The Nigeria Deposit Insurance Corporation (NDIC) has intensified efforts to ensure timely payments to depositors of the defunct Heritage Bank, whose balances exceed the maximum deposit insurance limit of N5 million.
Following the revocation of Heritage Bank’s banking license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC was appointed as the liquidator.
Significant progress has been made in reimbursing insured deposits of up to N5 million per depositor.
However, some depositors are yet to receive their payments due to issues such as missing Bank Verification Number (BVN), post no debit (PND) restrictions, Know Your Customer (KYC) limitations, and name mismatches.
According to a recent statement by the Corporation, depositors with balances above N5 million have received the initial insured sum, while the remaining balance will be paid as liquidation dividends.
The NDIC has made substantial progress in disposing physical assets and recovering debts to ensure timely payments.
The agency has widely advertised the asset disposal process to ensure transparency and compliance with legal requirements.
The Corporation’s approach aims to accelerate the liquidation process, ensuring all depositors receive their funds without unnecessary delays.
The statement noted that the first tranche of liquidation dividends will be declared in April 2025, paid to uninsured depositors on a pro-rata basis, as per Section 72 of the NDIC Act 2023.
The NDIC reiterates its commitment to the safety of depositors’ funds in all licensed banks, emphasizing that deposit liabilities have priority over other liabilities of the insured institution.
For further enquiries, please email NDIC at claimscomplaints@ndic.gov.ng or call the Claims Resolution Department on weekdays on the following numbers from 9:00 a.m. to 5:00 p.m.: 810 422 0807; 0810 931 3326; 0903 819 7064; 0906 465 7140; 0903 727 3810.
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