The Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of Heritage Bank Plc that they will receive their insured funds following the bank’s liquidation.
This announcement came shortly after the Central Bank of Nigeria (CBN) revoked Heritage Bank’s commercial banking license and appointed the NDIC as the liquidator.
NDIC spokesman Bashir Nuhu confirmed that depositors with insured funds up to ₦5 million would have their funds transferred to other banks. The NDIC will manage the process, ensuring that depositors can access their money through alternative banking accounts.
Step-by-Step Guide to Retrieve Your Funds
1. Verification and Payment for Depositors with Alternate Accounts
If you have an alternate bank account within the industry:
- Bank Verification Number (BVN) Usage: Your insured funds will be transferred to your alternate account using your BVN.
2. For Depositors Without an Alternate Bank Account
If you do not have an alternate bank account:
- Visit a Bank Branch: Go to the nearest bank branch with the following:
- Proof of account ownership.
- A valid form of identification (Driver’s License, Permanent Voter’s Card, or National Identity Card).
- Your alternate account number.
- Your Bank Verification Number (BVN).
- Submit an Online Claim:
- Visit the NDIC claims page at NDIC Claims.
- Fill out the necessary forms and upload the required supporting documents.
3. Creditor Payment and Verification
Creditors should submit their claims either online or in person at the nearest bank branch. The payment process for creditors will begin once all depositors have been compensated.
4. Loan Repayment by Debtors
Debtors who have not repaid their loans should contact the NDIC’s Asset Management Department (AMD) for further guidance. More information is available on the NDIC website.
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Additional Information
Depositors with funds exceeding ₦5 million will receive a liquidation dividend upon the realization of the bank’s assets and the recovery of debts owed to Heritage Bank. The NDIC has emphasized that all licensed banks in Nigeria are committed to protecting depositors’ funds, assuring the public of the safety and soundness of banks that have not had their licenses revoked.
Assurance from NDIC
“The NDIC wants to reassure everyone involved in banking that all of its licensed banks will continue to protect depositors’ money,” the statement concluded. Depositors are encouraged to continue their banking activities without fear, as banks not affected by license revocation remain secure.
