The Nigerian Deposit Insurance Corporation (NDIC) has begun the process of reimbursing depositors of Heritage Bank, whose license was revoked by the Central Bank of Nigeria due to financial performance issues. Depositors with balances under N5 million, which is the insured amount, will be paid within a week.
NDIC is managing the liquidation of Heritage Bank and expects to settle payments to all insured depositors within 30 days. There are about 2.3 million depositors, with 99% having balances below the insured amount. Those with over N5 million will receive N5 million initially, with the remaining balance coming later from asset sales.
The NDIC is also working on resolving outstanding loans within the next six months and will settle payments to creditors after selling Heritage Bank’s assets.
Source: Daily Trust