Heritage Bank: NDIC begins verification, payment of insured deposits to customers

Following the Central Bank of Nigeria (CBN) revocation of Heritage Bank Plc banking licence, the Nigeria Deposit Insurance Corporation (NDIC) has declared that the bank’s liquidation process has begin, with the immediate verification and payout of insured deposits to depositors.

In a statement issued on Monday by NDIC, said has it commenced the liquidation process in pursuant to Section 12(2) of BOFIA, 2020, and in accordance with Section 55 sub-section 1 & 2 of the NDIC Act 2023.

To be verified, the Corporation said: “depositors of the bank that have alternate account 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 the verification and payment of depositors without alternate bank account, the NDIC urged them 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.”

A statement released by Bashir A. Nuhu, Director of Communication and Public Affairs at the NDIC, depositors can submit their claims online by visiting the NDIC website’s claims page, downloading and completing the claim forms, and uploading the necessary documentation. Creditors have also been instructed to file their claims at the nearest bank branch or through the online platform.

The payment process for creditors will begin immediately after all depositors have received their payments.