The Nigeria Deposit Insurance Corporation (NDIC) has initiated payments to depositors of Heritage Bank who hold balances exceeding N5 million. This follows the revocation of the bank’s license by the Central Bank of Nigeria on June 3, 2024.
In a recent statement, the NDIC confirmed that it has successfully reimbursed approximately 82.36% of depositors with amounts below the insured limit of N5 million within just four days of the bank’s closure. The payments were facilitated using Bank Verification Numbers (BVN) to identify depositors and link them to their accounts in other banks, eliminating the need for in-person visits or extensive paperwork.
For those with balances above N5 million, the NDIC has paid the insured amount of N5 million, while the remaining uninsured deposits will be disbursed as liquidation dividends once the bank’s assets are realized. The NDIC is actively pursuing debt recovery and asset liquidation to ensure timely payments to these depositors.
The corporation also noted that 17.64% of insured deposits remain unpaid, primarily affecting those without debit instructions, BVN, or alternative accounts. The NDIC is reaching out to these depositors to facilitate verification and payment.
Once all insured and uninsured deposits are settled, the NDIC will proceed to address claims from creditors in accordance with legal priorities. The NDIC emphasizes that payments beyond the insured amounts are contingent on the successful realization of the bank’s assets.