The Nigeria Deposit Insurance Corporation has said that depositors it is currently verifying customers of the bank and will pay up to N5 million, depending on their deposits.
NDIC stated that it has begun the liquidation process of Heritage Bank Plc as a result of the revocation of its banking license by the Central Bank of Nigeria.
This was disclosed in a press statement by the Director of Communication & Public Affairs at NDIC, Bashir Nuhu on Monday, according to Nairametrics.
The Corporation stated that depositors are safeguarded, as the NDIC is currently verifying customers of the bank and will pay up to N5 million, depending on their deposits.
According to the NDIC, Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 governs the revocation of the banking license and the liquidation that follows.
Depositors with alternate bank accounts within the industry will receive payments up to the insured limit of N5 million per depositor.
The statement noted: “Depositors of the bank that have alternate accounts within the industry will be paid up to the insured amount of N5 million per depositor using their Bank Verification Number (BVN) to locate their alternate account. While depositors with funds in excess of N5 million will be paid liquidation dividend upon realization of the bank’s assets and recovery of debts owed to the bank.”
For depositors who do not have an alternate bank account, the NDIC advised such customers to visit the nearest Heritage Bank branch with proof of account ownership and a verifiable means of identification, such as a driver’s license, permanent voter’s card, or National Identity Card, along with their BVN.
This will make it possible to validate their deposits and pay the covered amounts later on.
Also, depositors can file claims online by visiting the claims page of the NDIC website.
Creditors of Heritage Bank are advised to submit their claims online or in person at the closest bank branch.
The NDIC guaranteed that as soon as all depositors have received their compensation, the process for creditor payments will start.
It was earlier reported that the CBN had revoked the banking licence of Heritage Bank Plc, citing persistent financial instability and breach of regulatory requirements by the bank.
