Heritage Bank Depositors To Receive N5m Maximum Insured Funds – NDIC
- Commences moves to liquidate failed bank
BY CHINYERE OBIORA, LAGOS – Following the Central Bank of Nigeria (CBN)’s revocation of Heritage Bank operational licence, the Nigeria Deposit Insurance Corporation (NDIC) has commenced liquidating the failed bank, with assurance that depositors will receive N5 million of their insured deposits.
A statement by the NDIC’s Director, Communication and Public Affairs, Bashir A. Nuhu, said in accordance with Section 55 sub-section 1 and 2 of the NDIC Act 2023, the Corporation has commenced liquidating the failed bank with immediate verification and payment of insured deposits to the bank depositors.
The CBN had early on Monday morning revoked of Heritage Bank’s operating licence and appointed (NDIC) as the Liquidator, pursuant to Section 12(2) of BOFIA, 2020.
According to the NDIC, depositors of the bank with alternate accounts within the industry will be paid up to the insured amount of N5 million per depositor using their Bank Verification Number (BVN) to locate their alternate account, while depositors with funds in excess of N5 million will be paid liquidation dividend upon realization of the bank’s assets and recovery of debts owed to the bank.
The statement further said that for verification and payment of depositors without Alternate Bank Account, “all depositors of the defunct bank without alternate bank account in the industry are advised to visit the nearest branch of the bank with proof of account ownership; verifiable means of identification such as driver’s license, permanent voter’s card, National Identity Card, together with their alternate account and Bank Verification Number (BVN) for the verification of their deposits and subsequent payment of insured sums.”
Similarly, the statement explained that the person can file online claims by visiting the NDIC website claims page on www.ndic.gov.ng/claims/claims, download and fill the claims forms and upload the required documentation.
For verification and Payment of Creditors, Creditors are also advised to visit the nearest branch of the bank to file their claims or via the online platform.
The statement also noted that the process of paying creditors will commence immediately after all depositors have been paid, adding that loan debtors that are yet to complete the repayment of loans are advised to contact the Corporation’s Asset Management Department (AMD) or visit the NDIC website for additional information.
On Debtors’ Repayment of Loans, the Corporation said; “Debtors that are yet to complete the repayment of loans are advised to contact the Corporation’s Asset Management Department (AMD)” or “visit the NDIC website for more details.”
Importantly, the statement said the NDIC has assured “the entire banking public of its commitment to the continued safety of depositors’ funds in all licensed banks”, even as it urged “depositors to continue their banking businesses without fear as banks whose licenses have not been revoked remain safe and sound.”
