Depositors of Heritage Bank, which is currently in liquidation, will begin receiving their insured deposits starting this week, according to Mr. Bello Hassan, Managing Director of the Nigeria Deposit Insurance Corporation (NDIC).
During a press conference in Abuja, Hassan revealed that over 99 percent of the 2.3 million depositors have accounts with balances of N5 million or less, meaning they will be fully compensated.
Approximately 4,000 depositors have balances exceeding N5 million. These individuals will receive an initial payment of N5 million, with additional funds to be disbursed as the NDIC recovers the bank’s assets and collects on outstanding loans.
This move underscores the NDIC’s commitment to safeguarding depositors’ interests and ensuring financial stability in the banking sector.
More details to follow…