Heritage Bank: NDIC working to pay depositors fund exceeding N5m

The Nigeria Deposit Insurance Corporation (NDIC), says plans are ongoing to pay depositors of the defunct Heritage Bank whose deposits exceed N5 million.

The Managing Director of NDIC, Mr Bello Hassan said this at the 2024 workshop for Financial Correspondents Association of Nigeria (FICAN) in Lagos on Thursday.

He said the Corporation was working to ensure that the depositors who had above N5 million with the bank got paid through the liquidation dividends.

Hassan said the Corporation had also commenced debt recovery to ensure the payment.

”We are making concerted effort to cover the assets in terms of physical assets and debts in liquidation dividends which have already commenced,” he said.

On payment of insured deposits to depositors of the defunct bank, he said the Corporation had paid substantially all insured depositors.

”The only group of insured depositors that we have not paid are those with no alternate account and have not come forward to provide the alternate account so that we can pay them.

”Also, insured depositors whose account is on post no debit order either by order of court or by regulatory agencies due to issues around fraud and Know-Your-Customer (KYC) have not been paid.

”Once those orders are vacated, we are going to pay them,” he said.

Hassan assured that the Corporation would continue to do all within its mandate to ensure stability in the financial system.

He said that confidence was key in maintaining stability in the financial system.

The NDIC had in an advertorial listed the assets of the defunct bank nationwide for sale.

The NDIC had announced the sale of the defunct bank properties and chattel, including vehicles, office equipment and machinery in 62 locations across the country.