NDIC (Nigeria Deposit Insurance Corporation) announced it is valuing Heritage Bank’s assets to speed up compensation for depositors after its closure, reinforcing its commitment to financial stability.
At the Lagos International Trade Fair, the NDIC shared key updates regarding its support for depositors following the recent closure of Heritage Bank.
Represented by Nuhu Bashir Alhassan, NDIC’s managing director, Bello Hassan, announced that the organisation had conducted a nationwide valuation of Heritage Bank’s assets as part of efforts to compensate depositors.
Hassan highlighted NDIC’s essential role in maintaining banking stability and emphasised its swift action after the Central Bank of Nigeria recently revoked Heritage Bank’s licence.
Notably, he reported that 86% of depositors had already received their payments, thanks to the use of the Bank Verification Number (BVN), which enabled quick fund disbursement within just four days of the bank’s closure.
Additionally, the NDIC recently raised deposit insurance coverage from ₦500,000 to ₦5 million, a change that, according to Hassan, has significantly eased the impact on affected depositors.
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While most funds fall under this new coverage, NDIC is also actively working to recover the bank’s assets to provide further compensation for those with uninsured deposits.
To conclude, Hassan encouraged any remaining depositors to claim their insured amounts by providing their BVN and account details.
He also reassured creditors of eventual payment once depositors are fully compensated.
Finally, he invited attendees to visit the NDIC’s pavilion at the fair and expressed gratitude to organisers and guests, underscoring NDIC’s ongoing commitment to financial stability and public trust.
