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NDIC to pay N5m insured deposits to Heritage Bank customers

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Following the revocation of the license of Heritage Bank by the Central Bank of Nigeria (CBN) on Monday, the Nigerian Deposit Insurance Corporation (NDIC) has resolved to pay N5 million to each depositor of the bank.

The NDIC disclosed this in a notice to depositors of the bank on Monday.

It noted that the payment was in line with extant laws in the case of revocation of licences.

The corporation advised customers to remain calm as it initiates the process for payment of insured deposits.

The notice read: ‘The Governor of the Central Bank of Nigeria (CBN) on 3RD day, June, 2024, revoked the banking licence of Heritage Bank. Consequently, the Corporation, as the appointed Liquidator; in line with sections 55 (1) (2) and 56 (3) of Nigeria Deposit Insurance Corporation (NDIC) Act, 2023, will take necessary steps to wind up the affairs of the bank.

“Consequently, the Corporation, as the appointed Liquidator; in line with sections 55 (1) (2) and 56 (3) of Nigeria Deposit Insurance Corporation (NDIC) Act, 2023, will take necessary steps to wind up the affairs of the bank”.

“Defunct Heritage Bank operated as an insured institution under the provisions of the Nigeria Deposit Insurance Corporation Act, 2023.

“The Corporation will pay all its depositors their insured deposits up to the statutory maximum of N5,000,000.00 per depositor for Deposit Money Banks (DMBS)/mobile money subscribers.

“Depositors with funds in excess of the insured deposits will be paid as and when the assets of the closed bank are realised.

“Depositors will soon be notified by publication in national dailies as to the commencement of payment of the insured deposits.”

By: Babajide Okeowo

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