The Nigeria Deposit Insurance Corporation (NDIC) has begun reimbursing depositors of Heritage Bank following the Central Bank of Nigeria’s revocation of the bank’s license on June 3, 2024.
The NDIC reports that approximately 82.36% of depositors with balances below the insured limit of N5 million have been paid within four days of the closure.
Payments were streamlined through the use of Bank Verification Numbers (BVN), eliminating the need for in-person visits.
For depositors with balances exceeding N5 million, the NDIC has disbursed the insured amount of N5 million.
The remaining uninsured deposits will be distributed as liquidation dividends once the bank’s assets are liquidated.
The NDIC is actively working on debt recovery and asset liquidation to expedite these payments.
However, 17.64% of insured deposits remain unpaid, mostly due to missing BVNs or alternative account details.
The NDIC is contacting these depositors to resolve verification issues and facilitate payment.
After settling all insured and uninsured deposits, the NDIC will address creditor claims according to legal priorities.
Payments beyond the insured amount will depend on the successful realization of the bank’s assets.
