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Nigerian Heritage Bank Depositors Rewarded with 82% of Claims
The Nigeria Deposit Insurance Corporation (NDIC) has made significant progress in reimbursements for depositors affected by the revocation of Heritage Bank’s licence in June 2024. Despite a complex process, the organization has managed to pay out an astonishing 82.36% of total insured claims within just four days of the bank closure.
The payment process utilized unique identifier BVN-linked accounts to locate depositors’ alternate accounts, enabling swift reimbursement without requiring personal visits to NDIC offices. Notably, depositors who qualified for initial insured amounts, up to N5 million, received an upfront payment. The remaining balance exceeding the insured amount will be paid via liquidation dividends upon the realization of Heritage Bank’s assets and debt recovery.
Unfortunately, nearly 18% of insured depositors’ claims remain pending, mainly those without BVN, post no debits instructions, or those still in the process of verifying their status. NDIC is actively reaching out to such individuals through phone calls and texts, encouraging them to come forward with their necessary information.
While insurers typically prioritize the swift release of funds to depositors with minimal disruption, the NDIC is dedicated to guaranteeing a comprehensive and timely payout schedule for both insured and uninsured creditors. Upon completing the payment of all necessary deposits, the organization will proceed to repay creditors based on their priority of claim as described in current law.
This significant improvement in prompt reimbursement marks a new epoch in NDIC’s history, promising improved efficiency and support to Nigeria’s banking system.
