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Heritage Bank: If you have more than N5m, you can’t be paid now- NDIC



Heritage Bank: If you have more than N5m, you can't be paid now- NDIC

Nigeria Deposit Insurance Corporation (NDIC) has clarified that it would not be able to depositors who have excess of N5 million in the now defunct Heritage Bank.


NDIC stated this while clarifying complaints by some depositors who had excess of N5 million in accounts with Heritage Bank before CBN’s liquidation.


Bello Hassan, the Managing Director and Chief Executive of NDIC, in a press briefing on Wednesday, June 5, disclosed that a total deposit of N650 billion was the total deposit found in Heritage Bank, while N700 billion was the total loan amount.


“The total deposit is about N650 billion, while the total loan amount is approximately N700 billion for now,” Mr Bello said.


He added that all depositors will be paid fully upon full recovery of the bank’s total finances. “Hence, we will be able to pay depositors in full upon full recovery,” Mr Hassan said.


READ ALSO: Pay all customers affected by Heritage Bank fully- Obi to CBN, NDIC


NDIC had on Monday, June 3, in a press release said, “Depositors of the bank that have alternate account within the industry will be paid up to the insured amount of N5 million per depositor using their Bank Verification Number (BVN) to locate their alternate account. While depositors with funds in excess of N5 million will be paid liquidation dividend upon realization of the bank’s assets and recovery of debts owed to the bank.”


Giving further directive, NDIC’s Director of Communication and Public Affairs, Nuhu Bashir, advised “all depositors of the defunct bank without alternate bank account in the industry to visit the nearest branch of the bank with proof of account ownership, verifiable means of identification such as driver’s license, permanent voter’s card, National Identity Card, together with their alternate account and Bank Verification Number (BVN) for the verification of their deposits and subsequent payment of insured sums; or file online claim by visiting the NDIC website, download and fill the claims forms and upload the required documentation.”


Nuhu also advised ‘debtors that are yet to complete the repayment of loans are advised to contact the Corporation’s Asset Management Department (AMD). The statement added that NDIC would ensure all depositors with defunct Heritage Bank would get their full money. He added that NDIC would ensure the trust in the banking system is protected.