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The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to reimbursing depositors of the defunct Heritage Bank, including those with balances exceeding the insured limit of N5 million.
The Corporation announced in a statement on Sunday that the first tranche of liquidation dividends for uninsured depositors will be disbursed in April 2025.
Following the revocation of Heritage Bank’s banking license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC, as the appointed liquidator, immediately began processing insured deposits. While many depositors have already received their insured sums, others with outstanding balances above N5 million will receive additional payments as asset realization progresses.
To ensure a smooth process, the NDIC has actively recovered debts and commenced the sale of the bank’s physical assets and investments. The Corporation has also leveraged digital channels, national newspapers, and broadcast media to maintain transparency in the asset disposal process.
Deposit payments are being executed in phases, with priority given to customers. The NDIC has urged depositors to check their alternate bank accounts, as some payments may have been completed without their immediate awareness due to a lack of transaction alerts.
In line with the NDIC Act 2023, deposit liabilities take precedence over all other claims, meaning creditors and shareholders will only be considered for liquidation dividends after depositors have been fully reimbursed.
Reassuring the banking public, the NDIC emphasized that all licensed banks remain stable and safe, encouraging depositors to continue banking with confidence.
