During a workshop organized for the Finance Correspondents Association of Nigeria (FICAN) and Business Editors in Lagos, NDIC’s Managing Director/CEO, Bello Hassan, emphasized the corporation’s critical role in protecting depositors’ funds. He stated, “The closure of Heritage Bank highlights the vital role the NDIC plays in ensuring that depositors are reimbursed swiftly. In line with the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023, we are responsible for the orderly liquidation of the bank and ensuring depositors’ claims are settled.”
The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to reimburse depositors of the defunct Heritage Bank who have balances exceeding N5 million. This assurance comes after the closure of the bank following the revocation of its license by the Central Bank of Nigeria (CBN) on June 3, 2024.
The NDIC’s innovative use of Bank Verification Numbers (BVN) enabled the prompt reimbursement of N5 million to depositors with linked accounts within four days of the bank’s closure, Hassan explained. This process was designed to minimize the need for filling out forms or visiting NDIC offices, thus providing a smooth and efficient resolution.
So far, NDIC has reimbursed 84.98% of depositors whose accounts were identified via BVN. Hassan added that the corporation is actively working towards ensuring that depositors with balances above the insured limit of N5 million receive their remaining funds through liquidation dividends from Heritage Bank’s assets and debt recovery.
The NDIC is confident that its efforts will provide timely payments to all affected depositors, ensuring that those with higher balances will not be left behind during the liquidation process.
This commitment from the NDIC comes at a crucial time, particularly as it continues to strengthen Nigeria’s financial safety net amidst a challenging economic landscape.
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