The Nigeria Deposit Insurance Corporation (NDIC) has said that it will pay depositors of the failed Heritage Bank a maximum amount of N5 million insured deposits, News About Nigeria reports.
The Director of Communication & Public Affairs, Bashir Nuhu, disclosed this in a statement.
Recall that the banking license of Heritage Bank Plc was revoked by the Central Bank of Nigeria (CBN) on Monday.
Nuhu disclosed that the Insurance Corporation has commenced the liquidation of the bank following the directive of the CBN.
He noted that there will be an immediate verification and payment of insured deposits to the depositors of the bank, adding that 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 realisation of the bank’s assets and recovery of debts owed to the bank.
“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:
“The NDIC has Commenced the Liquidation of Heritage Bank Plc: 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,” the statement read in part.
He also stated that 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.
