{"id":1628,"date":"2024-08-13T08:23:49","date_gmt":"2024-08-13T08:23:49","guid":{"rendered":"https:\/\/panoramanews.com.ng\/?p=1628"},"modified":"2024-08-13T09:55:09","modified_gmt":"2024-08-13T09:55:09","slug":"recapitulation-four-banks-in-dilemma-over-losing-brand-identity-ndic-pays-82-3-insured-depositors-of-liquidated-heritage-bank","status":"publish","type":"post","link":"https:\/\/panoramanews.com.ng\/index.php\/2024\/08\/13\/recapitulation-four-banks-in-dilemma-over-losing-brand-identity-ndic-pays-82-3-insured-depositors-of-liquidated-heritage-bank\/","title":{"rendered":"Recapitalisation: Four banks in dilemma over losing brand identity\u00a0 \u2026NDIC pays 82.3% insured depositors of liquidated Heritage Bank"},"content":{"rendered":"

\"\"<\/p>\n

By Amah<\/p>\n

Kindly share:<\/p>\n

The next few weeks may be challenging for the managing directors of four banks, their management, and employees as strategic decisions needed to be made may not be according to their plans as regards their recapitalisation drive.<\/p>\n

Investigation by Daily Independent re\u00advealed that the banks are jittery following the decision of the Central Bank of Nige\u00adria (CBN) to approve the \u2018acquisition\u2019 of Unity Bank, last week, to prevent another occurrence of bank failure.On March 28, 2024, the CBN issued a circular announcing a new recapitalisation policy for commer\u00adcial, merchant, and non-interest banks in Nigeria, effective from April 1, 2026. \u00ad<\/p>\n

The CBN stipulated that the minimum capital requirement for banks will consist solely of paid-up capital and share premi\u00adum. This means that banks must have the actual funds contributed by shareholders (paid-up capital) and any additional amounts paid by investors for shares above their face value (share premium) to comply with regulatory stan\u00addards.<\/p>\n

The CBN directed deposit money banks to strengthen their capital base.<\/p>\n

According to the CBN\u2019s recap\u00aditalisation circular, commercial banks with international authori\u00adsation are required to raise their capital base to N500 billion, while national banks must reach N200 billion.<\/p>\n

Additionally, banks with re\u00adgional authorisation are expected to establish a minimum capital threshold of N50 billion.<\/p>\n

To meet these requirements, the CBN has specified three options for banks to raise the minimum capital, and strict ad\u00adherence to these options is man\u00addatory. Any alternative methods will not be accepted.<\/p>\n

The three options are, injec\u00adtion of funds through private placements, rights issues and\/or offers for subscription,<\/p>\n

Mergers and acquisitions and upgrade or downgrade of licence authorisation.<\/p>\n

Though, these four banks have submitted their plans for recapitalisation, the CBN seems not convinced as to their work\u00adability.<\/p>\n

A source close to the CBN in\u00adformed Daily Independent that these banks may not be able to keep their current identities as two of these banks have ex\u00adpressed desire to downgrade to regional banks while the other two are still struggling to keep the national licence.<\/p>\n

For instance, one of the banks with strong footings in the South-West and one of the oldest indigenous banks in the country, believes that it will scale the na\u00adtional licence hurdle.<\/p>\n

An executive director of the bank, who spoke to Daily Indepen\u00addent recently, was full of enthusi\u00adasm that the bank may keep its national commercial licence but feelers are pointing to a possible downgrade to a regional bank where it has operated before the elevation to national banking li\u00adcence about eight years ago.<\/p>\n

The bank, after a recent rights issue, is at N55 billion after realis\u00ading N40 billion.<\/p>\n

One of the banks suffered a big dip, last week, when respect\u00aded rating agency, Fitch, down\u00adgraded it\u2019s Long-Term Issuer Default Ratings (IDR) to \u2018CCC\u2019 from \u2018B-\u2019 and its National Long- Term Rating to \u2018B+(nga)\u2019 from \u2018BBB(nga).<\/p>\n

The bank also had its Viability Rating (VR) downgraded to \u2018CCC\u2019 from \u2018b-\u2019 over concerns of breach\u00ading capital requirements.<\/p>\n

In its rating released on Friday, Fitch also affirmed the bank\u2019s Government Support Rating (GSR) of \u2018no support\u2019.<\/p>\n

\u201cThe downgrades reflect the Fitch-estimated prolonged breach of the bank\u2019s total capital ade\u00adquacy ratio (CAR) requirement of 10 percent and uncertainties regarding the timeline for restor\u00ading compliance.<\/p>\n

\u201cNear-term prospects will de\u00adpend on continued sound internal capital generation and a timely execution of the recapitalisation plan agreed by new management with the Central Bank of Nigeria (CBN),\u201d Fitch said.<\/p>\n

One of the banks, which was rescued in 2022 by the CBN is said to be having difficulty in getting a suitor as those they have spoken to are wary of possible backlash of the acquisition of a bridge bank the bank bought many years ago.<\/p>\n

A source close to the bank told Daily Independent that the concern of the staff of the bank is no more on the list of losing identity but the fear of job loss.<\/p>\n

\u201cWe are all afraid that many people will be laid off if the even\u00adtual merger or acquisition hap\u00adpens\u201d, the source said.<\/p>\n

NDIC Pays82.3% Insured DepositorsOf Liquidated Heritage Bank<\/p>\n

Meanwhile, the Nigeria De\u00adposit Insurance Corporation (NDIC) said in the discharge of its deposit guarantee mandate that it has paid the insured depos\u00adits of N5,000,000 maximum per depositor within a record time of four days of the bank closure.<\/p>\n

This was contained in a state\u00adment signed by Bashir Nuhu, Di\u00adrector, Communication & Public Affairs of the corporation, on Sunday.<\/p>\n

The payment, Daily Indepen\u00addent learnt, was achieved using Bank Verification Numbers (BVN) as a unique identifier to locate depositors\u2019 alternate ac\u00adcounts in other banks.<\/p>\n

However, depositors with bal\u00adances exceeding 5 million naira have been paid the initial insured sum of 5 million naira, while the remaining balances (classified as uninsured deposits) will be paid as liquidation dividends upon realisation of the defunct bank\u2019s assets and recovery of debts owed to the defunct bank.<\/p>\n

\u201cThis unprecedented achieve\u00adment of direct payment through BVN-linked alternate accounts without the need for depositors to visit NDIC offices or fill out forms marks a historic shift for the NDIC in the prompt reim\u00adbursement of depositors with payment of about 82.36 percent of the total insured deposit to date\u201d, the statement added.<\/p>\n

Following the revocation of Heritage Bank\u2019s banking license by the Central Bank of Nigeria (CBN) on June 3, 2024, the Nigeria Deposit Insurance Corporation (NDIC) was appointed as liquida\u00adtor and the corporation, following Section 12(2) of BOFIA 2020 and Section 55 subsections 1 & 2 of the NDIC Act 2023, immediately commenced the process of veri\u00adfication and payment to insured depositors.<\/p>\n

The corporation added that the next stage is the payment of insured deposits.<\/p>\n

\u201cIt is instructive to state that, the remaining 17.64 percent of the insured deposits yet to be paid were largely depositors whose ac\u00adcounts have post no debits (PND) instructions or have no BVN.<\/p>\n

\u201cOthers are those with no al\u00adternative accounts in other banks or accounts with KYC limit on the maximum lodgment per day and are yet to come forward for veri\u00adfication.<\/p>\n

\u201cThis category of depositors are presently being contacted by the corporation through tele\u00adphone calls and text messages to come forward for verification\u201d, it added.<\/p>\n

The statement added, \u201cNot\u00adwithstanding the significant progress recorded in the payment of the insured deposits, we are, however, not unmindful of the uninsured deposits, which con\u00adstitute the larger portion of the total deposits of the defunct bank.”<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

By Amah Kindly share: The next few weeks may be challenging for the managing directors of four banks, their management,…<\/p>\n","protected":false},"author":1,"featured_media":1629,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,2],"tags":[54,482,483],"class_list":["post-1628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","category-news","tag-central-bank-of-nigeria","tag-heritage-bank","tag-nigeria-deposit-insurance-corporation"],"yoast_head":"\nRecapitalisation: Four banks in dilemma over losing brand identity\u00a0 \u2026NDIC pays 82.3% insured depositors of liquidated Heritage Bank - Panorama News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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