How Heritage Bank Customers Will Receive ₦5m Insured Funds: A Step-by-Step Guide
The Nigeria Deposit Insurance Corporation (NDIC) has initiated the liquidation process for Heritage Bank following the Central Bank of Nigeria’s (CBN) decision to revoke the bank’s commercial banking license. In a statement, NDIC assured depositors that they will receive up to ₦5 million of their insured funds through alternate banks.
NDIC spokesperson Bashir Nuhu confirmed that depositors with existing alternate accounts in the banking sector will be reimbursed up to ₦5 million per depositor. This will be facilitated using their Bank Verification Number (BVN) to identify the alternate accounts. For depositors with funds exceeding ₦5 million, additional payments will be made as liquidation dividends once the bank’s assets are liquidated and debts are recovered.
Steps to Claim Your Insured Funds
1. For Depositors with Alternate Bank Accounts:
- Visit the nearest branch of Heritage Bank.
- Bring proof of account ownership.
- Present a verifiable means of identification (such as a driver’s license, permanent voter’s card, or National Identity Card).
- Provide your BVN for verification and payment processing.
2. For Depositors without Alternate Bank Accounts:
- File your claims online by visiting the NDIC’s claims page at www.ndic.gov.ng/claims.
- Download and complete the claims form.
- Upload the required documentation.
3. For Creditors:
- Visit the nearest branch of Heritage Bank to file claims or use the online platform.
- Payments to creditors will commence after all depositors have been compensated.
4. For Debtors:
- Debtors who have yet to repay loans should contact the NDIC’s Asset Management Department (AMD) for repayment details.
The NDIC emphasized its commitment to safeguarding depositors’ funds in all licensed banks. They reassured depositors that their banking activities remain secure in banks whose licenses have not been revoked.
The liquidation of Heritage Bank is part of NDIC’s broader efforts to manage failed banks and protect depositors. The NDIC has previously declared ₦16.18 billion in liquidation dividends to stakeholders of various banks in liquidation. The corporation continues to recover debts and has paid more than ₦1.6 billion to over 40,000 depositors from other failed banks (NDIC)
