The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation process for the failed Heritage Bank with immediate verification and payment of insured deposits to the bank depositors.
This is according to a statement issued by the Corporation on Monday, hours after the Central Bank of Nigeria (CBN), announced the revocation of the Bank’s operating Licence.
The CBN pointed out that “the bank (Heritage) has continued to suffer and has no reasonable prospect of recovery.”
According to the apex regulator, its decision to revoke the bank’s licence was to strengthen public confidence in the banking system and ensure the soundness of the financial system is not impaired.
It therefore appointed the NDIC as the liquidator of the bank in accordance with Section 12(2) of the BOFIA Act 2020.
Below is the full statement:
NDIC COMMENCES LIQUIDATION OF HERITAGE BANK
Following the revocation of the banking license of Heritage Bank Plc by the Central Bank of Nigeria(CBN) today, June 3, 2024 and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator, pursuant to Section 12(2) of BOFIA, 2020, the Corporation wishes to announce to depositors of the bank in particular and the banking public in general, as follows:
In accordance with Section 55 sub-section 1 & 2 of the NDIC Act 2023, the Corporation has commenced liquidation process of the failed bank with immediate verification and payment of insured deposits to the bank depositors.
Depositors of the bank that have alternate account within the industry will be paid up to the insured amount of N5 million per depositor using their Bank Verification Number (BVN) to locate theiralternate account. While depositors with funds in excess of N5 million will be paid liquidation dividend upon realization of the bank’s assets and recovery of debts owed to the bank.
All depositors of the defunct bank without alternate bank account in the industry are advised as follows:
OR
Creditors are also advised to visit the nearest branch of the bank to file their claims or via the online platform. Please note that the process of payment of creditors will commence immediately after all depositors have been paid.
Debtors that are yet to complete the repayment of loans are advised to contact the Corporation’s Asset Management Department (AMD). Visit the NDIC website for more details.
The NDIC wishes to assure the entire banking public of its commitment to the continued safety of depositors’ funds in all licensed banks. As such,depositors are urged to continue their banking businesses without fear as banks whose licenses have not been revoked remain safe and sound.
Bashir A. Nuhu
Director Communication & Public Affairs
3rd June 2024