The Nigeria Deposit Insurance Corporation (NDIC) has announced that approximately 82.36% of depositors from the recently liquidated Heritage Bank have been compensated. In a statement released on Sunday, the NDIC confirmed that payments to verified depositors commenced within four days of the bank’s closure, following the revocation of its license by the Central Bank of Nigeria (CBN) in June.
The NDIC, acting as the appointed liquidator, explained that it promptly initiated the payment process under its deposit guarantee mandate, offering a maximum insured sum of N5 million per depositor. The swift payment was facilitated by utilizing Bank Verification Numbers (BVN) as a unique identifier to trace depositors’ alternate accounts in other financial institutions.
For depositors with balances exceeding N5 million, the NDIC confirmed that the initial insured amount has been disbursed, with the remaining balances, classified as uninsured deposits, to be paid as liquidation dividends. These additional payments will be made once the assets of the defunct bank are liquidated and outstanding debts are recovered.
Experts in the finance sector describe response of the NDIC as one that underscores its commitment to protecting depositors and maintaining confidence in the Nigerian banking system amidst the challenges posed by the liquidation of Heritage Bank.
