NDIC Provides ₦5 Million To All Customers Of Closed Heritage Bank

NDIC Provides ₦5 Million To All Customers Of Closed Heritage Bank

The Nigeria Deposit Insurance Corporation (NDIC) has successfully disbursed up to ₦5 million each to 82.36% of customers affected by the closure of Heritage Bank. This follows the Central Bank of Nigeria’s (CBN) revocation of the bank’s license on June 3, 2024……. CONTINUE READING

According to Bashir Nuhu, NDIC’s Director of Communication and Public Affairs, the remaining 17.64% of insured deposits are still pending due to issues such as Post-No Debits instructions or missing Bank Verification Numbers (BVNs) associated with the accounts.

The CBN revoked Heritage Bank’s license due to persistent financial instability and regulatory breaches, as outlined in Section 12 of the Banks and Other Financial Institutions Act 2020. This action is part of the CBN’s efforts to maintain a stable financial system in Nigeria.

The NDIC began disbursing funds to Heritage Bank’s 2.3 million depositors just four days after the bank’s liquidation, demonstrating its commitment to addressing customer concerns swiftly. The use of BVNs was crucial in identifying depositors’ alternate accounts in other banks, enabling prompt payments.

Nuhu noted that this achievement was made possible by using BVNs as unique identifiers to locate depositors’ alternate accounts, allowing for direct payments without requiring depositors to visit NDIC offices or complete forms.

The NDIC continues to work on resolving issues for the remaining depositors. Those yet to receive their payments are advised to address any account issues, such as obtaining a BVN or resolving Post-No Debits instructions.

For depositors with balances exceeding ₦5 million, the initial ₦5 million has been paid, while the remaining amounts, classified as uninsured deposits, will be paid as liquidation dividends once the bank’s assets are realized and debts recovered.

The NDIC emphasized that the remaining 17.64% of insured deposits are pending due to account-specific issues or lack of BVNs, and it continues to make efforts to ensure all depositors receive their due funds.

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