The Nigeria Deposit Insurance Corporation (NDIC) has announced the commencement of reimbursement for depositors of the defunct Heritage Bank, calling on affected individuals to present the necessary documentation to claim their funds.
Following over nine months of uncertainty since the Central Bank of Nigeria (CBN) revoked Heritage Bank’s operating license on June 3, 2024, depositors are now set to begin receiving payments in April 2025.
Within days of the bank’s closure, insured depositors had already received up to N5 million, as provided under NDIC’s protection policy. The NDIC has now confirmed that the first tranche of liquidation dividends for balances exceeding that insured amount will be paid out in the coming weeks.
During the 36th Enugu International Trade Fair, the NDIC’s Managing Director and CEO, Bello Hassan, assured affected depositors of progress. Represented by Mrs. Pamela Robert, the South-East Zonal Coordinator and Assistant Director, Hassan stated:
“We have commenced preparations to pay the first tranche of liquidation dividends this month – April, 2025.”
What Depositors Need to Do
For depositors who have not yet been reimbursed, the NDIC emphasized the need to submit proof of account ownership. Required documentation includes:
- A valid Bank Verification Number (BVN)
- An alternate bank account, through which the payment will be processed
Hassan also appealed to customers of other failed financial institutions with unclaimed deposits to come forward, adding that the corporation has both the capacity and funds to settle all legitimate claims.
This update comes after Heritage Bank customers voiced concern over the partial reimbursements earlier announced for accounts exceeding the N5 million coverage limit.
In a statement issued by the NDIC, the agency clarified:
“While depositors with balances above N5 million have been paid the initial insured sums of the N5 million, the remaining balance in excess of the insured sum of the N5 million already reimbursed, will be paid as liquidation dividends in accordance with the Corporation’s statutory mandate.”
Hassan reaffirmed the corporation’s dedication to maintaining stability in Nigeria’s banking sector. He highlighted that the NDIC has successfully liquidated and settled depositors’ funds in 20 failed banks in the past.
He further stressed the NDIC’s mission to protect depositor funds and resolve failures effectively.
Next in Line: Large Deposit Holders
As the NDIC continues to recover debts and sell off the bank’s remaining assets, customers with deposits above the insured N5 million mark can expect to start receiving their payouts in tranches beginning April.
Meanwhile, those with smaller amounts have already been reimbursed. According to the NDIC, the repayment process will continue until all verified claims are fully addressed.
