Heritage Bank: NDIC begins payment of uninsured deposits for Customers April

By Seun Ibiyemi and Matthew Denis, Abuja

The Nigeria Deposit Insurance Corporation (NDIC) has provided an update on the ongoing liquidation of Heritage Bank, reassuring depositors with balances exceeding the N5 million insurance limit that payments will soon commence.

Following the revocation of Heritage Bank’s licence by the Central Bank of Nigeria (CBN) on 3rd June 2024, the NDIC, in its role as liquidator, has been actively reimbursing insured depositors up to the statutory N5 million limit.

Now, the Corporation has taken a step further by initiating the disbursement of funds to uninsured depositors through liquidation dividends.

In an official statement, the NDIC reaffirmed its dedication to openness and efficiency in managing the liquidation.

Efforts are currently underway to recover and sell off the bank’s assets, ensuring that depositors with balances exceeding N5 million receive their payments without unnecessary delays.

The first round of liquidation dividends is set to be disbursed by April 2025 on a pro-rata basis, in accordance with Section 72 of the NDIC Act 2023.

The Corporation also clarified that other claimants, such as creditors and shareholders, will only be considered for payment after all depositors have been fully reimbursed.

Meanwhile, insured depositors who have not yet received their funds have been encouraged to resolve any issues related to their Bank Verification Numbers (BVN), Know Your Customer (KYC) requirements, or account restrictions.

The NDIC reassured the public that Nigeria’s banking sector remains safe and stable, urging customers to continue their banking activities with confidence.

For further inquiries, affected depositors can contact the NDIC’s Claims Resolution Department via email at claimscomplaints@ndic.gov.ng or through dedicated helplines.