NDIC explains payment plans for defunct Heritage Bank’s depositors

NDIC explains payment plans for defunct Heritage Bank’s depositors

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Following the revocation of the banking licence of Heritage Bank Plc by the Central Bank of Nigeria (CBN) on Monday, and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator, pursuant to Section 12(2) of BOFIA, 2020, the Corporation announced to depositors of the bank in particular and the banking public in general, its payment plans.

The NDIC stated this in a statement titled ‘NDIC commences liquidation of Heritage Bank’, signed by the Director Communication & Public Affairs, Bashir A. Nuhu.

It stated that, “Depositors of the bank that have alternate account within the industry will be paid up to the insured amount of N5m per depositor using their Bank Verification Number (BVN) to locate their alternate account. While depositors with funds in excess of N5m will be paid liquidation dividend upon realization of the bank s assets and recovery of debts owed to the bank.”

It advised all depositors of the defunct bank without alternate bank account in the industry to visit the nearest branch of the bank with proof of account ownership, verifiable means of identification such as driver s license, permanent voter s card, National Identity Card, together with their alternate account and Bank Verification Number (BVN) for the verification of their deposits and subsequent payment of insured sums.

On verification and payment of creditors, it stated, “Creditors are also advised to visit the nearest branch of the bank to file their claims or via the online platform. Please note that the process of payment of creditors will commence immediately after all depositors have been paid.”

While explaining conditions for debtors repayment of loans, it stated that, “Debtors that are yet to complete the repayment of loans are advised to contact the Corporation’s Asset Management Department (AMD). Visit the NDIC website for more details.”