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HomeNewsHERITAGE BANK CUSTOMERS TO GET N5M EACH AS NDIC TAKES OVER THE...

HERITAGE BANK CUSTOMERS TO GET N5M EACH AS NDIC TAKES OVER THE BANK 

HERITAGE BANK CUSTOMERS TO GET N5M EACH AS NDIC TAKES OVER THE BANK

The Nigeria Deposit Insurance Corporation (NDIC) has said that it has started the liquidation process of Heritage Bank Plc following the revocation of its banking license by the Central Bank of Nigeria (CBN).

In a press statement issued on Monday by Bashir Nuhu, Director of Communication & Public Affairs at NDIC, the Corporation noted that depositors are protected, as the NDIC is currently verifying to pay customers of the bank up to N5 million, depending on their deposits.

The NDIC noted that the revocation of the banking license and the subsequent liquidation is pursuant to Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020.

The agency also stated the verification and payment process for insured deposits complies with Section 55 subsections 1 & 2 of the NDIC Act 2023.

How payments will be made

 

Depositors with alternate bank accounts within the industry will receive payments up to the insured limit of N5 million per depositor.

This process will utilize the Bank Verification Number (BVN) to locate these alternate accounts, facilitating a smooth and efficient transfer.

The statement noted: “Depositors of the bank that have alternate accounts within the industry will be paid up to the insured amount of N5 million per depositor using their Bank Verification Number (BVN) to locate their alternate account. While depositors with funds in excess of N5 million will be paid liquidation dividend upon realization of the bank’s assets and recovery of debts owed to the bank.”

 

For depositors who do not have an alternate bank account, the NDIC advised such customers to visit the nearest Heritage Bank branch with proof of account ownership and a verifiable means of identification, such as a driver’s license, permanent voter’s card, or National Identity Card, along with their BVN.

This will allow for the verification of their deposits and the subsequent payment of insured sums.

Also, depositors can file claims online by visiting the claims page of the NDIC website.

Creditors to get payments after depositors

Creditors of Heritage Bank are instructed to visit the nearest bank branch to file their claims or use the online platform.

The NDIC assured that the process for creditor payments will begin immediately after all depositors have been compensated.

 

Debtors with outstanding loans are advised to contact the Corporation’s Asset Management Department (AMD) to arrange repayments.

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