NDIC Settles Depositors of Heritage Bank with Balances Exceeding N5 Million

The Nigeria Deposit Insurance Corporation (NDIC) has updated on the liquidation of Heritage Bank even as it reassures the public on the safety of the nation’s banking system.

The Corporation has currently paid depositors with balances exceeding N5 million the initial insured sum of N5 million.

The corporation has also committed to paying the remaining balances, classified as uninsured deposits, as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed.

This direct payment, the corporation said, was achieved through BVN-linked alternate accounts, thereby eliminating the need for depositors to visit NDIC offices or fill out forms.

This record indicates a paradigm shift for NDIC in promptly reimbursing depositors, with approximately 82.36% of total insured deposits paid to date.

The remaining 17.64% of insured deposits yet to be paid belong to accounts with post no debits (PND) instructions, no BVN, or no alternate accounts in other banks, the Corporation said.

Although depositors are being contacted by the Corporation for verification,
It can also be done by visiting any of the Corporation’s offices or online at www.ndic.gov.ng/claims.

It would be recalled that sequel to the revocation of Heritage Bank’s license by the Central Bank of Nigeria (CBN) on June 3, 2024, NDIC was appointed liquidator and it promptly commenced verification and payment processes.

Consequently ,it started paying insured deposits within a record four days of the bank’s closure, using BVNs to locate depositors’ alternate accounts.

Aside that the Corporation initiated debt recovery and asset realization processes to aimed at making prompt reimbursement of uninsured depositors.

The corporation hinted that after full payment of insured and uninsured deposits, it will proceed with paying creditors according to priority of claim as provided in the extant law.

By this feat, NDIC reassured the public that all other banks remain safe a hend sound, and depositors’ funds are secure.

For further enquiries, the public can contact NDIC through email or phone numbers provided from 9:00 a.m. to 5:00 p.m.: 0810 422 0807; ‎0810 931 3326; ‎0903 819 7064; ‎0906 465 7140; 0903 727 3810.