“We have Commenced”, NDIC announces plans to reimburse Heritage Bank depositors

• The remaining depositors of Heritage Bank Plc are now going to be reimbursed their deposits
• The Nigeria Deposit Insurance Corporation (NDIC) has called on depositors of Heritage Bank and other failed banks to provide the necessary documents
• The NDIC has also rebutted rumours of its inability to reimburse depositors, assuring that every depositor will get their money

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

After more than nine months of waiting, Heritage Bank depositors are finally going to receive their money from the Nigeria Deposit Insurance Corporation (NDIC).

The corporation announced that the first tranche of the liquidation dividends will be paid to depositors in the next couple of weeks in April 2025.

Recall that Heritage Bank license was revoked on June 3, 2024, by the Central Bank of Nigeria (CBN).

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Insured deposits of up to N5 million were paid to the depositors within four days of the bank’s closure.

Managing Director/Chief Executive Officer of the NDIC, Bello Hassan, said that the corporation had made significant progress in liquidating the bank's assets and recovering debts, and is now set to commence the first tranche of payments to depositors.

Speaking at the NDIC’s Special Day at the ongoing 36th Enugu International Trade Fair, Hassan promised depositors that all funds would be recovered soon.

He said;

“We have commenced preparations to pay the first tranche of liquidation dividends this month – April, 2025.”

The PUNCH reports that Hassan was represented by the South-East Zonal Coordinator and Assistant Director, Mrs Pamela Robert.

NDIC lists requirements for depositors

Mr. Hassan urged depositors who are yet to receive payments to come forward with the necessary documents to prove ownership of the account and facilitate payment.

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These include;

1. Bank verification number (BVN)
2. Alternate bank account (account held with another bank where the payment will be made)

He also encouraged depositors of other closed banks with outstanding deposits to come forward with evidence of account ownership and claim their funds, adding that the NDIC has the financial and operational capacity to fully reimburse all depositors.

Recall that Heritage Bank depositors already reacted when the commission announced partial reimbursement for deposits above N5 million.

The NDIC statement read;

"While depositors with balances above N5 million have been paid the initial insured sums of the N5 million, the remaining balance in excess of the insured sum of the N5 million already reimbursed, will be paid as liquidation dividends in accordance with the Corporation’s statutory mandate."

Hassan noted that NDIC has successfully handled the full liquidation of assets belonging to 20 previously failed banks and reimbursed depositors, to promote public confidence in the banking sector.

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He added that the NDIC is fully committed to securing depositors' funds and successfully resolving all issues in the event of a bank failure.

Customers with deposits above N5 million booked for April

In related news, the NDIC has promised that customers with more than N5 million deposits will finally start receiving their money back in April.

This follows as customers with less than N5 million deposits have already been settled within days of the bank's closure.

The NDIC noted that as the rest of the bank's assets are liquidated and loans recovered, the remaining deposits will be settled in tranches.

Source: Legit.ng