- The Nigeria Deposit Insurance Corporation is to pay the first tranche of liquidation dividends to depositors of the defunct Heritage Bank in April
- It urged insured depositors to come forward with the necessary documents for claims
- The NDIC has made efforts to pay depositors, creditors and realise the defunct bank’s debts
The Nigeria Deposit Insurance Corporation (NDIC) says it plans to pay the first tranche of liquidation dividends to depositors of the defunct Heritage Bank in April.
Recall that the Central Bank of Nigeria (CBN) revoked the operating licence of the bank on June 3, 2024.
The Managing Director/Chief Executive Officer (MD/CEO) of NDIC, Bello Hassan, said the corporation has made progress in disposing of the bank’s physical assets and recovering debts.
Hassan disclosed this on Wednesday, April 9, during the NDIC’s Special Day at the ongoing 36th Enugu International Trade Fair, where he was represented by the South-East Zonal Coordinator and Assistant Director, Mrs Pamela Robert.
He stated that the NDIC has been working to ensure that all depositors of the defunct bank recovered their funds as soon as possible.
“We have commenced preparations to pay the first tranche of liquidation dividends this month – April 2025,” he said.
NDIC urged insured depositors to come for claims
The NDIC MD/CEO further noted that the corporation has already paid insured deposits of up to N5 million per depositor within four days of the bank’s closure.
He also urged depositors who have not yet received their payments to come forward and provide the necessary documentation, including Bank Verification Numbers (BVNs) and alternate bank account numbers, to facilitate payment.
“I therefore urge depositors of closed banks, particularly Heritage Bank, who have not yet received their payments, to come forward and provide the necessary documentation supporting ownership of the account,” he said.
Hassan added that the NDIC has a proven track record of managing bank failures effectively, having successfully declared full liquidation dividends to depositors of 20 previously failed banks.
He reassured depositors that the corporation has the financial and operational capacity to fully reimburse all depositors as recoveries are made as part of efforts to maintain financial stability and promote public confidence in the banking sector.
NDIC’s efforts to pay creditors, realise defunct bank’s debts
The NDIC has made efforts to pay both depositors and creditors of the defunct Heritage Bank.
The corporation assured creditors of the defunct bank would be reimbursed once all depositors had been settled, adding that its systematic approach prioritises asset recovery and financial stability.
The NDIC, as the liquidator of defunct banks, has made progress in realising the assets of Heritage Bank and recovering outstanding debts to facilitate the timely reimbursement of uninsured deposits and creditors.
The corporation auctioned the failed bank’s landed properties and chattels in line with its statutory mandate under Section 62(1)(d) of the NDIC Act 2023.
It said the proceeds from the completed sales will be applied towards settling depositors with balances above the insured limit of N5 million and settling creditors.
Depositors’ funds in failed banks are safe – NDIC
Meanwhile, TheRadar earlier reported that the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, reiterated the safety of depositors’ funds in failed banks.
Hassan stated this during the NDIC’s Special Day at the 46th Kaduna International Trade Fair on Thursday, February 20.
