The Nigeria Deposit Insurance Corporation (NDIC), says it is working to begin the payment of depositors of the defunct Heritage Bank whose deposits exceed N5 million.
Managing Director of the corporation, Bello Hassan, said this at the 2024 workshop for Financial Correspondents Association of Nigeria (FICAN) held in Lagos.
He said the NDIC was working to ensure that depositors who have above N5 million with the bank get paid through the liquidation dividends.
Hassan also disclosed that the Corporation has commenced debt recovery to ensure the payment.
On payment of insured deposits to depositors of the defunct bank, he said the Corporation had paid substantially all insured depositors.
“The only group of insured depositors that we have not paid are those with no alternate account and have not come forward to provide the alternate account so that we can pay them. Also, insured depositors whose account is on post-no-debit order either by order of court or by regulatory agencies due to issues around fraud and Know-Your-Customer (KYC) have not been paid.
“Once those orders are vacated, we are going to pay them,” he said.
Hassan assured that the Corporation would continue to do all within its mandate to ensure stability in the financial system, pointing out that confidence is key in maintaining stability in the financial system.
