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Tag: Savannah Bank

  • Savannah Bank not liquidated, says NDIC

    Savannah Bank not liquidated, says NDIC

    • We’ve reimbursed depositors of 183 closed MFBs, PMBs

    The Nigeria Deposit Insurance Corporation (NDIC), yesterday said Savannah Bank is not liquidated. It consequently urged depositors of the Bank to keep their account documents, as their bank is still licensed.

    This disclosure was made by the Managing Director of NDIC, Mr Bello Hassan while speaking during the Corporation’s Special Day at the ongoing45th Kaduna International Trade Fair, in Kaduna state.

    Hassan, who was represented by the Deputy Director, Public Affairs, NDIC, Hauwa Gambo Jimeta, said: “Savannah Bank’s license was withdrawn some years back by the Central Bank of Nigeria, but the owners of the Bank took NDIC and CBN to court and the license was returned to Savannah Bank. So, at the moment, Savannah Bank is officially a licensed bank, but yet to return to business.

    “I know that the authorities are working so hard to ensure that, depositors’ interests are safeguarded. So, depositors of Savannah Bank should please keep their vital records and papers, proof of accounts and all that, because Savannah Bank is actually still licensed,” Hassan said.

    He further revealed that the Corporation has enhanced collaboration with the judiciary for speedy prosecution of failed insured institutions. This concerted effort, he noted, has resulted in resolving long-drawn cases of closed banks such as Fortune and Triumph Banks in liquidation.

    “Moreover, we have utilised Alternative Dispute Resolution (ADR) mechanisms and out-of-court settlements, revitalising our liquidation activities. These efforts have significantly improved our debt recovery rate, enabling us to declare 100 per cent liquidation dividends to uninsured depositors of more than 20 deposit money banks in liquidation.”

    Read Also: Lagos begins prosecution of pedestrians crossing highways

    “Most importantly, we continually strengthen our systems, processes, and procedures to enhance transparency and accountability across our operations. Notably, the Corporation achieved remarkable success in reimbursing depositors during the recent closure of 179 Microfinance Banks (MFBs) and 4 Primary Mortgage Banks (PMBs), ensuring timely payment of insured sums.”

    “We also deployed digital remote payment strategies to facilitate electronic funds transfers to verified depositors’ alternate bank accounts. It is essential to emphasise that payments are ongoing, with depositors holding funds exceeding the insured limit set to receive liquidation dividends following debt recovery and asset sales.

    “Furthermore, we have deployed a mobile application and updated our website for online claims processing, offering depositors the option of virtual verification during payout exercises.

    “I urge depositors of banks in liquidation to utilise these initiatives to claim their funds trapped in closed banks. Rest assured, NDIC remains committed to protecting Nigerian depositors and striving to be one of the best deposit insurers globally,” he said.

  • Guard gets N500, 000 bail over alleged bank’s cable theft

    Guard gets N500, 000 bail over alleged bank’s cable theft

    A 33-year-old security guard,  Emmanuel Uzoma, who allegedly stole electric cables worth N500, 000, was on Tuesday brought before an Igbosere Magistrates’ Court in Lagos.

    He was, however, released on N500, 000 bail with two sureties in like sum.

    Uzoma, whose address was not given, is standing trial on a three-count charge of conspiracy, unlawful damage and stealing.

    The prosecutor, Insp. Igonbo Emby, told the court that the accused committed the offences on March 25 at 3.00 a. m. at Savannah Bank House at No. 64, Broad St., Lagos Island.

    He said the accused vandalised and stole cables worth N500, 000 belonging to the defunct Savannah Bank.

    The offences contravened Sections 285, 348 and 409 of the Criminal Law of Lagos State, 2011.

    Section 285 provides a three-year jail term for stealing, while Sections 348 and 409 stipulate two years for unlawful damage and conspiracy.

    The accused, however, denied the charges.

    The Magistrate Mr W. B. Balogun, adjourned the case until April 27 for mention.

  • Idiagbon’s N30m trapped in Savannah Bank

    Idiagbon’s N30m trapped in Savannah Bank

    •Family stranded

    About N30million savings of a former Chief of Staff, Supreme Headquarters, the late Gen. Tunde Idiagbon are trapped in the defunct Savannah Bank for the 13th year running, according to an investigation.

    All attempts by the family to get the cash over the years have failed.

    It is understood that the family only got N10million as compensation from the Kwara State Government for the deceased’s farmland at  Malete which was worth N100million.

    Idiagbon, deputy to General Muhammadu Buhari when he served as military head of state between January 1, 1984 and August 1985, died on March 24, 1999.

    The Idiagbon family, it was gathered, had intimated former President Goodluck Jonathan of their predicament in a letter to him towards the end of his tenure.

    The family which is said to have been left stranded on the strength of the unavailability of the funds is now seeking justice to get its trapped funds from the owners of Savannah Bank.

    A highly-placed source said: “The family wrote ex-President Jonathan on the trapped funds. The records are there in the presidency. As it is now, there is no hope of getting the N30million for the family unless there is an intervention by the presidency.

    “This Nigerian served his country diligently and his life-savings should not be allowed to be lost like that. I think the intervention will also enable the presidency to look into the case of other depositors of Savannah Bank.

    “Another issue which came up in the letter had to do with payment of N10million compensation to the family by the Kwara State Government for Idiagbon’s farmland in Malete which the family said was worth N100million.

    “The family is however not joining issues with the state government other than to set the records straight and put all issues in perspective. Ordinarily, this is a family that should not suffer because its patriarch did not embezzle public funds.”

    It was unclear if Idiagbon’s final entitlements were paid by the military regime of ex-President Ibrahim Babangida, but the family is after redress for the N30million trapped in Savannah Bank.

    The operating license of Savannah Bank was revoked in February 2002 by the Central Bank of Nigeria (CBN). But the owners of the bank went to court to challenge the revocation.

    They asked the court to stop the Nigeria Deposit Insurance Corporation (NDIC) from taking over the assets of the bank

    Reprieve came for the owners on October 20, 2006, when an Abuja High Court declared the CBN’s action as illegal.

    The CBN also failed at the Court of Appeal when the appellate court ordered the re-opening of Savannah Bank.

    It asked the CBN and NDIC to pay N100 million to the bank as damages.

    After the judgment of the Court of Appeal, a former Chairman of the Bank, Chief Jim Nwobodo said: “The process of re-launching the new Savannah Bank will be handled in a very deliberate manner in order to ensure that we build a world-class institution that can compete favourably with other banks in Nigeria and indeed globally.

    “In line with this, the bank has put together a very strong team of advisers in virtually all business and technical areas to assist in managing the takeover process as well as the business-planning activities preparatory to the formal re-launch of the new bank.”

  • Police arrest armed robbers at Savannah Bank building

    Six young men were arrested by a team of  anti- robbery policemen attached to the Area A Police Command, Lion Building while looting the properties of the distressed Savannah Bank on Lagos Island.

    The incident occurred yesterday at the Broad Street head office of the bank about 8.30 a.m.

    The suspects, who are all teenagers are Ibrahim Luka,  Kunle Malik,  Sheriff Lawal , Tnde Basiru,  Arif Sarumi, Lukman Ojikutu and  Fidelis Joshua.

    They were alleged to have been burgling the building for a very long time before the policemen swooped on them  following a tip-off from the angry residents.

    “Distress call was received from the Ikeja control room that some armed robbers were operating at Savannah Bank, Broad Street. The policemen stormed the area and these boys were arrested” said a police source.

    Residents of the area, who gathered at the crime scene, but would not want their names in the print, identified some of the boys who they said had  been tormenting residents of the area for a very long time.

    Some of the suspects  attacked  the policemen with cutlasses in an attempt to escape arrest upon the arrival of the policemen led by  Sgt. Mohammed  Akeem, but the police repelled the attack.

    Items recovered from the suspected armed robbers  included three cutlasses, one iron bar,  one iron saw  and some  cables.

    The suspects are now cooling their feet at the Area A Command where they are currently undergoing interrogation.

    Residents of the area commended the Area Commander, Imohimi Edgal, for the quick response of the policemen.

  • Suspected armed robbers arrested at Savannah Bank

    Seven young men were arrested by a team of anti- robbery policemen attached to Area A Police Command, Lion Building, Lagos, while looting the properties of the distressed Savannah bank.

    The incident occurred around 8.30am on Friday at the bank’s head office in Broad Street, Lagos Island.

    The suspects who were all teenagers are – Ibrahim Luka, Kunle Malik, Sheriff Lawal, Tunde Basiru,  Arif Sarumi, Lukman Ojikutu and  Fidelis Joshua.

    They were burgling the building before policemen swooped on them following a tip-off from angry residents.

    “Distress call was received from Ikeja control room that some armed robbers were operating at Savannah Bank, Broad Street. The policemen stormed the area and these boys were arrested,” a police source said.