Collapsed Heritage Bank’s Customers To Receive Insured Deposit Within One Week, Says NDIC MD

Depositors of collapsed Heritage Bank Plc will receive their insured deposit of up to N5m within one week the Nigerian Deposit Insurance Corporation (NDIC) has assured.

The Managing Director of NDIC, Bello Hassan, gave the update in a briefing on the liquidation of the bank in Abuja on Wednesday.

The NDIC commenced the liquidation of Heritage Bank following the revocation of its banking licence by the Central Bank of Nigeria (CBN) on Monday.

Hassan said the total bank deposits at heritage bank stands at N650 billion while its loan portfolio stands at over N700 billion.

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He stated that the NDIC looks forward to ensuring the loan repayment within the next six months.

The NDIC MD said that all depositors are currently being verified for onward payment of insured benefit of five N5 million while depositors with insured deposits above N5 million naira will be paid upon the sale of the assets of the bank.

The NDIC put the total depositors at the bank at 2.3 million with 99 per cent of them having total balances less than five million naira.

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There are about 116 branches of heritage banks across the country.

The assurance of the payment by the NDIC will give hope to the customers of Heritage Bank who have been on panicking mode following the revocation of the bank’s licence.