The Nigeria Deposit Insurance Corporation (NDIC) has announced that 82.36% of the insured depositors of the now-defunct Heritage Bank have been reimbursed following the Central Bank of Nigeria’s (CBN) revocation of the bank’s license on June 3, 2024.
In a statement released on Sunday, Bashir Nuhu, the spokesperson for the NDIC-appointed liquidator, explained that the remaining 17.64% of insured deposits are still pending.
These outstanding payments are primarily for depositors with accounts that have post-no-debits (PND) instructions or lack Bank Verification Numbers (BVNs).
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Nuhu noted that the NDIC commenced payments of up to N5 million per depositor within just four days of the bank’s closure, utilizing BVNs as a unique identifier to trace depositors’ alternative accounts in other banks.
The statement partly read: “However, depositors with balances exceeding Five Million Naira have been paid the initial insured sum of Five Million Naira, while the remaining balances (classified as uninsured deposits) will be paid as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed to the defunct bank,”.
“This unprecedented achievement of direct payment through BVN-linked alternate accounts without the need for depositors to visit NDIC offices or fill out forms, marks a historic shift for the NDIC in the prompt reimbursement of depositors with payment of about 82.36% of the total insured deposit to date.
“It is instructive to state that, the remaining 17.64% of the insured deposits yet to be paid were largely depositors whose accounts have post no debits (PND) instructions or have no BVN.
“Others are those with no alternative accounts in other banks or accounts with KYC limit on the maximum lodgment per day and are yet to come forward for verification.
“These category of depositors are presently being contacted by the Corporation through telephone calls and text messages to come forward for verification.”
“In this regard, the Corporation is already working assiduously to ensure that all depositors with amounts in excess of the maximum insured amount of N5 million are timely paid through liquidation dividend from realisation of the defunct bank’s assets.
“The Corporation has already initiated the process of debt recovery and realisation of investments and physical assets of the defunct bank to ensure timely reimbursement of the uninsured depositors of the defunct bank.
“Subsequently, after the full payment of both insured and uninsured portion of deposits, the Corporation will proceed with the payment of creditors in accordance with priority of claim as provided in the extant law,” the statement added.
