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NDIC moves to sell Heritage Bank’s properties, explains delays in customer payments


The Nigeria Deposit Insurance Corporation (NDIC) has started the process of selling the physical assets of the now-defunct Heritage Bank.

According to NDIC, efforts are also underway to recover loans and advances previously granted by the bank. Mr. Bello Hassan, Managing Director of NDIC, announced this development in Abuja on Sunday, emphasizing the Corporation’s commitment to recovering all assets from the defunct bank.

“These recovered assets are used to pay liquidation dividends,” Hassan stated. “We will not wait to recover everything before we begin payments. As we recover, we will notify the public and depositors can watch for account alerts.”

Hassan noted that discrepancies in account names linked to Bank Verification Numbers (BVN) are delaying payments to some customers of the defunct bank. However, many depositors without such issues have already been paid.

He urged those still awaiting their insured deposit alerts to visit the NDIC website and complete their verification forms, including those without BVN-linked alternate accounts.

“We began customer payments on June 6 and have already disbursed substantial amounts,” Hassan explained. “We use customers’ BVNs to trace alternate accounts in other banks and make payments. Some discrepancies in names have caused challenges in linking accounts.”

Customers who haven’t received their alerts are encouraged to complete verification forms for payment processing.

Regarding customers with deposits exceeding five million naira, Hassan stated they would receive liquidation dividends.

This announcement follows the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank’s license on June 3, citing the bank’s poor financial performance as a risk to financial stability.


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