The Nigerian Deposit Insurance Corporation (NDIC) has started the process of liquidating the defunct Heritage Bank, following the withdrawal of its operating license by the Central Bank of Nigeria (CBN).
According to a notice issued to depositors of the bank, each depositor will be reimbursed up to a maximum of N5 million, based on their deposit balance. Depositors with funds exceeding this amount will receive their payments once the bank’s assets are liquidated.
Depositors will be informed through national newspapers about the commencement of payment of insured deposits.
For any inquiries or clarifications regarding their accounts or payments, depositors are advised to contact the Liquidator-in-Charge NDIC Lagos office, Mamman Kontagora House.
The CBN’s decision to revoke Heritage Bank’s license was due to its failure to improve financial performance, posing a risk to financial stability.
Despite regulatory interventions, the bank’s management was unable to reverse its financial decline, leading to the revocation of its license.
The CBN emphasized its commitment to safeguarding the financial system and maintaining public confidence.
The appointment of NDIC as the liquidator aims to protect depositors’ funds and uphold the stability of the financial system.
The public has been reassured that the Nigerian financial system remains strong and stable, with the CBN taking necessary measures to ensure its integrity.
The revocation of Heritage Bank’s license is a proactive step to prevent risks to financial stability and strengthen public trust in the banking sector.
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