Relief For Depositors: NDIC Begins Quick Payouts After Heritage Bank Shutdown

Relief For Depositors: NDIC Begins Quick Payouts After Heritage Bank Shutdown

The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has assured depositors of the failed Heritage Bank that their funds remain secure. Speaking during the 2024 NDIC Editors Forum in Lagos, Hassan, represented by the NDIC’s Executive Director of Operations, Mustapha Ibrahim, emphasized the agency’s swift actions following the bank’s closure…..READ MORE 

Following the Central Bank of Nigeria’s revocation of Heritage Bank’s license on June 3, 2024, the NDIC was appointed as the liquidator. Hassan highlighted the corporation’s efforts in ensuring depositors were reimbursed quickly.

He noted that insured deposits of up to N5 million per depositor were paid out within four days of the bank’s closure. Using Bank Verification Numbers (BVN), most depositors with linked accounts received their payments automatically, eliminating the need for additional documentation or visits to NDIC offices.

The NDIC also increased deposit insurance coverage from N500,000 to N5 million, reducing the financial impact on depositors. For those with balances exceeding N5 million, the corporation is actively recovering debts and liquidating assets of the defunct bank to reimburse them through liquidation dividends.

Hassan further reassured creditors that they would receive payments once all depositors have been fully reimbursed. NDIC remains committed to transparency and efficient handling of the situation, ensuring minimal disruption to affected customers.

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