super Power Sildenafil tablets (300mg) an excessively high-dosage sexual enhancement drug,  through intelligence-led operations, enhanced patrols, risk profiling and inter-agency collaboration.

Comptroller Adenuga warn smugglers that the Seme borders are no longer safe for illicit activities. With advanced intelligence, technology and unwavering vigilance, the Officers/men of the Command will intercept and prosecute offenders. He advised Smugglers to desist immediately or face the full weight of the law.

Conversely, legitimate traders and compliant stakeholders are assured of a safe, conducive and efficiently facilitated Seme corridor, with seamless processes and reduced delays to support genuine cross-border commerce and economic growth.

Customs Area Controller, Comptroller Wale Adenuga, expressed profound gratitude to the Comptroller-General of Customs, Bashir Adewale Adeniyi, MFR Phd and the Management for their steadfast support and leadership. He also thanked the Command’s officers and men, stakeholders, sister agencies, military and paramilitary forces, the media, traditional and community leaders for their invaluable contributions, while pledging even greater achievements in 2026.

Read More

Oyetola Shatters Maritime Growth Barriers in Nigeria, Records Notable Achievements in 2025

Oyetola Shatters Maritime Growth Barriers in Nigeria, Records Notable Achievements in 2025

MINISTER OF MARINE AND BLUE ECONOMY, DR. ADEGBOYEGA OYETOLA,  CON. 

Bisi Akingbade 

Nigeria’s maritime sector has entered a decisive phase of renewal following a series of far-reaching interventions by the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, CON. 

According to the Minister’s Special Adviser, Dr Bolaji Akinola, the marine and blue economy sector has been decisively unlocked for genuine growth and development under Oyetola’s leadership, with several long-standing jinxes — once thought permanent — successfully broken.

Akinola said the Minister’s actions since assuming office in August 2023, and most notably throughout 2025, have dismantled obstacles that constrained the sector for decades. These reforms, he noted, have restored confidence, improved performance and repositioned the marine and blue economy as a critical pillar of Nigeria’s economic diversification agenda.

Foremost among these achievements, he said, was the resolution of the notorious Apapa gridlock, which for over 20 years paralysed the Lagos port corridor and severely disrupted trade. By early 2024, sustained policy coordination, operational discipline and infrastructure optimisation delivered lasting relief to Apapa and its environs. He said the clearing of the gridlock significantly reduced cargo dwell time, lowered logistics costs, enhanced port efficiency and removed a major disincentive to investment, effectively restoring the Lagos ports as functional gateways for national and regional commerce.

Another long-standing setback, according to the Special Adviser, was Nigeria’s prolonged absence from the International Maritime Organisation (IMO) Council. He noted that Nigeria’s return to the IMO Council in 2025, after 14 years outside the global maritime decision-making body, followed a keenly contested election and marked a major restoration of the country’s international maritime standing. Achieved under Minister Oyetola’s focused leadership, the feat strengthened Nigeria’s influence in shaping global maritime regulations, reinforced its leadership role in Africa and reaffirmed international confidence in its maritime governance.

Akinola further disclosed that the Minister secured approval in 2025 for Nigeria’s first comprehensive port upgrade and modernisation in over 50 years, breaking another jinx that left the nation’s ports operating on obsolete infrastructure. This milestone, he said, signals the beginning of a transformative era that will align Nigerian ports with global standards, boost competitiveness, attract larger vessels and position the country as a maritime and logistics hub for West and Central Africa.

In a related landmark development, the Ministry also issued compliance certificates for the Bakassi Deep Sea Port and the Ondo Deep Sea Port to the Governors of Cross River and Ondo States respectively. According to Akinola, the issuance of the certificates represents a critical regulatory breakthrough that clears the way for accelerated investment, construction and eventual operations of the two ports, further expanding Nigeria’s port capacity and strengthening regional trade connectivity.

The Special Adviser also highlighted the establishment of the Regional Maritime Development Bank (RMDB) in 2025 as the resolution of a 16-year stalemate that had stifled access to maritime finance. With the RMDB now in place, he said long-term funding is expected to flow into shipping, port development and maritime services, providing the financial backbone required for sustained sectoral growth and deeper regional integration.

Equally significant, he noted, was the approval granted by the Minister in 2025 for the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the long-awaited disbursement of the Cabotage Vessel Financing Fund (CVFF). He said for over two decades, the CVFF remained idle. Its activation, he said, represents a major turning point for indigenous ship ownership, enabling Nigerian operators to acquire modern vessels, expand capacity and compete more effectively in both coastal and international trade.

Beyond these milestones, Akinola said Minister Oyetola recorded a historic policy breakthrough with the development and approval by the Federal Executive Council in May 2025 of Nigeria’s first-ever National Policy on Marine and Blue Economy. He described the policy as a watershed framework that provides a coherent, long-term roadmap for harnessing the country’s vast marine resources. The policy integrates shipping, ports, fisheries, aquaculture, marine tourism, offshore energy, seabed resources and environmental sustainability into a unified national strategy, eliminating fragmentation, improving inter-agency coordination and providing clarity and certainty for investors. According to him, it lays the institutional and regulatory foundation needed to maximise economic value, create jobs, protect marine ecosystems and ensure inclusive and sustainable growth.

Dr Akinola also pointed to notable gains in maritime security under Minister Oyetola’s leadership, noting that the sustained deployment and effective coordination of assets under the Deep Blue Project have helped maintain zero piracy incidents in Nigerian waters. This achievement, he said, has strengthened Nigeria’s reputation as a safer maritime domain, boosted investor confidence and reinforced the country’s leadership in regional maritime security.

He further revealed that Nigeria recorded an increase of 300,000 metric tonnes in fish production in 2025 — the first such rise in over a decade. He described this as a clear testament to the Minister’s determination to reduce, and ultimately eliminate, the country’s heavy dependence on fish importation, while boosting food security, employment and value creation across the fisheries and aquaculture value chain.

Akinola said the cumulative impact of these achievements is the laying of a solid foundation for the sustainable growth and development of the marine and blue economy sector. While notable milestones have been recorded since August 2023, he stressed that 2025 stands out as a defining year marked by bold reforms and tangible outcomes.

Looking ahead, he assured that the Minister remains firmly committed to supporting indigenous ship owners and pursuing policies that will enable them to thrive and compete on equal footing with foreign operators. He also assured of the Minister's commitment to boost fish production. 

With long-standing constraints now dismantled, Akinola said the sector is poised for accelerated growth as Minister Oyetola builds on the gains already recorded to deliver even greater outcomes in the years ahead. 

Read More

SIFAX Group: Unveils Innovation-Driven Growth Plan for 2026

SIFAX Group:  Unveils Innovation-Driven Growth Plan for 2026

CHAIRMAN, SIFAX GROUP, DR. TAIWO AFOLABI 

...Our priorities include advancing technological integration across our logistics and maritime operations, expanding the use of cleaner and more sustainable energy solutions, and deepening our presence within the West African sub-region, particularly through our financial services businesses. Above all, we remain steadfast in our mission to become Africa’s global conglomerate: trusted, resilient, ethical, and impactful.”  - Taiwo Afolabi 

Bisi Akingbade 

SIFAX Group has opened the 2026 business year with a strong declaration of intent, unveiling an innovation-driven growth plan aimed at strengthening operations, deepening technology adoption, and expanding its footprint across West Africa.

The Chairman of the Group, Dr. Taiwo Afolabi, made this known in his New Year message to employees, partners, and stakeholders, where he outlined the company’s strategic priorities for the year while reflecting on a strong performance in 2025.

According to Afolabi, the Group’s focus for 2026 is anchored on “Growth through Innovation,” with renewed emphasis on operational excellence, collaboration across subsidiaries, sustainability, and customer-centric service delivery. He noted that SIFAX Group is positioning itself to respond proactively to industry changes and emerging opportunities across its diverse business portfolio.

He said: “Our priorities include advancing technological integration across our logistics and maritime operations, expanding the use of cleaner and more sustainable energy solutions, and deepening our presence within the West African sub-region, particularly through our financial services businesses. Above all, we remain steadfast in our mission to become Africa’s global conglomerate: trusted, resilient, ethical, and impactful.”  

Afolabi said the innovation push would also support the Group’s regional expansion strategy, especially in West Africa, as it seeks to consolidate its presence and scale its financial services offerings.

He further highlighted that the innovation-led outlook for 2026 builds on significant achievements recorded in 2025, despite economic pressures, regulatory changes, and global uncertainties. Among the milestones recorded during the year was the strong performance of Skyway Aviation Handling Company (SAHCO), which posted a 155.45 per cent profit growth in the first half of the year and secured strategic handling contracts with international airlines including Ethiopian Airlines and Air Tanzania.

In the maritime sector, Ports & Cargo Handling Services Limited deepened its footprints in the general cargo business, underscoring growing capacity and operational capability, while SIFAX Shipping Company Limited expanded Nigeria’s export connectivity through the introduction of direct Less-than-Container Load (LCL) exports to the United Kingdom, and SIFAX Shipping Inland Container Limited continues to set high standards for efficient inland container terminal operations in Nigeria.

The Group also deepened its diversification drive with the launch of SKYPAY Africa, a regional payment solution through its financial subsidiary, Sky Capital. Beyond business performance, Afolabi reaffirmed SIFAX Group’s commitment to social impact through the Ajoke Ayisat Afolabi Foundation, which continued to support vulnerable communities and individuals across the country. 

Looking ahead, the Chairman stressed that innovation at SIFAX Group would go beyond technology to include people, culture, and values. He called on employees to embrace professionalism, integrity, teamwork, and accountability as the organisation pursues its long-term vision of becoming Africa’s global conglomerate.

-end-

Media Contact:

Olumuyiwa Akande

Group Head, Corporate Communications.

SIFAX Group

Email: olumuyiwaak@sifaxgroup.com

Read More

PORT HARCOURT II COMMAND: EXCEEDS 2025 REVENUE TARGET BY 104.46%, BOOSTS NIGERIA’S ECONOMY

PORT HARCOURT II COMMAND: EXCEEDS 2025 REVENUE TARGET BY 104.46%, BOOSTS NIGERIA’S ECONOMY

CAC PORT HARCOURT II COMMAND COMPTROLLER ALIYU M. ALKALI

Bisi Akingbade 

The Nigeria Customs Service, Port Harcourt II Command, has recorded a remarkable milestone in its revenue collection In 2025, a target of N700.01 billion was set based on the commendable performance of the command in surpassing its 2024 revenue target. A total of N731.2 billion was collected, exceeding its 2025 revenue target by 104.46%. 

According to the Chief Superintendent of Customs Command, Public Relations Officer,Theophilus P Duniya in  a press release stated that the outstanding performance is attributed to the leadership and commitment of Comptroller Aliyu M Alkali, who effectively implemented the Comptroller-General of Customs' policy thrust and the indigenous developed Unified Customs Management System (B'ODOGWU) platform for faster cargo clearance. 

He ensured strict adherence to standard operating procedures, maintained high discipline among officers, and fostered continuous engagement with stakeholders.

While acknowledging the importance of providing quality leadership, Comptroller Alkali expressed his gratitude to the management of the Nigeria Customs Service, led by the Comptroller-General of Customs, Bashir Adewale Adeniyi MFR, for providing an enabling environment that facilitated this achievement. He also appreciated the cooperation and synergy enjoyed from critical stakeholders who contributed to the Command’s success story.

Comptroller Alkali praised the officers of the Command for their dedication, diligence, and professionalism. He stated that the officers’ uncompromised posture and patriotism shaped the incredible miles in the interception of 75 containers with a cumulative Duty Paid Value of N47.6 billion.

30 out of the 75 containers intercepted were found to contain expired, illicit, and unregistered pharmaceutical products. Other cargoes were intercepted for contravening different sections of the Customs laws. He added that the seizures would serve as a deterrent to intending violators of the extant laws.

The Area Controller encouraged importers and Customs licensed agents to make honest declarations as the Command remains committed to facilitating legitimate trade and enforcing customs regulations while maintaining the highest standards of integrity and professionalism.

Read More