NDIC says over N106bn paid to Heritage Bank depositors

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The Nigeria Deposit Insurance Corporation (NDIC) has revealed that it paid more than N106 billion to depositors of the defunct Heritage Bank Limited, while assuring customers with unresolved claims that payments are still ongoing.

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In a statement on Wednesday, the corporation said it had fully acknowledged the difficulties being experienced by some former depositors of Heritage Bank and sympathised with them.

NDIC added that it remained committed to ensuring that all eligible depositors received their funds in line with the provisions of the NDIC Act, 2023.

On 3 June 2024, the Central Bank of Nigeria (CBN) revoked Heritage Bank’s license due to the bank’s persistent financial instability, poor performance, and a breach of Section 12(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020.

The corporation said it has since then commenced payment to depositors of the defunct bank within four days.

“NDIC has paid over N55 billion in insured deposits (representing accounts with balances within the guaranteed limit of N5 million and below).

“Furthermore, an additional sum of N51 billion, that was realised from the sale of the assets of, and recovery of outstanding debts owed the failed bank, has been paid as liquidation dividends in two tranches,” NDIC said.

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The corporation, however, explained that some outstanding payments remained unresolved due to issues such as the absence of Bank Verification Numbers (BVNs) or alternative bank accounts, Post No Debit (PND) restrictions, Know Your Customer (KYC) issues, and name mismatches.

“The NDIC continues to work with concerned stakeholders and some of the affected depositors towards resolving such cases,” it added.

The corporation urged depositors who have yet to receive their payments to lodge their complaints through the NDIC Helpdesk portal, stressing that the payment process was still ongoing.