The Nigeria Deposit Insurance Corporation (NDIC) has reported that discrepancies in account names linked to Bank Verification Numbers (BVN) are causing delays in payments to some defunct Heritage Bank customers’ insured deposits.
Mr. Bello Hassan, Managing Director of NDIC, disclosed this to the News Agency of Nigeria (NAN) in Abuja on Sunday.
Hassan mentioned that NDIC has successfully made substantial payments to depositors of the defunct bank who didn’t face BVN-related issues. He urged affected depositors to visit NDIC’s website and complete verification forms for payment, including those without BVN-linked alternate accounts.
“We began payments from June 6 and have already disbursed significant amounts to customers,” Hassan stated. “Using customers’ BVN, we locate alternate accounts in other banks and settle their insured amounts. However, some customers face challenges due to name discrepancies.”
He encouraged customers awaiting alerts in their alternate accounts to complete verification promptly for prompt payment.
Regarding depositors with balances exceeding five million naira, Hassan assured they would receive liquidation dividends. NDIC has initiated processes to sell physical assets and recover loans disbursed by the bank to fund these dividends.
Following the Central Bank of Nigeria’s revocation of Heritage Bank Plc’s banking license on June 3, citing persistent financial underperformance, NDIC continues its efforts to manage the fallout and ensure depositors’ interests are protected.”
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