Ossom Raphael

Abuja – The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation of Heritage Bank, assuring it will pay depositors of the failed bank N5 million insured deposits.

Director of Communication & Public Affairs, Bashir Nuhu, who disclosed this in a statement, said the liquidation is in accordance with Section 55 Sub-sections 1 & 2 of the NDIC Act 2023.

He said: “Following the revocation of the banking license of Heritage Bank Plc by the Central Bank of Nigeria (CBN) today, June 3, 2024 and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator, pursuant to Section 12(2) of BOFIA, 2020, the Corporation wishes to announce to depositors of the bank in particular and the banking public in general, as follows:
In accordance with Section 55 sub-section 1 & 2 of the NDIC Act 2023, the Corporation has commenced liquidation process of the failed bank with immediate verification and payment of insured deposits to the bank depositors.

“Depositors of the bank that have alternate account 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
All depositors of the defunct bank without alternate bank account in the industry are advised as follows:

“Visit the nearest branch of the bank with proof of account ownership, verifiable means of identification such as driver’s license, permanent voter’s card, National Identity Card, together with their alternate account and Bank Verification Number (BVN) for the verification of their deposits and subsequent payment of insured sums or file online claim by visiting the NDIC website claims page on www.ndic.gov.ng/claims/claims, download and fill the claims forms and upload the required documentation. Creditors are also advised to visit the nearest branch of the bank to file their claims or via the online platform. Please note that the process of payment of creditors will commence immediately after all depositors have been paid.

Debtors that are yet to complete the repayment of loans are advised to contact the Corporation’s Asset Management Department (AMD). Visit the NDIC website for more details.

“The NDIC wishes to assure the entire banking public of its commitment to the continued safety of depositors’ funds in all licensed banks. As such, depositors are urged to continue their banking businesses without fear as banks whose licenses have not been revoked remain safe and sound.”

The Central Bank of Nigeria, had earlier revoked the banking licence of Heritage Bank with immediate effect, following the bank’s failure to improve its financial performance, and posing a threat to financial stability.