First HoldCo Plc has announced a series of new board appointments across its non-commercial banking subsidiaries, in a move aimed at strengthening corporate governance, deepening oversight and positioning the businesses for sustainable growth.

The appointments, which received regulatory approvals from the Securities and Exchange Commission and the National Insurance Commission, are part of the Group’s broader strategy to align its subsidiaries with international best practices in governance and leadership.

According to the Group, the new board members bring a wealth of experience across banking, capital markets, insurance, asset management and consulting and are expected to support the subsidiaries in expanding their product offerings and improving service delivery.

At First Asset Management Limited, Ebikabo Williams was appointed Chairman of the Board. She brings extensive industry experience spanning banking, capital markets and consulting. Other board members appointed include Usman Dantata, Binta Gbinije and Alero Adollo, a move expected to further strengthen the company’s position in Nigeria’s asset and wealth management space.

FirstCap Limited also recorded changes at board level, with Yewande Amusan appointed Chairman.

She is a seasoned finance professional with experience across both the public and private sectors.

She will be joined on the board by Ahmed Indimi, Irene Akpofure, Adenike Kuti and Zeal Akaraiwe.

At First Securities Brokers Limited, John Akpeki was named Chairman. The firm recently ranked among the top performers in the Nigerian Exchange Limited’s brokers’ performance report in terms of trading volume and transaction value. Akpeki is expected to leverage his experience in global marketing and networking, working alongside Omolara Adeyemi, Susan Younis and Kemi Andu-Alausa.

First Trustees Limited, a long-standing subsidiary of the Group in the trust and estate management segment, also strengthened its board with the appointment of John Lee as Chairman. Lee has over four decades of experience in global financial services, specialising in corporate and institutional banking as well as wealth management across Africa. Other board members include Abiola Alabi, Adebisi Sola-Adeyemi and Ugochukwu Obi-Chukwu.

In the insurance segment, First Insurance Brokers Limited appointed Akinola Phillips as Chairman. He will work with board members Ije Onejeme, Folukemi Akinmeji and Mojisola Cardozo. The insurance brokerage marked its 25th anniversary in 2025.

Commenting on the appointments, the Group Chairman of First HoldCo Plc, Femi Otedola, said the new board members would play a critical role in the Group’s next phase of growth.

“We are delighted to welcome these distinguished professionals to the boards of our non-commercial banking subsidiaries. Their proven expertise, impeccable track records and leadership will be critical in shaping the next phase of our growth, enhancing stakeholder value and reinforcing our position as a trusted African leader delivering innovative solutions across diverse sectors,” Otedola said.

The Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of ₦24.3 billion for depositors of Heritage Bank Limited whose account balances exceeded the statutory insured limit of ₦5 million at the time the bank was closed.

Heritage Bank’s operating licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed as liquidator in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.

Following its appointment, the Corporation began the payment of insured deposits of up to ₦5 million per depositor from its Deposit Insurance Fund, alongside efforts to recover debts, dispose of physical assets and realise investments of the defunct bank.

In April 2025, the NDIC declared a first liquidation dividend of ₦46.6 billion, representing 9.2 kobo per ₦1.00, which was paid on a pro-rata basis to eligible depositors with balances above the insured limit.

The newly announced second liquidation dividend of ₦24.3 billion, payable at a rate of 5.2 kobo per ₦1.00 on outstanding uninsured balances, brings the cumulative liquidation dividend to 14.4 kobo per ₦1.00.

In a statement signed by Hawwau Gambo, Head, Communication & Public Affairs Department, the NDIC said the latest payout was made possible through continued recovery of debts, sale of physical assets and realisation of investments belonging to the defunct bank, in accordance with Section 72 of the NDIC Act 2023.

Payments will be credited automatically to depositors’ alternative bank accounts already captured in NDIC records using their Bank Verification Numbers (BVN). Eligible depositors who have previously received their insured deposits and the first liquidation dividend are advised to check their accounts for confirmation.

Depositors who do not have alternative bank accounts, BVNs, or who are yet to claim their insured deposits or first liquidation dividend have been advised to visit the nearest NDIC office nationwide or submit an e-claim through the Corporation’s website for prompt processing.

The NDIC clarified that liquidation dividends are paid to depositors whose balances exceed the insured limit, using proceeds from asset sales, debt recovery and investment realisation.

Payments to other creditors and shareholders will only occur after all depositors have been fully reimbursed, subject to the availability of funds.

The Corporation assured the public that the ₦24.3 billion payment represents only the second tranche of liquidation dividends, adding that further payments will be made as more assets are realised and outstanding debts recovered.

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Nigerian banks and telecoms say they have returned more than N10bn to customers for failed airtime and data purchases, according to the Nigerian Communications Commission. However, bank customers are sceptical, questioning both the proof of the refunds and the methodology behind the calculation.

The disclosure comes as the NCC and the Central Bank of Nigeria roll out a new framework to address persistent complaints over failed transactions, which are often caused by network outages, system errors, or human mistakes.

The Director of Consumer Affairs at the NCC, Freda Bruce-Bennett, said that banks and mobile network operators have collectively refunded over N10bn to customers, pending final approval of the framework by both regulators.

“So far, pending the approval of management of both regulators on the framework, MNOs and banks have collectively made refunds of over N10bn to customers for failed transactions,” Bruce-Bennett said in a statement shared

Airtime and data purchases are typically carried out through bank channels using Unstructured Supplementary Service Data codes or through mobile banking applications. Customers initiate purchases directly from their bank accounts to telecom networks.

Once a transaction is made, the bank debits the customer’s account immediately and sends a request via shared payment platforms such as the Nigeria Inter-Bank Settlement System or through direct application programming interfaces to mobile network operators like MTN, Airtel, Glo, or T2. The telco then credits the recipient’s phone number with airtime or data if the transaction is successful.

The new framework is the outcome of several months of engagement between the two regulators and key industry stakeholders, including mobile network operators, deposit money banks, value-added service providers, and other players involved in airtime and data purchase transactions.

These engagements were prompted by a surge in complaints from subscribers who were debited for airtime or data purchases but did not receive value, with many experiencing prolonged delays before refunds were processed, if at all.

Despite the regulators’ claim, the President of the Bank Customers Association of Nigeria, Uju Ogubunka, said, “I know so many people who are still complaining. You make transactions, and you don’t get the airtime. You pay for a service, and it doesn’t come through, meaning you often have to pay again. It’s difficult to independently verify that N10bn has been refunded or on what data this figure is based.”

He added that the key point is that banks and telcos have formally agreed to refund customers, but emphasised that consumers should remain vigilant:

“Customers should be on the lookout. They need to know who is responsible for each transaction and ensure they receive their refunds. The companies must start refunding immediately and make it clear when refunds have been completed.”

The NCC–CBN framework is expected to be implemented on March 1, 2026, following final approvals and technical integration by all banks, telecom operators, and VAS providers. Once operational, the system aims to reduce failed transactions significantly and prevent prolonged disputes over customer funds.

Under the framework, the NCC and the CBN have adopted a unified regulatory position aimed at addressing both the technical and operational causes of failed airtime and data transactions. It clearly defines the roles and responsibilities of banks and telecom operators in the transaction chain and introduces an enforceable Service Level Agreement to ensure faster resolution of complaints.

Where a customer’s account is debited without successful delivery of airtime or data, whether the failure occurs at the bank’s end or with an NCC licensee, the framework entitles the customer to a refund within 30 seconds. However, in cases where a transaction remains pending, the refund may take up to 24 hours.

The framework also mandates operators to notify customers via SMS of the success or failure of every transaction. In addition, it addresses other common issues, including erroneous recharges to ported lines, incorrect airtime or data purchases, and situations where transactions are made to the wrong phone number.

Bruce-Bennett noted that failed airtime and data top-ups consistently rank among the top three consumer complaints received by the Commission.

“Failed top-ups rank among the top three consumer complaints, and in line with our commitment to addressing these priority issues, we were determined to resolve them within the shortest possible time,” she said.

She added that the framework also establishes a Central Monitoring Dashboard to be jointly hosted by the NCC and the CBN. The dashboard will allow both regulators to monitor transaction failures in real time, identify the responsible party, track refunds, and detect breaches of the agreed service levels.