NDIC Reimburses 82.36% of Insured Depositors of Defunct Heritage Bank

The Nigeria Deposit Insurance Corporation (NDIC) has announced that 82.36 per cent of the total insured depositors of the defunct Heritage Bank have received their reimbursements.

Daily Report Nigeria reports that the development follows the revocation of the bank’s license by the Central Bank of Nigeria (CBN) on June 3, 2024.

According to a statement by NDIC’s spokesman, Bashir Nuhu, the remaining 17.64 per cent of insured deposits were yet to be paid due to various reasons.

Nuhu explained these included depositors with post no debits (PND) instructions, no Bank Verification Numbers (BVN), or no alternate accounts in other banks.

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NDIC began paying insured deposits of N5 million maximum per depositor within four days of the bank’s closure, using BVN as a unique identifier to locate depositors’ alternate accounts.

Depositors with balances exceeding N5 million have received the initial insured sum, while remaining balances will be paid as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts.

The achievement marked a historic shift for NDIC in promptly reimbursing depositors, with 82.36 per cent of total insured deposits paid to date. The remaining depositors are being contacted by NDIC for verification.

NDIC’s Spokesman stated that the Corporation is working to ensure timely payment of uninsured deposits through liquidation dividends and debt recovery.

After full payment of both insured and uninsured deposits, NDIC will proceed with paying creditors in accordance with priority of claim as provided in the extant law.