The Nigerian Deposit Insurance Corporation (NDIC) has announced that it will pay up to N5 million to each depositor of the now-defunct Heritage Bank.
This announcement comes in the wake of the Central Bank of Nigeria’s (CBN) decision to revoke the bank’s licence due to its persistent financial struggles.
NDIC in a notice addressed to depositors on Monday said it has taken over Heritage Bank as the appointed liquidator in accordance with the provisions of the Nigeria Deposit Insurance Corporation Act, 2023.
The notice reads: “Consequently, the Corporation, as the appointed Liquidator; in line with sections 55 (1) (2) and 56 (3) of Nigeria Deposit Insurance Corporation (NDIC) Act, 2023, will take necessary steps to wind up the affairs of the bank.
“Defunct Heritage Bank operated as an insured institution under the provisions of the Nigeria Deposit Insurance Corporation Act, 2023.
“The Corporation will pay all its depositors their insured deposits up to the statutory maximum of N5,000,000.00 per depositor for Deposit Money Banks (DMBS)/mobile money subscribers.
“Depositors with funds in excess of the insured deposits will be paid as and when the assets of the closed bank are realised.
“Depositors will soon be notified by publication in national dailies as to the commencement of payment of the insured deposits”.
Furthermore, the notice stated that all depositors who have questions or require further clarifications on their accounts or payments in the closed bank can contact the NDIC.
