The Nigeria Deposit Insurance Corporation (NDIC) has announced the successful disbursement of insured deposits of up to N5 million each to 82.36% of customers of the defunct Heritage Bank.
This was revealed in a statement signed by Bashir Nuhu, Director of Communication and Public Affairs, on Sunday in Abuja.
Heritage Bank’s banking license was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, due to persistent financial instability and regulatory violations. Following this, the NDIC commenced the disbursement process to the bank’s 2.3 million depositors just four days after the liquidation was announced.
The NDIC utilized Bank Verification Numbers (BVN) to locate alternate accounts for depositors in other banks, ensuring a swift and efficient reimbursement process without the need for depositors to visit NDIC offices or complete forms. This innovative approach has led to the payment of about 82.36% of the total insured deposits to date.
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For customers with balances exceeding N5 million, the NDIC stated that the remaining funds, classified as uninsured deposits, will be paid as liquidation dividends once the defunct bank’s assets are realized and debts are recovered.
The corporation also noted that the remaining 17.64% of insured deposits yet to be paid are primarily due to accounts with no BVN, post no debit instructions, or KYC limits.
