Business
Sale Of Heritage Bank Assets To Begin December 4 — NDIC
This is according to a statement by NDIC’s Director of Communication and Public Affairs Bashir Nuhu.
He said the move involve the landed properties of the firm and is in line with the NDIC’s statutory powers as liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023.
“The sale of assets is by competitive bidding and will take place at the 36 affected locations of the bank across the country, from Wednesday 4th December 2024,” the NDIC said.
“Buyers who wish to participate in the auction are expected to follow laid down guidelines aimed at ensuring transparency, fair competition, equity, and accountability to enable recovery of commensurate values from the exercise. This is vital for the payment of liquidation dividends to eligible claimants.”
The NDIC said, “In order to allow the continuation of provision of financial services to the Nigerian public at the locations of the closed bank towards bolstering financial inclusion, preference shall be given to financial institutions who are willing to buy any of the properties at the highest auctioned prices along with all the physical assets at wholesale value.
“However, Corporate bodies and Private individuals willing to compete are equally eligible to compete in the process without prejudice, as the auction shall be open and competitive to all bidders.
“Furthermore, bidders will be given the opportunity to inspect the properties and chattels across all locations prior to disposal.
“Interested bidders are advised to submit their bids at various designated NDIC offices in Abuja, Lagos, Bauchi, Kano, Enugu and Port Harcourt.”
The development came months after the Central Bank of Nigeria (CBN) revoked Heritage Bank Plc’s license with immediate
In a statement on June 3, the CBN said the revocation was due to Heritage Bank’s failure to improve its financial performance which it said was a threat to financial stability.
In the wake of the revocation, the NDIC began verification and payment to depositors of the failed bank.
The corporation said it was going to settle insured customers within a week. It noted that the total deposits at Heritage Bank stood at ₦650 billion while its loan portfolio was above ₦700 billion.
According to the NDIC, Heritage Bank’s total depositors were 2.3 million out of which 99 percent of them had total balances of less than ₦5 million.
Business
Pumpkin Property Introduces Nigeria’s First Starlink-Powered Housing Initiative
Pumpkin Property, a fast-growing real estate development firm committed to creating modern, affordable, and sustainable housing solutions across Nigeria, has announced a groundbreaking initiative that integrates high-speed satellite internet into its housing projects, redefining modern living standards in the country.
Under this initiative, homebuyers in selected Pumpkin Property estates will receive Starlink hardware, professional installation, and three months of complimentary high-speed internet subscription upon purchasing a home.
The initiative will initially be available in Prime Living Estate and Prime View Estate located within Millennium City, Kaduna, as well as Pumpkin Homes located in Karsana, Abuja.
Pumpkin Property focuses on developing well-planned residential communities supported by essential infrastructure—including road networks, drainage systems, street lighting, and modern utilities—while embracing innovative technology that enhances residents’ quality of life.
To support the rollout of this initiative, Pumpkin Property has entered into a collaboration agreement with Konga Online Nigeria Limited for the supply, installation, and technical support of Starlink hardware and related connectivity products across Pumpkin housing projects and real estate developments in Nigeria.
In addition, Pumpkin Property has partnered with TD Africa, an authorized distributor of Starlink solutions in Africa. Through this partnership, Pumpkin Property will have direct access to the latest Starlink hardware, including Starlink kits and accessories, ensuring reliable deployment within its estates.
Starlink, the satellite internet constellation developed by SpaceX, delivers high-speed broadband connectivity through a network of low-Earth orbit satellites. The technology expands access to reliable internet in regions where traditional fibre or terrestrial infrastructure remains limited. As Elon Musk explained:
“Starlink is designed to provide high-speed, low-latency broadband internet to places where access has been unreliable, expensive, or completely unavailable.”
Speaking on the initiative, the CEO of Pumpkin Holdings Limited, Mr Oladeji Bamidele, emphasized the growing importance of digital infrastructure in modern housing developments.
“Connectivity has become as essential as electricity and water in modern communities. By integrating Starlink technology into our housing developments, we are ensuring that our homeowners enjoy reliable high-speed internet from the moment they move in. This initiative reflects our commitment to building future-ready communities across Nigeria.”
By integrating satellite connectivity into its housing projects, Pumpkin Property is positioning itself at the forefront of technology-enabled real estate development in Nigeria, setting a new benchmark for smart living communities.
Prospective homeowners and investors interested in the Starlink-powered homes at Prime Living Estate and Prime View Estate in Millennium City, Kaduna, and Pumpkin Homes in Karsana, Abuja, are encouraged to contact Pumpkin Property for further information on availability and purchase options.
Business
Safety First: Transcorp Hilton Abuja Stages Fire Drill
Transcorp Hilton Abuja has conducted its first-quarter unannounced fire drill simulation as part of efforts to strengthen safety measures and emergency preparedness within the facility.
The exercise, which took place on 19th February 2026, was carried out in collaboration with the Federal Fire Service. The simulation forms part of the hotel’s structured safety programme aimed at ensuring a high level of emergency readiness and effective coordination with relevant authorities.
Management of the hotel said the initiative underscores its unwavering commitment to the safety and well-being of guests and team members.
“We successfully carried out our Q1 unannounced fire drill simulation with the support of the Nigeria Fire Service. This exercise forms part of our structured safety programme, designed to ensure a high level of emergency preparedness and effective coordination with relevant authorities,” the management stated.
The drill comes shortly after the hotel hosted its Valentine’s Day weekend promotion across its rooms and restaurants. The celebration, characterised by romance, entertainment and vibrant experiences, was warmly received by guests.
As preparations begin for the Holy Month of Ramadan, the management reassured guests of a safe, serene and memorable stay.
“We appreciate the understanding of our guests and apologise for any inconvenience the exercise may have caused,” the management added.
Business
NIA trains underwriters on NIIRA 2025, container insurance
The Nigerian Insurers Association (NIA) has commenced a two-day training workshop for underwriters on the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
According to a statement from NIA, the training is focused on Sections 75 and 76, as well as the Compulsory Container Insurance scheme.
The workshop, which began on Thursday, is scheduled to end on Friday.
The News Agency of Nigeria (NAN) reports that no fewer than 40 underwriters involved in container insurance, were participating in the training held at the Insurers House, Victoria Island, Lagos.
At the opening of the workshop, Director-General of the NIA, Mrs Bola Odukale, said that insurance remained a critical pillar of national development and economic stability.
Odukale noted that a well-regulated and legally backed insurance industry, was essential for economic growth, investor confidence and the protection of the public.
She urged participants to engage actively in the sessions, adding that the training would strengthen professional capacity and improve effective implementation of compulsory insurance provisions for the overall benefit of the economy.
NAN reports that facilitators at the workshop include: Mrs Margaret Ogbonnah, Director at the Nigerian Shippers’ Council; Mr Soji Oni, Controller 1, Technical, NIA, Mr Owolabi Longe, Chief Executive Officer of Ironlink Communications, among others.
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