NDIC to pay Heritage Bank depositors in 7 days

NDIC to pay Heritage Bank depositors in 7 days

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The Nigerian Deposit Insurance Corporation (NDIC) has assured depositors of Heritage Bank it has commenced process of payment to all depositors of the now-liquidated bank.

The Managing Director of NDIC, Bello Hassan, stated this on Wednesday in Abuja at a press briefing where he outlined the processes of repayment, insisting that the corporation would not take 30 days as stipulated by law but would settle customers within one week.

He said, “Preliminary findings show that depositors fund was about N650 billion while the Bank loans was around N700 billion.”

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

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“The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability,” the CBN said.

The NDIC Boss further disclosed that “Among the 2.3 million depositors of the Bank, 99 per cent have deposits below N5million which is within the threshold which the NDIC insures for bank depositors.”

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