The Nigeria Deposit Insurance Corporation (NDIC) announced that it has disbursed insured deposits of up to ₦5 million each to 82.36% of the total customers of the now-defunct Heritage Bank.
However, 17.64% of the insured deposits are still pending payment, primarily due to issues such as Post-No Debit instructions or lack of Bank Verification Numbers (BVN) on the accounts.
This was revealed in a statement signed by the NDIC’s Director of Communication and Public Affairs, Bashir Nuhu, on Sunday in Abuja.
The disbursement followed the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank’s license on June 3, 2024, due to ongoing financial instability and regulatory violations.
The CBN’s decision aligns with its mandate under the Banks and Other Financial Institutions Act 2020 to ensure a stable financial system in Nigeria.
Following the revocation, the NDIC began compensating the 2.3 million affected depositors of the bank.
The payment process started just four days after the bank’s liquidation, utilizing BVNs to identify depositors’ alternate accounts in other banks, allowing for direct payments without requiring depositors to visit NDIC offices or complete forms.
The NDIC also stated that depositors with more than ₦5 million would receive the remaining balances, classified as uninsured deposits, as liquidation dividends after the defunct bank’s assets are realized and debts recovered.
The remaining 17.64% of insured deposits yet to be paid belong to depositors with accounts that either lack a BVN, have Post-No Debit instructions, or are restricted by Know Your Customer (KYC) limits, and these depositors are encouraged to come forward for verification.
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