Banking Finance

NDIC to pay first tranche of liquidation dividends to Heritage Bank depositors

Photo caption: Chief Executive Officer of the National Deposit Insurance Corporation, Bello Hassan. Photo: NDIC

 

The Nigeria Deposit Insurance Corporation has announced plans to pay the first tranche of liquidation dividends to depositors of Heritage Bank, whose operating licence was revoked by the Central Bank of Nigeria on June 3, 2024.

According to the NDIC Managing Director/Chief Executive, Bello Hassan, the corporation has made significant progress in disposing of the bank’s physical assets and recovering debts.

Hassan, who disclosed this on Wednesday, during NDIC’s Special Day at the ongoing 36th Enugu International Trade Fair, stated that the NDIC has been working diligently to ensure that all depositors recover their funds as soon as possible.

“We have commenced preparations to pay the first tranche of liquidation dividends this month – April, 2025,” he said.

He disclosed that the corporation has already paid insured deposits of up to N5 million per depositor within four days of the bank’s closure.

Represented by the South-East Zonal Coordinator and Assistant Director, Mrs Pamela Robert, the Managing Director urged depositors who have not yet received their payments to come forward and provide the necessary documentation, including Bank Verification Numbers and alternate bank account numbers, to facilitate payment.

“I therefore urge depositors of closed banks, particularly Heritage Bank, who have not yet received their payments, to come forward and provide the necessary documentation supporting ownership of the account,” he said.

According to him, NDIC has a proven track record of managing bank failures effectively, having successfully declared full liquidation dividends to depositors of 20 previously failed banks.

Hassan reassured depositors that the corporation has the financial and operational capacity to fully reimburse all depositors as recoveries are made.

The NDIC’s efforts are aimed at maintaining financial stability and promoting public confidence in the banking sector.

By safeguarding depositors’ funds and ensuring a smooth resolution process in the event of bank failures, the corporation plays a vital role in Nigeria’s economic development.

 

 

 

 

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