The Nigeria Deposit Insurance Corporation (NDIC) has announced that it has paid out 82.36% of insured deposits to customers of the defunct Heritage Bank. This move demonstrates the corporation’s commitment to safeguarding depositors’ funds.
Following the revocation of Heritage Bank’s license by the Central Bank of Nigeria (CBN) on June 3, NDIC announced that it would pay a maximum of N5 million to each depositor. Payments commenced four days later, with the corporation using Bank Verification Numbers (BVN) to locate depositors’ alternate accounts.
However, some payments have been delayed due to discrepancies in BVN or lack of alternative accounts. NDIC is working to resolve these issues and reach the remaining 17.64% of depositors.
The corporation has achieved a significant milestone by paying out 82.36% of insured deposits directly through BVN-linked alternate accounts, without requiring depositors to visit NDIC offices or fill out forms.
NDIC is actively engaging with the remaining depositors through phone calls and text messages to verify their accounts. The corporation is also working to recover assets and debts to facilitate payments to depositors through liquidation dividends.
Once all insured and uninsured deposits are settled, NDIC will proceed with payments to creditors according to legal priority. The corporation remains committed to protecting depositors’ funds and urges the public to continue banking with confidence.
