The Nigeria Deposit Insurance Corporation (NDIC) said it reimbursed 82.36% of the customers of the liquidated Heritage Bank with deposits below N5 million maximum insured deposit.

The NDIC’s director of communications and public affairs, Bahir Nuhu, disclosed this on Sunday, August 11, 2024, and said that the corporation achieved this via the use of BVN-linked alternative accounts of customers of the liquidated bank.

How NDIC paid Heritage Bank customers

According to Nuhu, the NDIC began paying insured deposits of a maximum of N5 million per depositor within four days of the bank’s closure.

He said the corporation achieved the feat by using BVN as a unique identifier to locate depositors' alternate accounts in other banks. The NDIC’s spokesman said that depositors with balances exceeding N5 million have been paid the initial insured sum.

In contrast, the remaining balances will be paid as liquidation dividends are realised through the banks’ assets and recovery of debts owed to the defunct bank.

Vanguard reports that the corporation achieved the feat without customers visiting the NDIC offices or filling out forms.

Nuhu said: “The remaining 17.64% of the insured deposits yet to be paid were largely depositors whose accounts have post no debits (PND) instructions or have no BVN.

NDIC begins debt recovery and asset sale

Reports say that the NDIC has begun a debt recovery process and realisation of investments and physical assets of Heritage Bank to generate funds to ensure the reimbursement of depositors with funds above N5 million in insured deposits.

Legit.ng earlier reported that the Central Bank of Nigeria (CBN) revoked Heritage Bank's licenses in June this year after failing to meet its financial obligations.

The apex bank subsequently appointed the NDIC as the liquidator of the defunct bank.

The NDIC listed steps for the bank’s customers to follow to get a full refund without visiting its offices.