License revoking: We’ll pay maximum of N5m insured deposits to Heritage Bank customers – NDIC

The Nigerian Deposit Insurance Corporation (NDIC) has revealed it will pay a maximum of N5 million to each depositor in Heritage Bank, following the bank’s licence revocation.

On Monday, the Central Bank of Nigeria (CBN) revoked the banking licence of Heritage Bank following the bank’s “inability to improve its financial performance”.

In a notice to depositors on Monday, June 3, the NDIC said the stipulated maximum payment follows extant laws in the case of revocation of licences.

The NDIC, in the notice, said it has taken over Heritage Bank as the appointed liquidator.

“Consequently, the Corporation, as the appointed Liquidator; in line with sections 55 (1) (2) and 56 (3) of Nigeria Deposit Insurance Corporation (NDIC) Act, 2023, will take necessary steps to wind up the affairs of the bank,” the statement reads.

“Defunct Heritage Bank operated as an insured institution under the provisions of the Nigeria Deposit Insurance Corporation Act, 2023.

“The Corporation will pay all its depositors their insured deposits up to the statutory maximum of N5,000,000.00 per depositor for Deposit Money Banks (DMBS)/mobile money subscribers.

“Depositors with funds in excess of the insured deposits will be paid as and when the assets of the closed bank are realised.

“Depositors will soon be notified by publication in national dailies as to the commencement of payment of the insured deposits”.

According to the statement, all depositors who have questions or require further clarifications on their accounts or payments in the closed bank can contact the NDIC.