NDIC Assures Heritage Bank Depositors: How to Reclaim Insured Funds

The Nigeria Deposit Insurance Corporation (NDIC) has taken decisive action by initiating the liquidation process for Heritage Bank Plc. This move follows the Central Bank of Nigeria’s (CBN) decision to revoke the commercial bank license with national authorization. The NDIC has been appointed as the liquidator of the failed bank, in accordance with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA), 2020.

Insured Deposits and Alternate Banks

A spokesperson for the NDIC, Bashir Nuhu, provided reassurance to depositors with an insured amount of ₦5 million. Here are the key points:

1. Depositors with Alternate Accounts:
   • Those who have alternate accounts within the banking industry will receive payments up to the insured amount of ₦5 million per depositor.
   • The Bank Verification Number (BVN) will be used to locate their alternate accounts.
2. Depositors with Funds Above ₦5 Million:
   • Individuals with funds exceeding ₦5 million will receive a liquidation dividend.
   • This payment will occur once the bank’s assets are realized, and debts owed to the bank are recovered.

Step-by-Step Process to Reclaim Funds

For depositors of the defunct Heritage Bank who do not have alternate bank accounts within the industry, the following steps apply:

1. Visit the Nearest Branch:
   • Visit the nearest branch of the bank.
   • Bring proof of account ownership and verifiable means of identification (such as a driver’s license, permanent voter’s card, or National Identity Card).
   • Provide details of their alternate account and BVN.
   • The bank will verify their deposits and facilitate subsequent payment of insured sums.
2. File Online Claims:
   • Alternatively, depositors without alternate accounts can file online claims:
     • Visit the NDIC website claims page at www.ndic.gov.ng/claims/claims.
     • Download and complete the claims forms.
     • Upload the required documentation.

Bottom Line

The NDIC’s commitment to safeguarding depositors’ interests ensures that insured funds are accessible even in challenging circumstances. Depositors are encouraged to follow the outlined steps promptly to reclaim their rightful funds.