The Nation Newspaper NDIC to pay Heritage Bank depositors N650 billion this week
announced plans to pay 2.3 million depositors of Heritage Bank approximately N650 billion starting this week. This move follows the recent withdrawal of Heritage Bank’s operating licence.
There are about 4,000 depositors with more than N5 million in their accounts. Before losing its license, Heritage Bank had issued over N700 billion in loans. To manage the payment process, NDIC has deployed 400 staff members across the bank’s 116 branches and regional offices. Unfortunately, most Heritage Bank employees have lost their jobs due to the bank’s closure. Only a few staff members, particularly those with knowledge of the bank’s operations, will be retained.
Heritage Bank lost its license for failing to comply with prudential guidelines set by the Central Bank of Nigeria . These guidelines are designed to ensure the safety and soundness of banks by covering areas such as: Capital Adequacy, to ensure banks have enough capital to absorb potential losses; Liquidity Risk Management, by maintaining sufficient liquid assets to meet short-term obligations; Credit Risk Management, by assessing the creditworthiness of borrowers and setting lending limits.
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