The Nigerian Deposit Insurance Corporation (NDIC) says it
will pay a maximum of N5 million to each depositor of Heritage Bank, following
its licence revocation.
In a notice to depositors on Monday, seen by TheCable, the
NDIC said the stipulated maximum payment is in line with extant laws in the
case of revocation of licences.
On Monday, the Central Bank of Nigeria (CBN) revoked the
banking licence of Heritage Bank following the bank’s “inability to improve its
financial performance”.
The NDIC, in the notice, said it has taken over Heritage
Bank as the appointed liquidator.
“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,” the statement reads.
“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”.
According to the statement, all depositors who have
questions or require further clarifications on their accounts or payments in
the closed bank can contact the NDIC.
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