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NDIC Promises Swift Repayment to Heritage Bank Customers

NDIC Promises Swift Repayment to Heritage Bank Customers

The Nigerian Deposit Insurance Corporation (NDIC) has assured customers of Heritage Bank that their deposits will be reimbursed within one week.

During a briefing, NDIC Managing Director Bello Hassan emphasized the corporation’s commitment to expedited repayment processes, ensuring customers receive their funds within a week, contrary to the 30-day timeframe stipulated by law.

Hassan disclosed that Heritage Bank holds total deposits amounting to N650 billion, with a loan portfolio exceeding N700 billion. NDIC aims to facilitate loan repayments within the next six months.

Furthermore, Hassan detailed that depositors are currently undergoing verification for the prompt payment of insured benefits, with deposits up to N5 million to be covered immediately. Customers with insured deposits exceeding N5 million will receive payment upon the bank’s asset sale. He noted that the majority of depositors, totaling 2.3 million, hold balances below five million naira.

The Central Bank of Nigeria (CBN) had revoked Heritage Bank’s banking license on June 4 due to its failure to enhance financial performance.

“The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability” the CBN said

However, the apex said Heritage Bank had not improved and “has no reasonable prospects of recovery”, thereby making revoking the Licence the next necessary step.

A spokesperson for the NDIC, Bashir Nuhu, in a statement released on Tuesday, May 4, assured depositors with an insured amount of ₦5 million that they would get their money through alternate banks.

“Depositors of the bank with alternate accounts within the industry will be paid up to the insured amount of ₦5 million per depositor using their Bank Verification Number (BVN) to locate their alternate account.

While depositors with funds above ₦5 million will be paid liquidation dividend upon realisation of the bank’s assets and recovery of debts owed to the bank,” the statement partly read

Step-To-Step Process To Reclaim Funds

All depositors of the defunct bank without alternate bank account in the industry are advised as follows:

1. 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.


II. File online claims by visiting the NDIC website claims page on, download and fill the claims forms and upload the required documentation.

2. Verification and Payment of Creditors. Creditors are 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.

3. Debtors’ Repayment of Loans: Debtors who have yet to repay loans are advised to contact the Corporation’s Asset Management Department (AMD). Visit the NDIC website for more details.

“The NDIC wishes to assure the entire banking public of its commitment to the continued safety of depositors’ funds in all licensed banks. As such, depositors are urged to continue their banking businesses without fear as banks whose licenses have not been revoked remain safe and sound,” the statement concluded.

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