NDIC Announces Compensation Details For Heritage Bank Customers After License Revocation....KINDLY READ THE FULL STORY HERE▶

Following the revocation of Heritage Bank’s operating license by the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC) has detailed how customers will be compensated. NDIC Director of Communication and Public Affairs, Bashir Nuhu, released a statement outlining the process……CONTINUE READING

Payment of Insured Deposits

Depositors with alternate bank accounts in the industry will receive up to ₦5 million per depositor. This will be facilitated using their Bank Verification Number (BVN) to locate their alternate accounts. Depositors with funds exceeding ₦5 million will receive liquidation dividends once the bank’s assets are sold and debts are recovered.

Process for Depositors Without Alternate Bank Accounts

Depositors without alternate bank accounts must visit the nearest Heritage Bank branch with proof of account ownership and a verifiable means of identification (driver’s license, permanent voter’s card, National Identity Card). They can also file an online claim on the NDIC website by filling out and uploading the required documentation.

Creditors’ Claims

Creditors of Heritage Bank are advised to file their claims either by visiting the nearest branch or through the online platform. The payment process for creditors will begin after all depositors have been compensated.

Loan Repayment by Debtors

Debtors who have not completed their loan repayments should contact the NDIC’s Asset Management Department (AMD) for further instructions.

Assurance to the Public

The NDIC reassured the public of the safety of their deposits in all licensed banks, emphasizing that banks whose licenses have not been revoked remain secure.

Official Statement

“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, 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 process of Heritage Bank Plc. Depositors of the bank with alternate accounts within the industry will be paid up to the insured amount of ₦5 million per depositor using their BVN to locate their alternate account. Depositors with funds in excess of ₦5 million will be paid liquidation dividends upon the realization of the bank’s assets and recovery of debts owed to the bank.

Depositors without alternate bank accounts should visit the nearest branch of the bank with proof of account ownership, verifiable means of identification, their alternate account, and BVN for verification of their deposits and subsequent payment of insured sums. Alternatively, they can file online claims on the NDIC website.

Creditors should file their claims at the nearest bank branch or via the online platform. The process of payment of creditors will begin after all depositors have been paid.

Debtors who have not completed loan repayments are advised to contact the Corporation’s Asset Management Department. The NDIC assures the entire banking public of its commitment to the continued safety of depositors’ funds in all licensed banks. Banks whose licenses have not been revoked remain safe and sound.”

For further inquiries, depositors are encouraged to contact the NDIC directly.