The Nigeria Deposit Insurance Corporation (NDIC) has announced the successful disbursement of N5 million each to 82.36% of the former customers of the now-defunct Heritage Bank. This payout follows the revocation of Heritage Bank’s license by the Central Bank of Nigeria on June 3, 2024, due to ongoing financial instability and regulatory violations.
The NDIC noted that the remaining 17.64% of insured deposits pending payment are primarily tied to accounts with Post-No Debits instructions or those lacking a Bank Verification Number (BVN).
The NDIC began the reimbursement process just four days after Heritage Bank’s closure, utilizing BVNs to efficiently identify and credit depositors’ alternative accounts in other banks. This approach has been hailed as a significant milestone in prompt depositor reimbursement, with over 82% of the insured deposits disbursed to date.
For those with deposits exceeding N5 million, the NDIC explained that the remaining balances, classified as uninsured deposits, would be paid as liquidation dividends after the realization of the bank’s assets and the recovery of outstanding debts.
