The Nigeria Deposit Insurance Corporation, NDIC, has disbursed a total of N106 billion to depositors of the defunct Heritage Bank Limited.
The Corporation reaffirmed its commitment to ensuring that all eligible customers receive their funds in line with the provisions of the NDIC Act, 2023.
NDIC, in a notice to the bank’s depositions, disclosed that since the Central Bank of Nigeria revoked Heritage Bank’s operating licence on June 3, 2024, it has made significant progress in settling depositors’ claims.
According to the corporation, more than N55 billion has been paid as insured deposits to customers whose account balances fell within the maximum insured limit of N5 million, while an additional N51 billion has been distributed as liquidation dividends following the recovery of assets and outstanding debts owed to the failed bank.
NDIC acknowledged the difficulties being experienced by some depositors who are yet to receive their funds, stressing that it empathises with the affected customers and remains fully committed to completing the payment process in accordance with the law.
The Corporation explained that outstanding payments are largely due to unresolved issues such as the absence of Bank Verification Numbers, BVNs, or alternative bank accounts, Post No Debit, PND, restrictions, Know Your Customer, KYC, compliance challenges, name mismatches and other verification-related concerns.
It noted that efforts are ongoing to resolve these challenges through collaboration with relevant stakeholders and the affected depositors, adding that payment to eligible customers has not been suspended.
The NDIC urged depositors who are yet to receive their entitlements to lodge their complaints or make enquiries through the Corporation’s Helpdesk portal, assuring them that the claims settlement process remains active.
The Corporation also pledged to intensify the recovery of the failed bank’s non-performing loans through collaboration with law enforcement agencies and other relevant institutions. It expressed optimism that additional recoveries would enable it to declare and pay further liquidation dividends to depositors in the near future.
The NDIC reiterated its commitment to protecting depositors and maintaining confidence in Nigeria’s financial system, assuring the public that every lawful effort would continue to be made to maximise asset recoveries and ensure that eligible depositors receive their outstanding entitlements.
