NDIC Pays N5 Million to 82% of Heritage Bank’s Depositors

The Nigeria Deposit Insurance Corporation (NDIC) has announced that it has paid out N5 million each in insured deposits to 82.36% of the total customers of the defunct Heritage Bank.

This development follows the Central Bank of Nigeria’s (CBN) decision on June 3, 2024, to revoke the banking license of Heritage Bank Plc due to ongoing financial instability and breaches of regulatory standards.

In a statement issued on Sunday by NDIC’s Director of Communication and Public Affairs, Bashir Nuhu, the Corporation highlighted that payments are still pending for 17.64% of depositors, mainly due to accounts flagged with Post-No Debit instructions or those without a Bank Verification Number (BVN).

The CBN’s decision to withdraw Heritage Bank’s license aligns with its mandate under Section 12 of the Banks and Other Financial Institutions Act 2020, aimed at ensuring stability in Nigeria’s financial system. In response to the license withdrawal, the NDIC has been facilitating the payment process for the 2.3 million depositors affected by the bank’s closure.