The Nigeria Deposit Insurance Corporation (NDIC) has reported that 82.36% of insured depositors from the defunct Heritage Bank have been reimbursed following the bank’s license revocation by the Central Bank of Nigeria (CBN) on June 3, 2024.
In a statement, NDIC spokesman Bashir Nuhu explained that the remaining 17.64% of deposits are pending due to issues such as accounts with “post no debits” (PND) instructions or missing Bank Verification Numbers (BVN).
The NDIC initiated payments of up to N5 million per depositor within just four days of the bank’s closure, using BVNs to identify depositors’ alternate accounts in other banks. Depositors with balances exceeding this amount have received the initial N5 million, with the remaining balance to be paid as liquidation dividends once the bank’s assets are liquidated and debts are recovered.
Nuhu highlighted that this method, which eliminates the need for depositors to visit NDIC offices or fill out forms, represents a significant advancement in the prompt reimbursement of depositors.
The 17.64% of pending payments are primarily due to depositors with accounts under PND instructions, missing BVNs, or no alternate accounts. The NDIC is reaching out to these depositors via phone and text to complete verification.
The NDIC is actively working to ensure that all depositors with amounts over the insured limit receive their payments through liquidation dividends. Additionally, efforts are underway to recover debts and realize assets from the defunct bank to expedite the reimbursement process for both insured and uninsured deposits.
Once all payments are completed, the NDIC will address creditor claims according to legal priorities.
