The Nigerian Deposit Insurance Corporation (NDIC) has announced that it will reimburse Heritage Bank customers up to N5 million, following the revocation of the bank’s license. This decision aligns with the NDIC’s statutory obligations and extant laws governing license revocations.
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The Central Bank of Nigeria (CBN) revoked Heritage Bank’s license due to its failure to improve its financial performance. As the appointed liquidator, the NDIC will take necessary steps to wind up the bank’s affairs, as stipulated in the NDIC Act, 2023.
Heritage Bank operated as an insured institution under the NDIC Act, 2023. The Corporation will pay insured deposits up to N5 million per depositor, with excess funds to be paid as the closed bank’s assets are realized. Depositors will be notified through national dailies about the commencement of payment.
For further clarification on accounts or payments, depositors can contact the NDIC. This move aims to protect depositors’ funds and maintain stability in the banking sector.
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