Update: NDIC begins Heritage Bank's liquidation after CBN revokes licence

Advertisements

The Nigerian Deposit Insurance Corporation (NDIC) has, on Monday, immediately begun the liquidation of Heritage Bank.

A statement by the NDIC stated that following the revocation of the banking license of Heritage Bank Plc by the Central Bank of Nigeria (CBN) on Monday, June 3, 2024, and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator, under Section 12(2) of BOFIA, 2020, the corporation has started the processes of liquidation.

The statement, signed by Bashir A. Nuhu,
Director of Communication and Public Affairs, announced to depositors that it has commenced the liquidation of Heritage Bank Plc by Section 55 sub-section 1 & 2 of the NDIC Act 2023.

It said, “The Corporation has commenced liquidation process of the failed bank with immediate verification and payment of insured deposits to the bank depositors.

“Depositors of the bank that have alternate accounts 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.

“All depositors of the defunct bank without an alternate bank account in the industry are advised 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.”

According to the statement, depositors “are also requested to file online claims by visiting the NDIC website claims page on www.ndic.gov.ng/claims/claims, download and fill the claims forms and upload the required documentation.”

The NDIC, for the purpose of verification and payment of creditors, advised creditors to visit the nearest branch of the bank to file their claims or via the online platform.

“Please note that the process of payment of creditors will commence immediately after all depositors have been paid while debtors that are yet to complete the repayment of loans are advised to contact the Corporation’s Asset Management Department (AMD) or visit the NDIC website for more details.

“The NDIC wishes to assure the entire banking public of its commitment to the continued safety of depositors’ funds in all licensed banks. As such, depositors are urged to continue their banking businesses without fear as banks whose licenses have not been revoked remain safe and sound,” the NDIC stated.