By NIyi Jacobs
The Nigeria Deposit Insurance Corporation (NDIC) has announced plans to commence payments to depositors of the defunct Heritage Bank with balances exceeding the insured limit of N5 million.
Following the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank’s license on June 3, 2024, NDIC was appointed as liquidator and has since been processing insured deposit payments. While significant progress has been made, some depositors remain unpaid due to issues like missing BVNs, PND restrictions, and KYC-related limitations.
To expedite the liquidation process, NDIC has begun asset sales and debt recovery efforts. The first tranche of liquidation dividends for uninsured depositors will be paid in April 2025 on a pro-rata basis, ensuring depositors are prioritized before payments to other claimants like creditors and shareholders.
The corporation reassured the public of the safety of deposits in all licensed banks, urging affected depositors to check their alternate bank accounts for payments or contact NDIC for further assistance
