99% of Heritage Bank Depositors To Receive Full Payment As NDIC Begins Reimbursement This Week
Starting this week, the Nigeria Deposit Insurance Corporation (NDIC) will commence payment to Heritage Bank’s customers.
Recall that on June 3, the Central Bank of Nigeria (CBN) revoked Heritage Bank’s license due to continued financial challenges with no reasonable prospects of recovery.
The Managing Director of NDIC, Bello Hassan, disclosed during a press conference on Wednesday, June 5, 2024, that depositors with N5 million and less in their accounts will be paid in full, while those with funds above N5 million will have their money recovered after the bank’s assets have been sold and loans from debtors recovered.
With the revocation, Heritage Bank ceases to exist as a commercial bank in Nigeria, prompting the need for depositors’ money to be reimbursed to customers. The NDIC was appointed as the liquidator, tasked with overseeing the sale of Heritage Bank’s assets to raise capital for debt repayment and other purposes.
Hassan also disclosed that 99 percent of the 2.3 million depositors have N5 million and less and will receive their deposited money in full after completing their verification process.
On June 3, Bashir Nuhu, spokesperson of NDIC, stated the steps depositors need to take to retrieve their funds.
“Visit the nearest branch of the bank with proof of account ownership, verifiable means of identification such as a driver’s license, permanent voter’s card, National Identity Card, together with their alternate account and Bank Verification Number (BVN) for the verification of their deposits and subsequent payment of insured sums,” he said.
For creditors, whose money will only be paid after all depositors have been paid, they “are advised to visit the nearest branch of the bank to file their claims or via the online platform.”
However, the approximately 4,000 depositors whose deposits exceed N5 million will have their money reimbursed after the sale of Heritage assets.
