The Nigeria Deposit Insurance Corporation (NDIC) said it has paid 86 per cent of the total insured deposits for customers of the recently liquidated Heritage Bank.
Managing Director/Chief Executive of the Corporation, Mr Bello Hassan who disclosed this yesterday in Lagos at a retreat for members of the House of Representatives on Insurance and Actuarial Matters, said efforts were ongoing to complete the remaining 14 per cent.
According to him, the remaining customers are those whose accounts have posted no debit (PND) instructions by courts or regulatory authorities.
Hassan who represented by the Executive Director, Corporate Services, Emily Osuji reiterated that the recent review of maximum deposit insurance coverage for deposit money banks (DMBs), Payment Service Banks (PSBs) and Mobile Money Operators (MMOs) from N500,000 to N5m followed a 2023 study to determine the adequacy of its deposit insurance coverage.
“It is worthy to mention that, the revised coverage for the DMBs provides a full coverage for 98.98% of the total depositors and 25.37% of the total value of deposits. Accordingly, the revised coverage provides a full deposit insurance cover for 99.27%, 99.34% and 99.99% of total depositors as well as 34.43%, 21.04%, and 43.10% of the total value of deposit of MFBs, PMBs and PSBs, respectively,” he said.
According to him, timely reimbursement to depositors is key in maintaining financial stability.
The House Committee Chairman Ahmed Usman Jaha, assured Nigerian depositors of the safety of their deposits in the banking system, saying there is no cause for alarm.
