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NDIC Sets Record with N5m Payment to 82.36% of Heritage Bank Depositors

Vincent Amadi by Vincent Amadi
August 12, 2024
in Economy
Reading Time: 2 mins read
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NDIC Sets Record with N5m Payment to 82.36% of Heritage Bank Depositors
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In a recent announcement, the Nigerian Deposit Insurance Corporation (NDIC) disclosed that it has successfully disbursed insured deposits of 5 million naira to 82.36 percent of all customers affected by the closure of Heritage Bank. Meanwhile, the remaining 17.64 percent of customers whose deposits have not yet been paid out were predominantly those without debit instructions or valid bank verification numbers.
This was revealed in a statement signed by the Director of Communications and Public Relations, Bashir Nuhu, in Abuja on Sunday.
On June 3, 2024, the Central Bank of Nigeria revoked the banking license of Heritage Bank Plc, citing prolonged financial instability and regulatory violations.


According to the central bank, the decision is in line with the CBN’s mandate under Section 12 of the Banks and Other Financial Institutions Act, 2020, which is aimed at maintaining a stable financial system in Nigeria. NDIC said it would begin making payments to Heritage Bank’s 2.3 million depositors after revoking the bank’s license.
The director gave the update in a statement issued on Sunday, saying payments to affected customers began four days after the liquidation.
He added that the feat was achieved by using the bank verification number as a unique identifier to locate depositors’ alternative accounts in other banks.
The statement read, “In the discharge of its deposit guarantee mandate, the Corporation began the payment of the insured deposits of N5m maximum per depositor within a record time of four days of the bank closure.
“This was achieved using Bank Verification Numbers as a unique identifier to locate depositors’ alternate accounts in other banks.


“This unprecedented achievement of direct payment through BVN-linked alternate accounts without the need for depositors to visit NDIC offices or fill out forms marks a historic shift for the NDIC in the prompt reimbursement of depositors with payment of about 82.36 percent of the total insured deposit to date.”
The Director explained that for depositors with over 5 million naira, the balance (classified as uninsured deposits) will be paid as liquidation dividends upon realization of the assets of the vanished banks and recovery of liabilities to the vanished banks.
“It is instructive to state that, the remaining 17.64 percent of the insured deposits yet to be paid were largely depositors whose accounts have post no debits instructions or have no BVN. Others are those with no alternative accounts in other banks or accounts with a KYC limit on the maximum lodgment per day and are yet to come forward for verification.
“However, depositors with balances exceeding Five Million Naira have been paid the initial insured sum of Five Million Naira, while the remaining balances (classified as uninsured deposits) will be paid as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed to the defunct bank,” the statement continued.

Tags: business
Vincent Amadi

Vincent Amadi

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