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The Nigeria Deposit Insurance Corporation (NDIC) has provided an update on the payment of uninsured sums to depositors of the defunct Heritage Bank.
The bank’s license was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024.
Progress on Insured Deposits
The NDIC said it has made significant progress in reimbursing insured deposits, which are deposits up to N5 million. However, some depositors are yet to receive their payments due to various issues.
Challenges Facing Unpaid Depositors
Depositors who have not received their payments are largely those without:
1. Bank Verification Number (BVN)
2. Alternate accounts in other banks
3. Accounts with restrictions such as Tier 1 limitations or name mismatches
The NDIC advises these depositors to check their alternate bank accounts, as some payments may have been processed without their immediate awareness.
Payment of Uninsured Deposits
For depositors with balances exceeding N5 million, the NDIC is working to pay liquidation dividends from recovered assets and debts. The first tranche of these dividends is scheduled for April 2025.
Transparency and Commitment to Safety
The NDIC has ensured transparency in the asset disposal process by advertising it on its official website, social media platforms, and major national newspapers. The Corporation reiterates its commitment to the safety of depositors’ funds in all licensed banks and assures the public that all other banks remain safe and sound.
