Heritage Bank: Payment of deposits above N5m will commence next month — NDIC
The Nigeria Deposit Insurance Corporation (NDIC) has announced that payments for depositors with over N5 million in Heritage Bank will begin next month. Stay updated on the latest financial developments and banking sector news.
Nigeria Deposits Insurance Corporation, NDIC has said that it will commence payment of deposits above N5 million in the defunct Heritage Bank from next month.
Acting Head, Communication & Public Affairs, Hawwau Gambo, disclosed this in a statement, titled, “Update On Payment Of Uninsured Sums To Depositors Of Heritage Bank (In-Liquidation)”.
The statement reads: “While depositors with balances above N5 million have been paid the initial insured sums of the N5 million, the remaining balance in excess of the insured sum of the N5 million already reimbursed, will be paid as liquidation dividends in accordance with the Corporation’s statutory mandate.
“The NDIC has made substantial progress in disposing the physical assets and recovering some of the debts of the failed bank to ensure that depositors with balances above the maximum insured limit receive their payments as soon as possible.
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“As a clear demonstration of this commitment, the Corporation commenced the realization of physical assets and investments as well as aggressive recovery of the risk assets, concurrently with the verification and payment of insured sums.
“To ensure transparency and compliance with legal requirements, the NDIC has widely advertised the asset disposal process on its official website, social media platforms, and major national newspapers, as well as through radio and television announcements.
“The Corporation’s approach of simultaneously paying insured depositors while aggressively pursuing asset sales and debt recovery is designed to accelerate the liquidation process and ensure that all depositors receive their funds without unnecessary delays.
“With the considerable progress recorded in the asset realization, the Corporation will declare the first tranche of liquidation dividends in April 2025 which will be paid to uninsured depositors on a pro-rata basis, in line with Section 72 of the NDIC Act 2023 on the priority of claims.”
For clarity, the referenced section states that: “Where an insured institution is unable to meet its obligations or suspends payment, or where its management and control have been taken over by the Central Bank of Nigeria following the revocation of its license, the assets of the insured institution shall be available to meet its deposit liabilities. Such deposit liabilities shall have priority over all other liabilities of the insured institution.
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“Consequently, other claimants of the failed Heritage Bank, including creditors, and shareholders, will be considered for payment of liquidation dividends only after all depositors have been fully reimbursed.”
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