The Nigeria Deposit Insurance Corporation (NDIC) has announced its plan to disburse approximately N650 billion to 2.3 million depositors of Heritage Bank. This payout follows the recent revocation of Heritage Bank’s operating license.
Speaking at an ongoing press conference in Abuja, NDIC Managing Director, Mr. Bello Hassan, elaborated on the extensive measures being taken to ensure a swift and efficient payout process. He highlighted that the vast majority of Heritage Bank’s depositors, 99.9 percent, have account balances of less than N5 million.
“Our primary focus is on processing these insured deposits as quickly as possible,” Hassan stated. He noted that around 4,000 depositors have balances exceeding N5 million. Heritage Bank, before losing its license, had issued over N700 billion in loans.
To facilitate the payout, NDIC has deployed 400 staff members across Heritage Bank’s 116 branches and regional offices. Hassan assured depositors that those with alternate bank accounts need not visit a bank branch in person. “We will utilize their Bank Verification Number (BVN) to credit these accounts directly,” he explained.
However, for depositors without alternate accounts, personal visits to NDIC offices will be necessary to provide the requisite information to receive their funds.
This proactive approach underscores NDIC’s commitment to maintaining financial stability and protecting depositor interests in Nigeria’s banking sector.
