The NDIC has disbursed 82.36% of insured deposits to Heritage Bank customers but 17.64% are delayed due to issues like missing BVNs and PND instructions. Efforts are underway to resolve these issues and ensure full payment. Uninsured deposits will be settled as liquidation dividends.
The Nigeria Deposit Insurance Corporation (NDIC) has reported that 17.64% of depositors from the defunct Heritage Bank are still awaiting reimbursement, despite the corporation having paid out 82.36% of the insured deposits. The delay is attributed to issues such as Post No Debits (PND) instructions, the absence of Bank Verification Numbers (BVN), and accounts that surpass Know Your Customer (KYC) deposit limits.
In a statement, NDIC Director of Communication and Public Affairs, Bashir Nuhu, revealed that efforts are underway to reach out to these depositors via calls and texts, urging them to complete verification either at NDIC offices or online. The NDIC is also addressing the disbursement of uninsured deposits, which are greater than the insured limit of ₦5 million. Payment for these uninsured amounts will be made as liquidation dividends, contingent on the recovery of the bank’s assets and outstanding debts.
The NDIC reassured the public of its commitment to safeguarding depositors' funds and encouraged continued banking activities with confidence. Following Heritage Bank’s license revocation by the Central Bank of Nigeria on June 3, 2024, the NDIC began processing payments within four days, utilizing BVNs to expedite reimbursements. For depositors with balances over the insured amount, the corporation has issued the insured sum first, with further payments pending asset realization and debt recovery. The NDIC aims to complete the reimbursement process efficiently while maintaining the safety and soundness of Nigeria's banking sector.
4o mini
