Daud Olatunji
The Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of the defunct Heritage Bank with balances exceeding the insured limit of N5 million that efforts are underway to ensure the timely disbursement of their funds.
Following the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank’s operating license on June 3, 2024, the NDIC was appointed as the liquidator to oversee the bank’s winding-down process.
The corporation has since commenced the verification and payment of insured deposits, with substantial progress recorded.
A statement by the Ag. Head, Communication & Public Affairs, Hawwau Gambo, the NDIC clarified that depositors who have yet to receive their insured sums largely fall into categories such as those without Bank Verification Numbers (BVN), accounts with post-no-debit (PND) restrictions, or accounts with Know Your Customer (KYC) limitations.
The statement added that others may have name mismatches or may not have received mobile alerts notifying them of payments made into their alternate bank accounts.
Regarding uninsured deposits, the NDIC has begun the disposal of the failed bank’s assets and the recovery of debts to facilitate payments.
The corporation has pledged to disburse the first tranche of liquidation dividends in April 2025, following the realization of assets and loan recoveries.
Payments to uninsured depositors will be made on a pro-rata basis, in accordance with Section 72 of the NDIC Act 2023, which prioritizes deposit liabilities over other claims.
The NDIC emphasized its commitment to transparency, stating that the asset disposal process has been widely publicized through its website, social media channels, newspapers, and broadcast media.
The corporation also reassured the public of the safety of deposits in all licensed banks, urging continued confidence in the banking system.
Depositors seeking further information have been advised to contact the NDIC via email at claimscomplaints@ndic.gov.ng or through designated phone lines on weekdays from 9:00 a.m. to 5:00 p.m.
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