The Nigeria Deposit Insurance Corporation (NDIC) has reported that 17.6% of Heritage Bank depositors are yet to receive payments following the bank’s liquidation.
The delay, according to NDIC spokesperson Bashir Nuhu, is due to verification issues.
On June 3, the Central Bank of Nigeria (CBN) revoked Heritage Bank’s license, citing a violation of Section 12 of the Banks and Other Financial Institutions Act. The CBN highlighted that the bank’s inability to improve its financial performance posed a threat to financial stability.
The NDIC stated that approximately 82.36% of insured deposits have been reimbursed so far. Utilizing Bank Verification Numbers (BVN), the corporation transferred up to N5 million per depositor into alternative bank accounts within four days of the bank’s closure, without requiring depositors to visit NDIC offices or complete forms. This method marked a historic achievement for the NDIC in prompt deposit reimbursement.
However, the remaining 17.64% of depositors have yet to be paid due to issues such as post no debits (PND) instructions, missing BVNs, lack of alternative accounts, or accounts with KYC limits. The NDIC is actively reaching out to these depositors via calls and messages, urging them to complete verification, with options for online or in-person resolution.
The NDIC is also focusing on recovering debts and realizing assets from the defunct Heritage Bank to distribute liquidation dividends to depositors with uninsured deposits exceeding N5 million. Once all insured and uninsured deposits are settled, creditors will be paid according to the law. The corporation reassured the public that Nigeria’s banking sector remains stable and that depositors’ funds in other licensed banks are secure.
