NDIC Commences Payment To Depositors Of Liquidited Heritage Bank

The Nigerian Deposit Insurance Corporation, NDIC, says it will commence payments to depositors of Heritage Bank whose license was revoked.

The Managing Director of NDIC, Mr. Bello Hassan, stated this during a news briefing in Abuja.

Mr Bello while outlining the processes of repayment, explained that the corporation would not take 30 days as stipulated by law, but would settle customers within one week.

He noted that preliminary findings showed that depositors fund was about N650 billion while the Bank loans was around N700 billion.

The NDIC Boss further disclosed that among the 2.3 million depositors of Heritage Bank, 99 per cent have deposits below N5 million, which is within the threshold which the NDIC insures for bank depositors.

The CBN had on Monday revoked the operational license of Heritage Bank due to the bank’s inability to improve its financial performance.

Umbwanko Baba. Edited By Grace Namiji