NDIC Intensifies Efforts to Pay Uninsured Depositors of Defunct Heritage Bank
Oru Leonard
The Nigeria Deposit Insurance Corporation (NDIC) has reassured depositors of the defunct Heritage Bank that efforts are being made to ensure timely payment of uninsured sums. Following the revocation of Heritage Bank’s license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC commenced the bank’s liquidation process, including verification and payment of insured deposits.
According to an update made available to News Dot Africa by Hawwau Gambo
Ag. Head, Communication & Public Affairs on 30th March 2025, significant progress has been made in reimbursing insured deposits up to the maximum limit of N5 million per depositor. However, some depositors are yet to receive their payments due to issues such as lack of Bank Verification Number (BVN), post no debit (PND) restrictions, and Know Your Customer (KYC) limitations.
The NDIC has advised depositors to check their alternate bank accounts, as some payments may have been processed without their immediate awareness. The Corporation has also made substantial progress in disposing of the physical assets and recovering debts of the failed bank to ensure that depositors with balances above the maximum insured limit receive their payments as soon as possible.
Some of the achievement include:
- Payment of Uninsured Depositors: The NDIC will declare the first tranche of liquidation dividends in April 2025, which will be paid to uninsured depositors on a pro-rata basis.
- Asset Realization: The Corporation has made considerable progress in realizing the physical assets and investments of the failed bank.
- Debt Recovery: The NDIC has aggressively pursued debt recovery to ensure that depositors receive their payments without unnecessary delays.
The NDIC has reassured the public that all other banks remain safe and sound, and depositors’ funds are secure. For further enquiries, depositors can contact the Claims Resolution Department via email or phone.
