NDIC Explains Reason for Delayed Payment to Customers of Failed Bank
- NDIC offered an explanation for the nonpayment of some depositors from the now-defunct Heritage Bank
- The NDIC claimed that the depositors' failure to provide their alternate bank accounts was the reason they hadn't received their reimbursements
- The NDIC’s MD urged the impacted depositors to get in touch with the NDIC zonal offices in their area
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The Nigeria Deposit Insurance Corporation (NDIC) has provided an explanation for why certain depositors from the now-defunct Heritage Bank have not yet received payment for their covered savings.
Source: Getty Images
Bello Hassan, the NDIC's managing director and chief executive officer, stated that the depositors had not received their payments because they had failed to provide their alternative bank accounts at the start of a three-day retreat for senior management and executive staff in Kano on Friday, January 10th.
He added that although the NDIC had used the impacted depositors' Bank Verification Number (BVN), it was unable to find their other bank accounts in the system.
In order to be validated, recognised, and compensated, he urged the impacted depositors to get in touch with the NDIC zonal offices in their area.
“Depositors of the defunct Heritage Bank that have not been reimbursed, largely because we don’t have their alternate bank accounts to reach out to any of NDIC zonal offices so that they can get verified, identified and reimbursed.
“Why we have not reimbursed them is because we have used their BVN but could not locate their alternate bank account in other banks within the system.
“So I am using this opportunity to appeal to them to come forward. To reach out to any of the zonal offices of NDIC so they can be verified,” he appealed.
According to him, the workshop, which was organised in partnership with the Bureau of Public Procurement (BPP), is specialised training for senior staff members with the goal of guaranteeing effectiveness, responsibility, and transparency for financial management and procurement.
“This workshop, organised in collaboration with the BPP as our technical partners, aims at ensuring efficiency, transparency and accountability, to enable the development of effective strategies in procurement processes enterprise-wide.
“We have identified the BPP as a critical stakeholder in our attempt towards developing effective and efficient procurement capabilities, in realising the Corporation’s strategic thrust for performance driven culture, excellence and operational resilience, in line with its vision of becoming one of the best deposit insurers in the world."
NDIC asks Nigerians to update KYC
Legit.ng reported that the Nigeria Deposit Insurance Corporation (NDIC) asked bank customers to ensure that their KYC details are up to date to ensure smooth transactions and prompt payment in case of bank failure.
The NDIC managing director, Bello Hassan, disclosed this at the 2024 NDIC Editors’ Forum.
The NDIC boss stressed the importance of updated KYC in the Nigerian financial system.
Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.
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