82.36% of Heritage Bank Insured Deposits Paid, NDIC Aims to Reach Remaining Customers

The Nigeria Deposit Insurance Corporation (NDIC) has announced that it has successfully paid 82.36% of insured depositors with funds exceeding N5 million in the now-defunct Heritage Bank.

According to a statement released on Sunday by the NDIC’s Director of Communication and Public Affairs, Bashir Nuhu, the direct payment method adopted by the NDIC helped accelerate the process and allowed the majority of insured deposits to be settled promptly.

However, Nuhu noted that 17.64% of insured depositors remain to be compensated. He attributed the delay in reaching these depositors to various challenges, including post-no-debit instructions on accounts, lack of Bank Verification Numbers (BVN), and the absence of alternative accounts for payment.

The NDIC is actively working to address these issues by engaging depositors through phone calls and text messages, aiming to ensure that all eligible customers receive their due compensation.

In addition to the insured deposits, Nuhu acknowledged the more complex issue of unpaid uninsured deposits, which represent a larger portion of the total funds held in the bank.

The NDIC is currently focused on recovering assets and debts through liquidation dividends to facilitate the eventual payment of these uninsured deposits.

The corporation has assured the public that once all insured and uninsured deposits are settled, it will proceed with payments to other creditors in accordance with legal priorities.

Nuhu reaffirmed the NDIC’s dedication to protecting depositors’ funds and urged the public to continue banking with confidence.

He explained that the corporation’s swift action in the aftermath of Heritage Bank’s closure demonstrates its readiness to act in the best interest of depositors and the broader financial system.

As the NDIC continues its efforts to reach the remaining 17.64% of insured depositors, the corporation remains committed to ensuring that all customers receive their rightful compensation, reinforcing the security and reliability of Nigeria’s banking infrastructure.