The Nigerian Deposit Insurance Corporation (NDIC) has announced that it is actively processing repayments for depositors of Heritage Bank.
NDIC Managing Director Bello Hassan promised to settle customers within a week, far surpassing the legally stipulated 30-day timeframe.
He made this known in a press briefing on Wednesday.
He revealed that over 99 percent of the 2.3 million depositors have N5 million or less in their accounts and will therefore be paid in full.
He explained that only about 4000 depositors have above N5 million in their accounts. These set of depositors, he said, will receive an initial N5 million along with others and later be paid more as the NDIC recovers assets of the bank and loans from debtors.
Recall that the Central Bank of Nigeria (CBN), on Monday, announced the revocation of the operating licence of Heritage Bank Plc with immediate effect.
This announcement was issued in a statement by CBN acting Director, Corporate Communications, Mrs. Hakama Sidi Ali.
The apex bank said the move was in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 (1l of the Banks and Other Financial Act (BOFIA) 2020.
