The Nigeria Deposit Insurance Corporation (NDIC) has begun liquidating Heritage Bank Plc. This follows the Central Bank of Nigeria (CBN) revoking the bank’s commercial license with national authorization and appointing the NDIC as the liquidator, as per Section 12(2) of the BOFIA Act, 2020.
NDIC spokesperson Bashir Nuhu reassured depositors that those with insured amounts up to ₦5 million would receive their funds through alternate banks. He explained, “Depositors with accounts at other banks will be paid up to ₦5 million per depositor using their Bank Verification Number (BVN) to locate their alternate accounts.”
He added, “Depositors with funds exceeding ₦5 million will receive liquidation dividends once the bank’s assets are realized and debts are recovered.”
Steps to Reclaim Funds
For depositors of the defunct bank without alternate bank accounts, follow these steps:
- Visit a Bank Branch: Go to the nearest branch with proof of account ownership, valid identification (such as a driver’s license, permanent voter’s card, or National Identity Card), your alternate account information, and BVN for verification and payment.
- Online Claims:
- Visit the NDIC website claims page at NDIC Claims.
- Download and complete the claims form.
- Upload the required documents.
Verification and Payment for Creditors
Creditors should:
- Visit the nearest bank branch to file claims or use the online platform.
- Note that creditor payments will start after all depositors have been compensated.
Loan Repayments for Debtors
Debtors with outstanding loans should contact the NDIC’s Asset Management Department (AMD) for repayment details. More information is available on the NDIC website.
The NDIC emphasized its commitment to protecting depositors’ funds in all licensed banks, assuring the public that banks with valid licenses remain secure. “Depositors are encouraged to continue their banking activities without fear,” the statement concluded.
