Hassan said the total bank deposits at heritage bank stands at N650 billion while it’s loan portfolio stands at over N700 billion.
The Nigerian Deposit Insurance Corporation says the payment of depositors in Heritage Bank will commence before the end of the week.The Managing Director of NDIC, Bello Hassan, disclosed this in a briefing on the liquidation of the bank in Abuja on Wednesday.
The NDIC MD said that all depositors are currently being verified for onward payment of insured benefit of five N5 million while depositors with insured deposits above N5 million naira will be paid upon the sale of the assets of bank. Ali added that the Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.It said “This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline. Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step.
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