NDIC Moves To Pay Heritage Bank Depositors N650bn

Posted by African Examiner Business News, Featured, Latest Headlines Thursday, June 6th, 2024

(AFRICAN EXAMINER) – The Nigeria Deposit Insurance Corporation (NDIC) has announced plans to pay 2.3 million depositors of Heritage Bank approximately N650 billion starting this week.

This move follows the recent withdrawal of Heritage Bank’s operating licence by the Central Bank of Nigeria (CBN)

NDIC Managing Director Mr. Bello Hassan made this announcement during a briefing in Abuja.

He explained that the majority of Heritage Bank’s depositors, 99.9 per cent, have less than N5 million in their accounts. This means the NDIC expects to process these insured deposits swiftly.

There are about 4,000 depositors with more than N5 million in their accounts. Before losing its license, Heritage Bank had issued over N700 billion in loans.

To manage the payment process, NDIC has deployed 400 staff members across the bank’s 116 branches and regional offices.

Hassan advised that depositors with alternate bank accounts do not need to visit a bank branch. The NDIC will use their Bank Verification Number (BVN) to credit these accounts directly. However, depositors without alternate accounts must visit NDIC to provide the necessary information to receive their funds./The Nation