The Nigeria Deposit Insurance Corporation (NDIC) has announced a structured plan to compensate depositors of Heritage Bank, following the revocation of the bank’s operating license by the Central Bank of Nigeria (CBN).
The NDIC will ensure that depositors receive up to ₦5 million each using their Bank Verification Number (BVN) to identify alternate accounts within the banking industry.
In a statement released on Monday, NDIC Director of Communication and Public Affairs, Bashir Nuhu, detailed the compensation process. For depositors with funds exceeding ₦5 million, payments will be made through liquidation dividends once the bank’s assets are realized and debts recovered. Those without alternate bank accounts are required to visit the nearest bank branch with proof of account ownership and verifiable identification or complete an online verification process by uploading the necessary documents.
The announcement follows the CBN’s decision to revoke Heritage Bank’s operating license, as confirmed by the Ag. Director of Corporate Communications, Hakama Sidi Ali. Consequently, the CBN appointed the NDIC as the liquidator of the failed bank, initiating the payout plan.
“The NDIC has commenced the liquidation of Heritage Bank Plc,” Nuhu stated, emphasizing the immediate verification and payment of insured deposits in accordance with the NDIC Act 2023.
Depositors without alternate bank accounts are advised to bring verifiable identification, such as a driver’s license, permanent voter’s card, or National Identity Card, along with their BVN, to the nearest branch of the bank or complete an online claim form via the NDIC website. Creditors are similarly instructed to visit the bank branches or use the online platform to file their claims. The payment of creditors will begin after all depositors have been compensated.
Debtors of Heritage Bank are urged to contact the NDIC’s Asset Management Department (AMD) to arrange the repayment of their loans.
The NDIC reassured the public of its dedication to safeguarding depositors’ funds in all licensed banks, urging depositors to continue their banking activities without fear, as banks with active licenses remain secure.
For further inquiries, depositors and creditors are encouraged to contact the NDIC for clarification on their accounts and payments.
