NDIC To Pay Heritage Bank Depositors N5m Maximum Insured Deposits

The Nigeria Deposit Insurance Corporation (NDIC) has initiated the liquidation of Heritage Bank, promising to compensate depositors of the now-defunct financial institution with insured deposits of up to N5 million. 

This follows the recent revocation of Heritage Bank’s banking license by the Central Bank of Nigeria (CBN).

Bashir Nuhu, the NDIC’s Director of Communication & Public Affairs, made this announcement in a statement issued today.

 He explained that the license revocation and subsequent liquidation are conducted under Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA), 2020, which mandates the NDIC as the liquidator.

In line with Section 55 sub-sections 1 and 2 of the NDIC Act 2023, the corporation has begun the liquidation process, which includes the immediate verification and payment of insured deposits to Heritage Bank’s depositors.

Nuhu detailed that depositors who have alternate accounts within the banking sector will receive up to N5 million per depositor using their Bank Verification Number (BVN) to facilitate payment into these alternate accounts. 

Those with deposits exceeding N5 million will receive additional payments, termed liquidation dividends, once the bank’s assets are sold and outstanding debts are recovered.

Verification and Payment Procedure for Depositors Without Alternate Accounts

For depositors without alternate bank accounts, the NDIC has set up a verification process.

 These depositors are instructed to visit the nearest Heritage Bank branch with proof of account ownership and a verifiable means of identification, such as a driver’s license, permanent voter’s card, or National Identity Card. 

They must also present their BVN and details of an alternate account for verification and payment of the insured sums.

Alternatively, depositors can file claims online by visiting the NDIC website (, downloading and completing the claims forms, and uploading the necessary documentation.

Creditors of Heritage Bank are also advised to file their claims either in person at the nearest branch or through the NDIC’s online platform. 

The NDIC has assured that the process for paying creditors will commence immediately after all depositors have been compensated.

Debtors who have not yet repaid their loans are urged to contact the NDIC’s Asset Management Department (AMD) for guidance on repayment procedures. More details are available on the NDIC website.

The NDIC has reaffirmed its dedication to protecting depositors’ funds across all licensed banks. Nuhu emphasized that the public should continue their banking activities without fear, as banks with intact licenses remain secure and reliable.

The liquidation of Heritage Bank represents a critical move to ensure the stability and integrity of Nigeria’s banking sector, safeguarding the interests of depositors and maintaining public confidence in the financial system.


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