Heritage Bank Liquidation Update: NDIC Settles Depositors with Balances Exceeding N5 Million

The Nigeria Deposit Insurance Corporation (NDIC) has announced a significant update regarding the liquidation of Heritage Bank.

The Corporation has successfully paid depositors with balances exceeding N5 million the initial insured sum of N5 million.

Additionally, NDIC has committed to paying the remaining balances, classified as uninsured deposits, as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed.

This unprecedented direct payment was carried out through BVN-linked alternate accounts, eliminating the need for depositors to visit NDIC offices or fill out forms.

This achievement marks a historic shift for NDIC in promptly reimbursing depositors, with approximately 82.36% of total insured deposits paid to date.

NDIC highlighted that the remaining 17.64% of insured deposits yet to be paid belong to accounts with post no debits (PND) instructions, no BVN, or no alternate accounts in other banks.

These depositors are being contacted by the Corporation for verification.

The verification can be done by visiting any of the Corporation’s offices or online at www.ndic.gov.ng/claims.

Following the revocation of Heritage Bank’s license by the Central Bank of Nigeria (CBN) on June 3, 2024, NDIC was appointed liquidator and commenced verification and payment processes.

NDIC began paying insured deposits within a record four days of the bank’s closure, using BVNs to locate depositors’ alternate accounts.

The Corporation has initiated debt recovery and asset realization processes to ensure timely reimbursement of uninsured depositors.

After full payment of insured and uninsured deposits, NDIC will proceed with paying creditors according to priority of claim as provided in the extant law.

NDIC reassured the public that all other banks remain safe and sound, and depositors’ funds are secure.

For further enquiries, the public can contact NDIC through email or phone numbers provided 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.