The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to reimbursing all eligible depositors of the defunct Heritage Bank, with ongoing payments of insured sums despite some reported delays. The announcement, made via the NDIC’s official X account, responds to concerns from customers still awaiting their insured deposits.
The NDIC apologized for any inconveniences, stating, “Payment has been ongoing, and we are committed to ensuring all eligible depositors are fully reimbursed.” The corporation invited depositors facing issues to contact them directly to resolve outstanding challenges. According to the NDIC, most insured depositors have received payments, with exceptions for those without alternate accounts or whose accounts are restricted due to court orders, fraud investigations, or Know-Your-Customer (KYC) compliance issues. Payments for these depositors will proceed once restrictions are lifted.
The NDIC has also begun disbursing N46.6 billion in liquidation dividends to depositors with balances exceeding the N5 million insured limit. These funds were raised through asset sales and debt recoveries from the failed bank. However, the corporation noted that unpaid loans from debtors have slowed the liquidation process, delaying dividend payments. The NDIC emphasized its dedication to recovering all debts and liquidating assets to ensure full compensation for depositors.
The collapse of Heritage Bank, one of Nigeria’s licensed commercial banks, prompted swift action from the NDIC to protect depositors, aligning with its mandate to safeguard the banking system. The corporation’s efforts are part of broader initiatives to maintain public confidence in Nigeria’s financial sector, especially as the Central Bank of Nigeria pursues banking sector recapitalization to strengthen financial stability.
As Nigeria aims for a $1 trillion economy by 2030, the NDIC’s proactive measures underscore the importance of a robust deposit insurance framework. Depositors with unresolved issues are encouraged to engage with the NDIC to verify their status and expedite payments, ensuring a smoother resolution process.
