Depositors of Heritage Bank (under liquidation) can expect reimbursement of their insured deposits starting this week, according to Mr. Bello Hassan, Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), speaking at a press conference in Abuja.
He stated that the vast majority, over 99 percent, of the 2.3 million depositors hold N5 million or less in their accounts, entitling them to full reimbursement.
He clarified that approximately 4,000 depositors maintain balances exceeding N5 million.
These customers will receive an initial N5 million along with others, with additional payments to follow as NDIC retrieves the bank’s assets and loans from debtors.
An update disclosed that on Monday, the CBN canceled Heritage Bank’s operating license. The action was taken due to the bank’s inability to enhance its financial performance, as stated by the CBN.
The statement mentioned: “The Central Bank of Nigeria (CBN), by its duty, to promote a stable financial system in Nigeria and utilizing its power under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020, hereby withdraws the license of Heritage Bank Plc with immediate effect.”