The Nation Newspaper NDIC begins payment to Heritage Bank depositors’ with less than N5m
Depositors with more than N5 million will wait for their balance until assets of the liquidated bank are disposed off and money generated, before they are paid.According to the apex bank, Heritage failed in its obligations.
Nuhu said Heritage Bank customers with alternate accounts in other banks will be paid up to the insured amount of N5 million per depositor. Nuhu emphasized that depositors with verified BVNs and alternate bank accounts do not need to visit their banks or the NDIC to receive their payments. Creditors of Heritage Bank are also advised to visit the nearest bank branch or use the online platform to file their claims. Payments to creditors will begin immediately after all depositors have been paid.Debtors of Heritage Bank who have not yet completed their loan repayments have been instructed to contact the NDIC’s Asset Management Department and visit the NDIC website to fill out the required documents.
This increase in insured deposit coverage was as a result of factors such as inflation, exchange rates, and per capita GDP. Ensuring swift payment to depositors, often within seven days has become a global best practice. Spokesman of the House, Akintunde Rotimi said in a statement that “the House of Representatives is aware of the revocation of the licence of Heritage Bank by the CBN and the appointment of the Nigeria Deposit Insurance Corporation as the liquidators, in accordance with the provisions of the Banks and Other Financial Institutions Act .
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