NDIC Pays Over N106bn to Heritage Bank Depositors, Payments Ongoing
Nigeria Deposit Insurance Corporation (NDIC) said it has paid over ₦106 billion to depositors of the now-defunct Heritage Bank Limited. Of that, ₦55 billion covered insured deposits for accounts with balances up to ₦5 million, while an additional ₦51 billion came from liquidation dividends realised from the sale of the bank’s assets and recovery of outstanding debts, paid in two tranches.
The Central Bank of Nigeria revoked Heritage Bank’s licence on 3 June 2024 because of persistent financial instability, poor performance and a breach of Section 12(1) of the Banks and Other Financial Institutions Act 2020. NDIC said payments began within four days of the licence withdrawal and are still ongoing.
However, some depositors have yet to receive their funds due to missing Bank Verification Numbers, Post-No-Debit (PND) restrictions, Know-Your-Customer (KYC) issues or name mismatches. The corporation urged affected customers to lodge complaints through the NDIC Helpdesk portal to resolve these impediments.
For former Heritage Bank customers, ensuring BVN and KYC details are up-to-date and clearing any PND flags will help speed up receipt of any outstanding balance.