Heritage Bank: NDIC Speaks on Auctioning Defunct Bank's Assets, Names Items Involved
- NDIC reported that it has put the assets of the now-defunct Heritage Bank, including chattels and landed properties, up for auction
- Its MD stated that the auction was in accordance with its statutory mission under Section 62 (1)(d) of the NDIC Act, 2023
- He claimed that assuring Nigerians of the safety of their funds would promote stability and financial inclusion
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The Nigeria Deposit Insurance Corporation (NDIC) said that it has successfully and transparently auctioned the defunct Heritage Bank’s assets, including landed properties and chattels.
Source: Getty Images
Its Managing Director, Bello Hassan, disclosed during the corporation’s special day at the ongoing 46th Kaduna International Trade Fair, Kaduna.
He said the auction was in line with its statutory mandate under Section 62 (1)(d) of the NDIC Act, 2023.
“The proceeds from the ongoing sales would be applied towards settling depositors with balances above the insured limit of N5 million, with additional payments to follow as further recoveries are made,” he said.
Represented by the Kano Zonal Office Comptroller, Ahmad Umar, Hassan stated that NDIC was committed to ensuring a stable financial environment that safeguards depositors and builds public confidence.
According to him, this is to enable businesses to thrive and contribute to the nation’s economic development.
He explained that the corporation’s mission was embodied in the tagline “Protecting your bank deposits.”
This, Mr Hassan said, was to promote financial inclusion and stability by reassuring Nigerians of the security of their savings.
He cited an example with the recent revocation of Heritage Bank’s operating licence on 3 June 2024, where the NDIC reimbursed depositors within four days using their Bank Verification Numbers (BVN).
Hassan added that the swift action had enabled the payment of insured amounts to all the depositors other than those with no alternate accounts in other banks or those depositors whose accounts had posted no debits (PND) instructions or had no BVN.
He explained that depositors with no BVN were being contacted by the corporation through telephone calls and text messages to come forward for verification.
The NDIC boss reiterated the corporation’s commitment to ensuring that creditors of the defunct bank receive payments once all the depositors have been fully reimbursed.
He urged depositors of closed banks, particularly Heritage Bank, who have not yet received their payments, to come forward and provide the necessary documentation supporting ownership of the accounts so they can be reimbursed.
Source: Getty Images
Earlier, the Nigeria Deposit Insurance Corporation (NDIC) said depositors with balances exceeding N5 million will also be paid from their liquidation dividends.
The managing ddirector and chief executive, Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan made this known on the occasion of NDIC’s special day at the ongoing 45th Kano International Trade Fair.
NDIC asks Nigerians to update KYC
Legit.ng reported that the Nigeria Deposit Insurance Corporation (NDIC) has 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.
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Source: Legit.ng
